The mountain Democrat., 1863-04-11

said interest and the projection Of the faith and
credit Of said city.
SEC. IL. Whenever, at any time, there shall
be in said Railroad Fund . SUN Of two thous-
and dollars or upwards, the said Railroad Com
misOuers shall advertise 10 some newspaper
published IN said city, for aspace of four weeks
Tor sealed proposals. for the redemption Of said
bonds, and ten days from the expiration Of
such publication, said Commissioners shall
Opeu said prOpOsaIs, and shall pay aud liqui-
date, tO the extent Of the said Railroad Fund then
in hand. such bonds presented under said pro-
pOsals as shall have the lowest value proposed
at which they may b. redeemed provided, the
same shall not be more than The par value
thereof; and, provided, that should there be
no proposals made for less tbsB A1SF Th1uyD
the payment of said Railroad Fund Cn hand
shall be made on said bonds according to the
number OF their issue, Of which payment said
Commissioners shalt give fur weeks notice, To
be published 10 some newspaper published IN
SAID city, specifying the numbers OF the bonds
~ be paid, after which publication the bonds
50 specified shall cease tO draw iut. rest; and,
provided, Whenever there may be moneys in
said Railroad Fund sufficient fr the extin-
punishment Of the outstanding bonds issued un-
der the provisions Of this Act, it shall be the
duty Of the said Commissioners to advertise in
the redemption OF all "f said bo9ds, Stter which
time said bonds shall cease u dsaw auy interest.
All moneys remaining in said Railroad Fund
gar all oC the said hoOds sbSlI tNAv0> bseU, ve
deemed, shall be paid by said Commissioners
into the Genera Fund vi said city.
SEC IL. Whenever any bonds shall have
been paid and redeemed by sald Commission
erS, they shall mark the same " cancelled
over their signatures as such Commissioners,
and shall Immediately thereafter deliver the
same To the Clerk 0f the Common Council,
Aking his receipt therefor, and the said Clerk
all hle said cancelled bonds in his nIlies-
Sac IL. The said Common Council may,
and they are hereby fully authorized 80 t" do,
require Of each of said Commissioners such
0onds aud security, for the performance Of
their duties herein required Of them, as they,
the said Common CouHcil. shall deem proper ;
provided, the penal sum of such bonds To each
Of said Commissioners shall not exceed live
thousand dollars.
Sc. IA. The said Common Council shall
have power To authorize u committee Of any
one nr more "f thcir number, 1r any other per.
sou "r persnns, to cast all votes representing
the capital stock subscribed by Them AT all
meetings Oi the Stockholders ut the SAID Placer.
vile aud Sacramento Valley Railroad Company;
and they shall, by nm urder made and entered
OpOU their journal for that purpose have tail
puwer to SELL trIusfer. aud assign, said capital
stuck, 0r any part thereof. Whenever. on a sub
mission 10 the qualified electors VI Said city, at
any city election, II proposition To sell the
same, u majOrity Of those voting upon said
proposition shall vule IN favor thereuh
SEc. Is. Said Common Council shall have
all the rights and powers appertainiuH tO any
other subscriber IL the stock II sand Railroad
Company, and shall receive all the dividend-,
issues, aud profits, arising from the capital
stuck 50 subscribed BY them and it shall b.
their duty to set apart and transfer all such di
Vtdeude, issues, aud profits, together with all
taxes which may be from time to time paid Ia
said city bv said Railroad Company, to the said
Railroad Fund.- to be applied BY the said Rail-
Rad Commissioner to the payment nf the inter
est and principal uf said bonds in the manner
provided by secti N eleven Of this Act aud at
ter the full payment If all the bonds issued
under the provisions uf this act, both principal
aud interest," the said dividends, issues and
profits, shall be paid into the General Fund Of
said city.
SEc. ID. The subscription Of stock author
lied by virtue Of the provisions If this Act,
shall be made by said Common Council Oh the
bp"ks Of the said Railroad Company, upon the
XpreSs condition that the said citv shall not
be liable fnr any Of the debts or Liabilities of
said Company bevoOd the amount 81 subscrib-
ed and this provision, rs to the liability vi
said city, shall be II part Of aud expressly stip-
ula;ed IN all contracts made by SAID company
for the construction and equipment uf said
road and in cAse said company shall fail or
refuse t. make such stipulation in all Of their
said contracts, the said Common Council shall
have pawer " declare said subscriutIun void and
of n0 effect, aud may Recover by action, brought
in the name Of the Mayor and Common
Chuacil uf the city vi PlLcerVille, in any Court
II cUrE peteni jurisdiction, fruIn said company
any previous payments that may have been
made thereon at the time Of such failure nr re-
iusal and said city shall never make any
other Of further subscription to the capital
stock Of said company than that provided Tor
By this Act.
Sac IL NJ bonds shall be issued under the
provisions Of this Act until all that portion "t
said Railroad lying III sacramento County shall
have been graded and put in q condition TO re-
ceIVe the ties and iron.
SEc. Is. The Railroad Commissioners. and
other officers mentioned in this Act, shall re-
ceivc nu compensation fur the services required
Uf them under the prov isiUns Ut this Act.
SEc. ~. It shall be The duty of said Com
mon Council To cause this Act /" be published
Gnr the space Of one week, in some newspaper
printed and published 10 said city, prlnr Ia he
election mentioned in the brst section of this
Act
SIC. %. This Act shall be deemed pub.
lIc Act. and shall take effect from and after its
passage.