The Placer herald., 1863-04-04
THE RAILROAD BILL.
AN ACT
To auth Orize the County Of Placer to loan
its credit to ssTNe sacramento, Placer
and Nevada Railroad Company" to the
amount of 100000.


resented III Senate and assembly, do enact as
foiioWS:
SEC l. Whenever the Sacramento, Placer and
Nevada Il .,ilroad Company by and through its
Board of Directors and President sha II make writ
ten application to the Board of Supervisors Of the
county of Placer ut any regular or stated meet
ing of said Supervisors requesting said county
of Placer, through its properly constituted au-
thorites to issue to said Railroad Company the
bonds of said county in the total sum of 100000
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject to the following conditions.
SEC. 2. Upon the receiptof said petition from
said Sacramento, Placer and Nevada Railroad
Company. the Board of Supervisors shall enter
tain the sumo, and in order TO ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said Company
said Board of Supervisors shall within sixty days
after the receipt of said petition, order special
election to be held in said county at which shall
be submitted the proposition of said loan to said
Railroad Company to be voted upon by the
qualified voters of said county.
SEC. 3. The said election shall be fixed by said
Board of Supervisors. for some day not less than
thirty, nor more than sixty days. from the time Of
making said order. Said Board shall cause a
notice of said election to be published for the
period of four weeks next before the day of said
| election in two or more newspapers published in
said county, which notice shall specify the time of
! said election the object of the same, the PROPOSE
ton to be voted upon. and the places where the
! polls will be opened on said day for said cleo
! ton, which shall be the same rs the precinct Is
fixed for said purpose at the last preceding gene
raj election They shall also appoint judges and
inspectors of said election and cause notice there
of to be given rs in other elections authorized by
law. No compensation shall he allowed to any
judge clerk or Inspector acting at said election.
| SEC. 4. Upon the day fixed by said order. the
said election shall be held. Each Of the electors
voting at said election. shall have written or
printed upon his ballot the words Railroad Loan.
Yes" or the words RAILROAD Loan, No." Said
election shall be conducted aud the returns there
of shall be made out and transmitted to the
| County Clerk within the time and in the manner
prescribed by law at general elections. On the
fifteenth day after the day Of holding said election,
the Board of Supervisors shall meet and canvass
said returns. and declare the result.
SEC. ). If upon the c2nvassing of said returns.
| it shall be found that of the votes cast at said
election having written or printed upon them the
words ''Ralroad Loan, Yes or the words Grail
road Loan No." ma ority have written or print
ed upon them Railroad Loan, No. then the duty
Of the Board OF Supervisors in the premises
shall cease and determine; but if n majority Of
the votes so cast shall have written or printed
upon them the words Railroad Loan. Yes" then
the Board of Supervisors shall issue the bonds of
said county in the manner hcrcinai ter prescribed
SEC. i. When it shall be asccrtained in the
manner prescribed in section five of this Act that
the majority OF the votes cast at said election,
having written or printed on them the words
''Railroad Loan. Yes" or "Railroad Loan Mo-
have written or printed upon them the words
''Railroad Loan. Yes then itshal be the duty of
said Board of Supervisors whenever thereto re-
questcd. by the President and Board of Directors
Of said Railroad Company. to prepare and issue
to said Railroad Company the bonds of said
county to the amount of one hundred thousand
dollars. Said bonds may be in sums of two hun
drcd and fifty. five hundred or one thousand dol
| lars EACH as may be requested by said Railroad
Company; they shall express upon their face the
n ,ture Of the same and objection which they are
issued shall be payable in twenty years from
their date; shall bear interest at the rate of iob
per cent per annnm. payable Semi-annually on
the first days Of July aud January of each year
and shall have interest coupons attached express
sing the rate and time of payment of interest az
above specified Both bonds and coupons shall
be made payablcat the office of the Treasurer in
said county.
SEC. I. S,id bonds shall each be signed bv the
President of the Board OF supervisors and the
| Treasurer of the county. and shall have the coun-
ty seal affixed to each and every bond. The
coupons sha be 81 gned by the Treasurer of said
| county. Both bonds and coupons shall be made
payable to the sacramento. Placer and Nevada
Railroad Company or bearer and each bond shat II
| bear upon its back Il certificate signed by the
| President OF the Board of Supervisors and the
President of said Railroad Company setting forth
that it is duly and formally issued as contempla-
ted by law. Said bonds shall be transferable by
delivery and whenever so executed and issued,
shall be the bonds OF the County of Placer and
shall bind said county to the payment of the prin-
cipal and interest as therein expressed.
SEC. s. Whenever the bonds of the county of
| Placer shall be issued and delivered to the Rail
road Company. as prescribed in the last section,
the Sacrament Placer and Nevada Railroad
| Company shall at the same time deliver to the
President of the Board of Superv isors of said
county, for the benefit of said county. the bonds
| of said Railroad Company of equal number in
like amounts maturing at the same time, bear
ing the same rate of interest, and interest payable
at the same periods as the bonds of the county
SO executed and issued. Said Railroad bonds
shall be made payable to the county of Placer. or
| its order. and shall be signed by the President
| and Secretary of the Company and countcrsirned
| by the Vice President of the Company, and each
shall bear he seal of said company, aud interest
coupons shall be attached. corresponding in date
amount, rate and time of payment. with the cou-
pons attached to said county bonds, which cou-
pons shall be signed by the Treasurer of said
Company.
SEC. 8. The said Railroad Company shall at
the time des grated in the last section, by and
| through its proper officers, execute under the
seal of said Company, second mortgage upon
all the property, real and personal and franchises
of said Company, then owned and possessed and
thereafter to be acquired by said company, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express anon
its face that it is subject to the mortg gage of said
Company, made and delivered to Lester l., Rob-
inson and Francis l.. A. Phoebe bearing date first
of September, eighteen hundred and sxty-on C.
and OF record in said county, but shall not be sub
ject to any other mort ga Ge or incumbrancc upon
said property. The bonds of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company to
the President of the Board of Supervisors of the
bonds and mortgage of the Rail Road Company
as prescribed in this Act.