The Placer herald., 1863-04-25

| the county OF Placer, by way OF clipper Gap,
Illinoistown and Dutch Flat.
SEC 2. 1t shall be duty Of the said Board of
Supervisors to cause notice Of at least twenty
days to be published in one or more newspapers
printed and published in said County stating the
proposition to be submitted to said electors, and
the time and manner Of voting thereon. each OF
| the electors voting at said election shall have
written printed on his ballot the words Cen
trail Pacific Railroad Subscription: YES or
Central Pacific Railroad Subscription: NO."
SEC 8. Said election shall be conducted in
the same manner as other elections for County
officers, and sealed returns shall be made OF the
vote cast said proposition within five. days
after said election, in the same manner rs pro-
vided for in case of the election of county officers,
to the Clerk of said County. of the number of
votes voting YES and the number voting
NO" which returns shall be. on said fifth day,
opened and counted in the same manner as the
returns of the votes for County officers, and when
so opened and counted, the result thereof shall
be declared officially by the said Board of Super
visors, who shall, at the time prescribed for the
| opening and counting the returns Of sail cleo
ton. meet as Boald for that purpose and for
| pertecting the subscription of Stock as herein
| after provided.
SEC T. If at the said election a greater num-
Der of the electors of said county voting upon
said proposition shall vote YES" than shall
vote "NO' then. and in that event is the Board
of Supervisors of said County in the name of
said County, hereby authorized. empowered. and
directed, Immediately after the result of said
election is so officially declared, to take aud
subscribe for the use. benefit. and advantage of
said County, to the Capital Stock of the Gen
trail Pacific Railroad Company of California;" a
Corporation duly organized under the laws of
this State for the purpose mentioned in Section
one of this Act Stock to the amount of two
hundred and fifty thousand dollars, and therefor
to pledge the faith of said County for the pay
ment OF the same, in the manner hereinafter
provided.
SEC. 5. The said subscription shall be made
by the Chairman OF the said Board of Superv-
sorS or in case of his neglect or inability to act
by any member Of said Board appointed by the
Board for that purpose. and who shall perform
that duty Immediately thereafter.
SEC. 8. The said subscription shall be made
and so received, conditional to be paid in the
bonds Of said County issued rs hereinafter direc.
ted and not otherwise and for such subscription
said bonds shall be received at par. dollar for
dollar.
SEC I. The said Board Of Supervisors of
said County, from time to time as the payment
of slid sub cription to such Capital Stock so
subscribed shall be required to be made by the
Board of Directors of the said Railroad Comma
ny, not exceeding at any one time, however an
instalmcnt Of ten per cent. upon the amount of
! said subscription; in the same manner and upon
the same terms other stockholders, shall by
! order dircct the Chairman of said Board of Sui
pcrvsors, the Auditor and Treasurer of said
County. who for that purpose in addition to
| their other duties as such officers and their sue
ccs -ors in Office. sail constitute Il Board of
COMMISSIONS to he styled, the Railroad Com.
missioners OF said County, such Railroad
Commissioners to prepare and issue bonds in
the sum of five hundred dollars each for the
amount OF such subscription to said Capital
| Capital Stock; said bonds shall draw interest
at the rate Of eight per cent. per annum from
the date of their issue, and the principal thereof
shall be made payable on Il specified day, to be
named in the bonds which shall be twenty years
from the date Of their issue. 1T the office of the
Treasurer of said County. The interest on said
bond shall be due and payable semi annually so
! long rs such bonds are outstanding and unpaid,
| and shall be made payable specified day
| to be named in Coupons at the said Treasurcr's
office rs before provided, for the payment OF
the principal of said bonds, both principal and
interest of said bonds to be payable in United
States gold coin dollar for dollar; said bonds
shall be signed by the chairman of the said Board
of Supervisors. the Auditor and Treasurer of said
| County, rs such officers and eX-ot1cia Railroad
Commissioners. and when so signed shall be pre-.
scented by the Chairman of said Board of Super
vi:ors to the Clerk of said County. who shall
| couuterSign the same, us such Clerk, in the pres
encc of a quorum Of such Board at a meetino
thereof, and it shall be he duty of said Board
of Supervisors to cause the fact Of such counter.
signing of said bonds to be entered upon their
Journal together with the number date and
amount OF each bond so countersigned by such
Clerk; and upon the countcrsionin@ Of s'ii
bonds. it shall be the duty of said Board of Sn.
pervisors TO cause the Sea, Of said Countv r. ho
affixed to each bond and appoint n Committee Of
two OF their number to deliver said bonds to
the said Railroad Company, to whom the same
shall he issued: and il SHAH no tbe dntv ot eli
Committee to take a recent from thn Snrr,,nrv
of said Railroad Comnnv for thr hnnds 80 10.
lyered TO them setliur forth the numhnr d,tns
and amounts of the bonds SO delivered and no.
mort the same to the Board of Sunnrvisors
SEC. s. Coupons for the interest shall no al.
tachcd to each bond so that the coupons NAV he
removed without mutilation to the bond S,id
coupons shall be signed by the said County
Treasurer when any interest shall he paid mon
a bond issued under the provisions Of his Irt
the County Treasurer shall detacb tbe connons
for the interest then due and mid ond deliyny
the same to the Clerk of said Comfy, takjng hi.
reccipt therefor whose dutv il eb,lI ho Wv az thn
| - J., ~, on;,.o .,,l -, - - W " W"