The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-31

The People Of the State of California rep
resented IN Senate and assembly, do enact as
| foiiotcs:
SEC L. Whenever the Sacramento, Placer and
Nevada L .,ilroad Company by and through its
Board of Directors and President shall make writ
ten application to the Board of Supervisors of the
county OF Placer at any regular or stated meet
| ing OF said Supervisors requesting said county
| of Placer. through its properly constituted au-
thorties, to issue to said Railroad Company the
bonds Of said county in the total sum of 100000,
it shall be lawful for said county to issue its bonds
and dispose of them in the manner following and
subject TO the following conditions.
| SEC, 2. Upon the receipt OF said petition from
said S Sacramento. Placer and Nevada Railroad
Company, the Board of supervisors shall enter
tain the same. and in order to ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said Company,
said Board of Supervisors shall, within sixty days
after the receipt Of said petition, order special
election to be held in said county at which shall
be submitted the proposition of said loan to said
Railroad Company, to be voted upon by the
qualified voters Of said county.
| SEC. ). The nd election shall be fixed by said
| Board of Supervisors. for some day not less than
thirty, nor more than sixty days, from the time OF
making said order. Said Board shall cause
notice of said election to be published for the
period Of four weeks next before tn" day of said
election in two or more newspapers published in
said county, which notice shall specify the time OF
said election, the object of the same, the PROPOSE
ton TO be voted upon, and the places where the
| polls will be opened on said day for said cleo
| ton, which shall be the same the precincts
liked for said purpose at the last prec eding gene
raj election. They shall also appoint Judges and
inspec orS OF said election and cause notice there
| of to be given rs in other elections authorized by
law. No compensation shall be allowed to any
Judge, clerk, or Inspector acting at said election.
SEC. 4. Upon the day liked by said order, the
said election shall he held. Each of the electors
voting at said election, Shall have written or
printed upon his ballot the words Railroad Loan.
Yes" or the words Railroad Loan, No. Said
election shall be conducted and the returns there
of shall be made out and transmitted to the
County Clerk within the time and in the manner
prescribed by law ut general elections. On the
fifteenth day after the day Of holding said election
| the Board of Supervisors shall meet and canvass
| said returns, and declare the result.
| SEC 5. If upon the canvassing of said returns
| it shall be found that of the votes cast at said
| election having written or printed upon them the
words Railroad Loan Yes or the words "Rail-
road Loan No." Il majority have written print
| ed upon them "R ,ilroad Loan No then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but if majority of
! the votes so cast shall have written or printed
upon them the words RAILROAD Loan, Yes.' then
| the Board of Supervisors shall issue the bonds of
said county. in the manner hereina er prescribed.
| SEC 6. When it shall be asc ertaincd in the
manner prescribed in section five of this Act that
| the majority of the votes cast at said election
having written or printed ON them the words
| "Railroad Loan, Yes or "Railroad Loan, No."
have written or printed upon them the words
! "Railroad Loan, Yes, then tshall be the duty of
said Board OF Supervisors whenever thereto re-
auested, by the President and Board of Directors
of said Railroad Company, to prepare and issue
to said Railroad Company the bonds of said
county to the amount OF one hundred thousand
dollars. Said bonds may be in sums of two hun
dred and fifty five hundred or thousand dol
lars each as may be requested by said Railroad
Company; they shall express upon their face the
nature of the same and object for which they are
issued; shall be payable in twenty years from
their date; shall bear interest at the rate of eight
per cent per annum, payable Sem-annually on
The first days of July and January Of each year, |
and shall have interest coupons attached express
sing the rate and time of payment of interest as
above specified Both bonds and coupons shall
be made payablea at the Office of the Treasurer in
said county.
SEC T. Said bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county, and shall haYe the coun-
ty seal affixed to each and every bond The
coupons shall be signed by the Treasurer of said
county. Both bonds and coupons shall be made
payable to the Sacramento, Placer and Nevada
Railroad Company or bearer, and each bond Shall
bear upon its back a certificate signed by the
President Of the Board of Supervisors and the
President of said Railroad Company setting forth
that it is duly and formally issued as contempla
ted by law. Said bonds shall be transferable by
delivery and whenever so executed and issued
shall be the bonds of the County of Placer, and
shall bind said county to the payment OF the prin-
cipal and interest as therein expressed
SEC. 8. Whenever the bonds of the county of
Placer shall be issued and delivered to the Rail
road Company. as prescribed in the last section
the Sacramento. Placer and Nevada Railroad
Company shall, at the same time deliver to the !
President of the Board Of SuDerv isOrS of said |
county, for the benefit of said county. the bonds
of said Railroad Company Of equal number in |
like amounts, maturing at the same time bear
ing the same rate Of interest and interest payable
at the same periods as the bonds of the county.
so executed and issued. Said Railroad bonds |
shall be made payable to the county of Placer, or
its order, and shall be signed by the President |
and Secretary of the Company aud countersigned |
by the Vice President of the Company, and each
shall bear the seal OF said company, and interest
coupons shall be attached, corresponding in date.
amount, rate and time Of payment, with the cou
pons attached to said county bonds, which cou-
pons shall be signed by the Treasurer OF said
Company.
SEC. O. The said Railroad Company shall at
the time designated in the last section, by and
through its proper officers, execute under the
seal Of said Company, second mortgage upon
all the property, real and personal and franchises
of said Company, then owned and possessed and
thereafter to be acquired by said company, as
security for the payment of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon |
its face that it is subec to the mortgage of said |
Company. made and delivered to Lester l.. Rob.
inson and Francis l.. A. Phoebe. bearing date first
of September, eighteen hundred and sxty-onc.
and of record in said county, but shall not be sub
Jet to any other mort gage or incumbrance upon
said property. The bonds of Placer County shall
only be delivered to said Rail Road Company
upon the delivery by said Rail Road Company. to
the President Of the Board of Supervisors, of the
bonds and mortgag OF the Rail Road Company
as prescribed in this Act.
SEC 10. The mortgage provided for in the
last section shall provide by its terms for sink
ing fund to be reserved from the revenues of said
Company, sufficient to secure the payment of the
principal ard interest of the bonds OF said Com
many so given TO the County at maturity. and