The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-03
THE RAILROAD BILL.

I
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 purpose and the tax so
levied shall be known and designated as the Rail
Road TaX
SEC. II. The tax so levied shall be assessed
and collected at the same time. by the the same
officers, and in the same manner other county
taxes are levied and collected, for which said OIL
fcers ard the County Treasurer, for dsbursc-
mcnts. shall receive the same rate of compensa-
ton rs is allowed by law for the collection and
disbursement OF other county taxes. The tax
collector upon the collection OF said tax shall
give to each tax Eyer separate receipt which
shall show upon its face the amount of rail road
tax so paid by him. These receipts shall be
printed and all similar in form; differing only in
name, date and amount.
SEC, Is. The County Treasurer shall separate
the amount collected on rail road tax from 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 ae+
count.
SEC II. The Board of Supervisors shall pro-
vide for the prompt payment of the interest OBJ
said county bonds. as the same falls due. and for
this purpose they shall as nearly as possible at
the time of making the annual levy estimate the
per ccntage of tax necessary TO be levied to meet
said interest for the next succeeding year, ard
shall fix the levy at said amount. Should there
for any reason be deficiency in the Rail Fund.
derived from said tax for the pay mcnt OF any in
forest as ii falls due. it shall be the duty of said
Board to provide for the payment of said inter
est out of the General Fund OF said County. and
in such they shall in their next levy provide
u sufficient fund to pay the accluing annual in
tercst and also, to reimburse the General Fund
with the amount 50 taken from the sane 10 pay
said interest.
SEC 10. 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 by 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 ny the mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Raj
Road Company shall coal he amount of interest
to fan due upon the said County Bonds for The
ensuing year no Rail Road Tax shall be levied
by said Board.
SEC. 10. At the expiration of five years from the
time OF issuing said county bonds, the said board
OF Supervisors shall provide a Sinking Fund for
the purpose of securing the payment OF the
principal of said bonds at their muturity and for
this purpose they shall impose such special tax as
they may deem necessary and the moneys rising
| thereiorm together with all the moneys received
from said Rail Road Company not up1 lied to
payment of interest shall be applied toward the
redemption OF salu DOHuS IN SUCh manner SAID
Board may deem most expedicnt for the interests
of said county.
SEC II. The interest accruing 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 fore
ed collection be taken within said period Ly the
county.
SEC. Is. At the time within the said period Of
tl,r,, p,tl, fI,
given by the Rail Road Company to the County
shall fall due, the Rail Road Company shall issue
a number of shares OF full paid stock of said
company equal in value at par to the amount Of
said interest, and shall deposit said stock with
the Treasurer Of said county for his disbursement
as hereinafter provided.
SEC. 10. Upon the presentation and dcliytl, to
said County Treasurer of one or any number of
the Rail Road Tax Receipts mentioned in Section
eleven, by any holder of the same. showing the
payment by the holder of said receipts or his
ssignors OF one hundred dollars of the Ruil
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 10y indorse-
| mcnt and may be presented for exchange by any
| ndorsce, or if indorsed in blank by the bearer
OF the same. The Treasurer shall cAchanee full
paid stock for said tax receipts at the rate of one
share of stock for each one hundred dollars of tax
receipts so long os said tax receipts shall be pre-
scented for exchange. II any holder shall present
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the pr-
gregatc to an even number of hundreds OF dollars
the Treasurer shall issue shares of stock for the
even hundreds. and receipt signed by him for the
fractional sum. Such recei pts shah be tronsfera-
Bile and eXchangcablc for stock in the same manner
as the Rail Road Tax Receipts
Sec. 20. So soon as the Tax Collector shall
have made his returns in each year the County
Treasui cr 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 dc posted with
him by the Rail Re ad 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 Road Conn
pany shall Immediately issue and deposit with
said Treasurer sufficient additional full paid stock
to meet said excess.
SEC 81 The County Treasurer shall recent TO,
the Rail Road Company for all the stock received
by him from said Rail Road Company. and shall
preserve all receips received by him in exchange.
for stock, Ms his vouchers for said exchange and
shall at the same time of receiving such rere;pts
write "Cancellcd" on the face of each and shall
in u book kept for that purpose keep an account
of the stock received and the tax receipts ex-.
changed for stock.
SEC. %. At the end of three years from the
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 reeeirts.
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 renrn to said Company the cou-
pons for the interest thus paid and any shales Of
stock. which may be in his hands uneXchunccd.-
If the interest upon said railroad bonds IN to,
said date shall not have been fully paid ly the
exchange of stock as aforesaid, the balance shalr
be Immediately due from said COMPANY to the
County and shall be paid in cash, and its payment
may he enforced by the foreclosure of the mort
gage given by said company.
SEC IS The Board of Supervisors shan not