The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-04-11

crn boundary line OF the state, running through
the county of Placer. by way OF Clipper Gap,
Illnoistown and Dutch Flat.
SEC. 2. 1t shall De 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 or printed on his ballot the words Cen
trail Pacific Railroad Subscription: YES" or
Central Pacific Railroad Subscriptions NO.
Sec. 3. 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 on said proposition within five days
after said election. in the same manner as pro-
vidcd 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 said cleo
ton. meet as u Boaid for that purpose, and for
perfccting the subscription of Stock as herein
after provided.
SEC 4. IT 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 and
subscribe for the use, benefit. and advantage of
said County, to the Capital Stock of the Seen
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. .. The said subscri ption shall be made
by the Chairman OF the said Board of Superyi
sorS, or in elise 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. 6. The said subscription shall be made.
aud so received, conditional to be paid in the
bonds of said County issued as hereinafter direc-
ted and not otherwise, and for such substitution
said bonds shall be received at par. dollar for
dollar.
SEC 7. The said Board of Supervisors of
said County, from time to time as the payment
of said 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
installment of ten per cent. upon the amount of
said subscription; in the same manner and upon
the same terms other stockholders shall by
order direct the Chairman of said Board of Sli
pervisors, the Auditor and Treasurer of said
County. who for that purpose in addition to
their other duties rs such officers and their sue
cesor in office, shall constitute a Board of
Commissions to be styled, the Railroad Com
misSoners Of said County, as such Railroad
Commissioners to prepare and issue bonds in
the sum of five hundrel 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 a specified day, to be
named in the bonds which shall be twenty wears
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 scmi.annually. so
long rs such bonds are outstanding and unpaid.
and shall be made payable on specified lav,
to be named in Coupons at the said Treasurer'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, as such officers; and ex-otlicia Railroad
Commissioners and when so signed shall be pre-
scented by the Chairman Of said Board of Sinner
Tors to the Clerk of sid County, who shall
countersgn the same, rs such Clerk in the pres
cnce of quorum of such Board at a meeling
thereof, and it shall he the 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 countersignnc of said
bonds, it shall he the duty OF said Board of Su-
pervsors to cause the Seal OF said County to be
affixed to each bond and appoint Committee of
two OF their number to deliver said boads to
the said Railroad Company, to whom the same
shall be issued; and it shall be the duty of said
| ~ ttnn n, IL .;,Nt A.
of said Railroad Company for the bonds 80 de-
livercd to them, setting forth the number, dates
and amounts OF the bonds SO delivered and re-
port the same to the Board of Supervisors.
SEC 8. Coupons for the interest shall be at
tachcd to each bond so that the coupons may be
removed without mutation to the bond Said
coupons shall be signed by the said County
Treasurer, when any interest shall be paid upon
a bond issued under the provisions Of this Act
the County Treasurer shall detach the coupons
for the interest then due and paid, and deliver
the same to the Clerk OF said County, taking his
receipt therefor. whose duty it shall be to file the
same in his office ana make report thereof at
the next meeting of the Board of Supervisors
SEC. 8. The bonds issued from time to time in
| payment of such stock subscription by virtue of
the provisions of this Act. and ut least an equal
amount of any other funds that may be obtained
from other stockholders. or otherwise. shall be
| expended from time to time as the said bonds
are required to be issued in the actual consruc-
ton of that portion of said Company's road sit
uated in the said County of Placer, to the extent
and amount of the graduation and full prepare.
ton OF said road for the superstructure thereof.
1t shall be the duty of the Secretary and Chief
Engineer Of said Company, from time to time
rs the said bonds are required to be issued, to
make reports under oath, in writing, and lay the
seine before the Board of Supervisors, OF the
progress of the work. and the amount thereof
done and performed, as near rs the same can be
ascertained on said road in said County of Pla-
Ger. And if, after the issuance of such bonds in
payment of the first installment of ten per cent ,
on such subscription, there should be at any
time, any failure or refusal in the expenditure
of said bonds with other funds, in the mode and
manner provided by this Section, in the con-
struction Of said road then, and in that event,
the said Board Of Supervisors may, at their
option withhold any further payment on slch