The Placer herald., 1863-01-10
THE RAILROAD BILL.

which other taxes are levied for County purpsoses
levy special tax upon all the real aud peronal.
property within said county subject to taxation
for the purpose of meeting the whole amount Of
interest to become due within said yesr 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 pulr csc, and the tax so
levied shall be known and designated as the Rail-
Road TAX.
SEC. IL. The tax so levied shall be assessed
and collected at the same time. hy the the nme
officers, and in the same manner rs other county
taxes are levied and collected, for which said Of
fcers and the County Treasurer for disbuIse
mcns. shall receive the same rate Of compcnsa-
ton us is allowed by law Tor the collection and
disbursement OF other county 1uXcs. The tax
collector upon the collection of said tax shall
give to each tax payer separate receipt which
shall show upon its face the amount OF rail road
tax so paid by him. These receipts shall lie
printed aud all similar In form; dfclu. only 10
name, date and amount
SEC. 10. The County Treasurer shall separate
the amount collected Oh rail road tax ircm other
moneys in the Treasury and shall keep the same
in separate fund to be called Tie Rail RoaC
Fund, OF which fund he shall keep II 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 for
this purpose they shall, as nearly rs possible at
the time of making the annual levy. estimate the
per centage OF tax necessary to be levied TO meet
said interest for the next succeeding year, ard
! shall fix the levy 1t said amount Should there
! for any reason be a deficiency in the Rail Fund.
derived from said tax for the Pay mcnt OF any in
tcrest as it falls due il shall be the duty OF suid
! Board to provide for the payment Of said inter-
est out OF the General Fund OF said County nnd
in such case they shall in their next levy provide
suficit Mt fund to pay the acciuing annual in
tercst, and also. to reimburse the General Fund
with the amount SO taken from the sane 10 pny
said interest.
SEC. Is. In addition TO the moneys arising
from the Rail Road Tax aforesaid, tie County
Treasurer shall also place in said Fund all nCntys
paid into the Treasury of said county Ivy 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 pay ment OF interest
on said County Bonds in like manner NJ the mo-
ncy raised by said Rail Road TaX Whenever
the amount paid into said Fund hy the said Rnil
Road Company shall eqnl the amount OF interest
to fan due upon the said County Bonds for the
ensuing year. no Rail Road Tux shall Le Levied
by said Board.
SEC. l6. At the expiration of five years Fl en- the
time Of issuing said county bonds. the said Loaid
of Supervisors shall provide Sinking Fund for
the purpose of securing the payment OF the
principal of said bonds ii their muiurity and for
this purpose they shall impose such special tax rs
they may deem necessary. and The none Us rising
thereiorm her with all the moneys received
from said Rail Road Company not Npl lied 10
payment Of interest shall be applied toward the
redemption of said bonds in such mamie said
Board may deem most eXpcdient for the interests
| of said county.
SEC. II. The interest accruine upon the Railroad
Bonds given by the Company to the County dur
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 money TO
the county, nor shall any proceedings for its foic
ed collection be taken within said period ly the
county.
SEC. Is. At the time within the said period Of
three years when the interest upon the bonds
given by the Rail Eoad Company to the County
shall fan due the Raj! Road Company shall issue
number of shares OF full paid stock OF said
company equal in vnlue at par TO the amount Of
said interest, and shall deposit said stock with
the Treasurer of said county for his disbuls, ment
| rs hereinafter provided.
SEC. 10. Upon the presentation aud delivery to
said County Treasurer of one any number Of
the Rail Road Tax Receipts mentioned in Section
| eleven, by any holder Of the same, showing he
payment by the holder OF said receipts. or hi.
assignors, of one hundred doluls OF the Rail
Road Tax herein provided for, the said Treas ur,
shall deliver to such person share OF the full
paid stock deposited with him by said tcnrany.
aud said person shall be the owner thereof. The
said tax receipts shall be transferable by irdtise-
ment and may be presented for exchange by any
indorsce, or if Endorsed in blank by The bearer
OF the same. The Treasurer shall cXclau.o full
4, |
share OF stock Tor each one hundred dollars Of lax
receipts so long as said tax receipts shall be pre-
sentcd for exchange. II any holder shall pIostn,
to the Treasurer receipts amounting to more than
one hundred dollns but not amounting in the "
gregatc TO an even number Of hundreds of dollars
the Treasurer shall issue shares of stock fer the
even hundreds, and receipt 81 ened by him for the
fractional sum. Such receipts shall lie tunsfeTa.
bic and cXchangcabetor stock in thrsune mnnnor
Us the Rail Road Tan Receipts.
SEC. 20. So soon the Tax Collector shall
have made his returns in each year, the County
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 fu paid stock which has been d, posted with
him by the Rail Read Company and in 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 Read Com
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full raid stoc k
to meet said excess.
SEC. Il. The County Treasurer shall receipt TO
the Rail Road Company for all the stock received
by him from said Rail Road Company. and shall
preserve all receipts received by him in exchange
for stock, rs his vouchers for said exchange. and
!, shall at the same time OF receiving such recejpts
write "Cancellcd" on the face of each and shall
in book kept for that purpose keep an account
! of the stock received and the tax receipts ex-
changed for stock.
SEC. 22. At the end of three years from the
, time of issuing said bonds pro, idcd 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
| collection and disbursements of said railroad
| taxes. and shall return to said Company the Goa
| pons for the interest thus paid and any shares of
| stock. which may be in his hands uneXchnnced-
If the interest upon said railroad bonds up to-
said date shall not have been fully paid by the
exchange OF stock rs aforesaid, the balance shalt
be Immediately due from said Con pany to the
County and shall be paid in cash. and its payment
may he enforced by the foreclosure Of tie u: ort