The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-03

resented IN Senate and assembly, do enact as
foifoocs:
SEC l. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Board of Drec tors and President shall make writ
ten application to the Board of Supervisors of the
county of Placer at any regular or stated meet
ing Of said Supervisors requesting said county
of Placer. through its properly constituted au-
thorties, to issue to said Railroad Company the
bonds OF said county in the total sum of 100, 000
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. g. Upon the receipt of said petition from
said Sacramento. Placer and Nevada Railroad
Company the Board of Supervisors shall enter
tain the same, and in order to ascertain whether
the people OF said county are willing that its
credit shall he loaned 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. s. The id 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 q
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 as the precincts
fixed for said purpose at the last preccdin@ gene
raj election. They shall also appoint judges and
inspectors of said election ana cause notice there
of to be given in other elections authorized by
law No compensation shall be 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
printed upon his ballot the words "Ralroad Loan.
Yes or the words "Rlilroad Loan. Mo- Said
election shall be conducted and 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 Telurns. and declare the result
SEC. 5. If upon the canVasslng OF said returns
it shall be found that of the votes cast at said
election having written or printed upon them the
words "R,ilroad Loan Yes OF the words "Rail-
road Loan No." a majority have written or print
ed upon them ''R lilroad Loan, No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but ii majority of
the votes so cast shall have written or printed
upon them the words "Rairoad Loan Yes then
| the Board of Supervisors shall issue the bonds of
said county, in the manner hereinafter prescribed
SEC. 6. When it shall be ascertained 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
| ..Rnilroud Loan Yes" or "Raroad Loan No."
have written or printed upon them the words
"Railroad Loan. Yes" then it shall be the duty of
said Board OF Supervisors whenever thereto re-
ouestcd 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
dred and fifty, five hundred, or thousand dol
lars each as may be requested by said Railroad
Company; they shall express upon their face the
nature Of the same land object for which they are
issued; shall be payable in twenty years from
their date; shall bear interest at the rate of eight
per cent per annum, payable semi-annually on
The first days of July and January Of each year
and shall have interest coupons attached express
sing the rate and time of payment of interest as
above specified. Both bonds and coupons shall
be made payable at the Office OF the Treasurer in
said county.
SEC. !. Said bonds shall each be signed by 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 Shall be signed 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 shall
bear upon its back certificate signed by the
President of the Board of Supervisors. and the
Presidentor said Railroad Company, setting forth
that it is duly and formally issued as contcmpa-
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 prn-
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 ..Sacramento. Placer and Nevada Railroad
| COMPANY" SHALL at the same time deliver to the
President of the Board of Supervisors 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 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 pay able to the county of Placer or
its order. and shall be signed by the President
and Secretary of the Company and countersigned
by the Vice President of the Company, and each
shall bear the seal of said company and interest
coupons shall be attached, corresponding in date.
amount, rate and time of payment, with the cou-
pons attached to said county bonds, which eou-
pons shall be signed by the Treasurer of said
Company.
SEC .. The said Railroad Company shall at
the time designated 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 he acquired by said company, as
security Tor the payment OF said railroad bonds
and coupons as prescribed in the last section;
which said mort gage shall be and express upon
its face that it is subject to the mortgage of said
Company. made and delivered to Lester l.. Rob
inson and Francis l.. A. Phoebe, bearing date first
of September, eighteen hundred and sixty-one,
and Of record in said county but Shall not be sub
ject to any other mortgage or incumbrance 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 morg gage of the Rail Road Company
as prescribed in this Act
SEC. 10. The mortgage provided for in the
last section shall provide by its terms for sink
ing fund to be reserved from the revenues Of said
Company, sufficient to secure the payment of the
principal and interest of the bonds of said Com
pany so given to the County, at maturity, and
shall so pledge the revenues Of the Company to
the said sinking fund that no dividends shall be