The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-31
THE RAILROAD BILL.

which other taxes are levied for County purposes
levy special tax upon all the real and personal,
property within said county subject to taxation
for the purpose of meeting the whole amount OF
interest to become due within said year upon said
County bonds. In making said levy said board
shall designate the number OF cents on each one
hundred dollars Of said taxable property which
shall be so taxed for said pul pose and the tax so
levied shall be known and designated as the Eaii
Road Tax.
SEC. II. The tax so levied shall be assessed
and collected at the same time. by he the same
officers and in the same manner as ether county
taxes are levied and collected, for which said Oh
fcers and the County Treasurer, for dikbnIse-
ments. shall receive the same rate OF cGnptnfa.
ton as is allowed by law for the collection and
disbursement OF other county taxes. Axe tux
collector upon the collection OF said tax thall
give to each tax AVER Il separate receipt WHICH
shall show upon its face the amount Of lal road
tax paid by him. These receipts shall lie
printed and all similar in form; differing only in
name, date and amount.
SEC. 10. The County Treasurer shall separate
the amount collected on rail road tax II ON other
moneys in the Treasury and shall keep the same
in separate fund to be called the Rail Road
Fund, Of which fund he shall keep separate nc
count.
SEC. IA. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest on
said county bonds. as the same falls due. and lcr
this purpose they shall rs nearly rs possible ut
the time of making the annual levy. estimate "
per OF YAK necessary 10 lt\ lCu 10 ulces
said interest for the next succeeding year, ard
shall fix the levy at said amount. Should there
for any reason be Il deficiency in the Rail luEd.
derived from said tax for TIE ra!m,n, OF any in.
tcrcst rs ii falls due it shall be the duty OF said
Board to provide for the payment OF raid inter
est out OF the General Fund Of said County. urd
in such case they shall in their neat levy provide
Il suticit mt fund TO pay the accIuine ahtunl IN
terest. and also, TO reimburse The General Tuud
with the amount so taken from the same to rHy
said interest.
SEC. IS. In addition to the moneys arising
from the Rail Road Tax aforesaid, the County
Treasurer shall also place in said Fund all moneys
paid into the Treasury OF said county ly said
Rail Road Company, for interest or principal
upon the bonds of said company held by said
county; and said money shall be used by the said
Board OF Supervisors for the payment of interest
on said County Bonds in like manner as tie mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund Ivy he said Rail
Road Company shall coal the amount OF interest
to fail due upon the said County Bords for the
ensuing year, no Rail Road Tax shall We levied
by said Board.
SEC. l6 At the expiration of five ycars iltm tic
time of issuing said county bonds. the said bonid
of Supervisors shall provide a Sinking Fl I'd for
the purpose of securing the payment OF the
principal of aid bonds at their maturity; ard for
this purpose they Shall impose sueh special tax rs
they may deem necessary and The none ysrlisng
theretorm together with all the moneys received
payment of interest shall be applied toward tho
redemption of said bonds in such manl.tr us said
Board may deem most cxpcdicnt for the interests
Of said county.
SEC. H. The interest accrune upon the Raillc I'D
Bonds given by the Company to the County cur
ing the period of three years from the date Of
said bonds, shall not until the expiration OF said
three years be required to be paid in nonty to
the county, nor shall any proceedings for it's foc
ed collection be taken within said period y the
county.
SEC. is. AT the time within the .aid period Of
three years when the interest upon the londs
given by the Rail Road Company to the County
shall fall due the Rail Road Company shall issue
number of shares of full paid stock OF said
company equal in value at par TO the nmCl Mt Of
said interest, and shall deposit SAID stock with
the Treasurer of said county for his disbursement
rs hereinafter provided.
SEC. 10. Upon the presentation and delivery to
said County Treasurer of one or any nLnler of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder Of the same, tlCwing the
payment by the holder OF said receipts or bis
assignors, OF one hundred dollars OF the Rail
Road Tax herein provided for, the said Treasurer
shall deliver to such person share of the full
paid stock deposited with him by said Company,
and said person shall be the owner thereof. The
said tax receipts shall be transferable by iLGoIse-
ment and may be presented for exchange by any
indorsce, or if Endorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of ore
share of stock, for each one hundred olurhAtt tax
receipts long said tax receipts shall be pre-
scented for exchange. II any holder Shall pr,ffcnt
to the Treasurer rccci pts amounting to more than
one hundred dollars but not amounting in the aC-
gregate to an even number OF hundr, DIS OF dollars
the Treasurer shall issue shares of stock fer tho
even hundreds and a receipt signed by him tt the
fractional sum. Such receipts shall be tIunsfern.
bic and eXchangcable for stock in thu S, nc m; nuer
as the Rail Road Tax Receipts.
SEC. 20. SO soon as the Tax Collector tball
have made his returns in each year, the Comfy
Treasurer shall estimate whether the amount OF
Rail Road Tax collected for which Rail Road tax
receipts have been given exceeds the par value of
the full paid stock which has been Il, posittd with
him by the Rail Read Company and il the event
that there be such excess, he shall notify snid
Rail Road Company OF the fact and Of the
amount of said excess. and said Rail Roud Gem.
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid .tocs
to meet said excess.
SEC Il. The County Treasurer shall recent to-
the Rail Road Company for all the stock received
by him from said Rail Road Company. and sbulh
preserve all receipts received by him in exchange
for stock, rs his vouchers for said exchange, md
shall at the same time of receiving such receipts
write Cancelled" on the face of each, and thnlh
in book kept for that purpose keep an account
of the stock received ANA the tax receipts cx
changed for stock.
SEC. %. At the end of three wears from tbe
time of issuing said bonds, provided for in this
Act the County Treasurer shall credit the Rail
Road Company upon the interest due, or TO be
come due, upon its said bonds. with the full
amount Of stock which during said period has
been exchanged for said railroad tax receipts.
less an amount equal to the sums allowed and
paid to said Tax Collectors and Treasurer for the
and disbursements of said railroad
taxes. and shall return to said Company the cou.
pons for the interest thus paid and any shares Of
stock. which may be in his bands unexcbanred.-
If the interest upon said railroad bonds IN to-
said date shall not have been fully paid Ly tho
of stock as aforesaid, the balance sbolr
be Immediately due from said Con rany to the
County and shall be paid in cash, and its payment
may be enforced by tho foreclosure Of the mort.
ri Lu col id