The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-02-28
THE RAILROAD BILL.
AN ACT
To authorize the County of Placer to loan
its credit to ''rhe sacramento, Placer
and Nevada Railroad Company" to the
amount of 100000.

The Pc0pie of the State of California rep
resented IN Senate and assembly, do enact
foUotos:
SEC |. Whenever the Sacramento, Placer and
Nevada Railroad Company by and through its
Board of Directors and President shall make writ
ten application to the Board of Supervisors OF the
county OF Placer 1T any regular stated meet
ing OF said Supervisors requesting said county
| of Placer, through its properly constituted au-
thorities, to issue to said Railroad Company the
bonds of said county in the total sum of $ 10000,
it shall be lawful tor said county to issue its bonds
and dispose OF them in the manner following and
subject to the following conditions.
SEC. 2. Upon the receipt of 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 rs desired by said Company,
said Board of Supervisors shall. within sixty days
after the receipt of said petition, order special
election to he 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. ;. The lid 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 Il
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 he the same as the precincts
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 t." allowed to any
jud ge 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 ''Rairoad Loan, No. 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 returns. and declare the result.
SEC. ). II upon the canvassing of said returns.
it shall he found that OF the votes cast at said
election having written OF printed upon them the
words "Rairoad Loan, Yes" or the words .R ill
road Loan. No. Il ma jority have written or print
ed upon them tRalroad Loan, No. then The duty
| of the Board OF Supervisors in the premises
shall cease and determine; but if u majority of
the votes so cast shall have written or printed
upon them the words "Rlroad Loan. Yes. :" then
the Board of Supervisors shall issue the bonds of
said county. in the manner hereinaite r prescribed
SEC. &. When it shall be ascertaincd 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
"Rlilroad Loan, \ cs.' Or "Railroad 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-
quested. 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 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 object for which they are
issued; shall be payable in twenty wears from
their date; shall bear interest at the rate of eipbt
per cent per annnm. payable Semi-annualv ON
| the first days Of July and January Of each wear
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 plyableat the office of the Treasurer in
said county.
SEC. /. Sud 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 seIl 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
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 sald 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 sacramento. Placer and Nevada Railroad
| Company snail at the same time deliver to the
| President OF the Board OF Snprrv sors of said
county, for the benefit OF said county the bonds
OF said Railroad Company Of cql, 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 aud issued. Said Il tilroad bonds
shall be made payable to the county of Placer or
| its order, and shall be signed by the President
aud Secretary of the Company and commissioned
| by the Vice President OF the Company and each
shall bear the seal OF said corapalry, and interest
coupons shall be attached corresponding in date
amount, rate and time Of payment with the CON
pons attached to said county bonds. which con-
pons shall be sished 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, Il second mort gage upon
all the property, real and personal and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said compnny. as
security for the payment of said railroad bonds
and coupons as prescribed in the last section:
which sud mortgage shall be and express anon
its tlce that it is subject to the mortga of said
Company, made and delivered to Lester L. Rob-
inson and Francis l.. \. Phoebe bearing date first
OF september, eighteen hundred and siytv-onc
and OF record in said county, but shall not he sub
| Ject to any other mort gage or ncumbrancc unon
said property. The bonds Of Placer County shall
only be delivered to said Rail Road Compnnv
upon the delivery by said Rail Road Company to
the President Of the Board Of Supervisors of the
| bonds and mort rare of the III Road Common,