The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1863-01-24
THE RAILROAD BILL.

levy special tax upon all the real and pelsonai.
property within said county subject to tax0tioa
Tor 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 taxed for said Pun posc and the tax So
levied shall be known and designated ~ tho RUIZ
Road Tax.
SEC. IL. The tax levied shall b. assessed
and collected q, the same time. by tie the SANG
officers, and in the same nnnn,r las uih,r county
taxes are levied and collected fer which said Of
tcers and the County Treasurer, for disbuise~
ments. shall receive the same rate OF ctmpCnsa.
ton as is allowed by law for the collection and
disbursement OF other county tuXts. 1hc tax
collector upon The collection OF said tax shull
give to each tax payer separate receipt which
Shall show upon its lace the amount Of mil road
tax 70 paid by him. These receipts shall he
printed and all similar in form; differing only ID
name. date and amount.
SEC. l3. The County Treasurer slall separate
the amount collected on rail road tax irom Other
moneys in the Treasury and shall keep The same
in separate fund TO be called the Rail Eorl
Fund, OF which fund he shall keep u separate ac-
count
SEC. IA. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest on
said county bonds. Ms the same falls due. md Tor
this purpos" they shall, as nearly IS possible W.
the time OF making The annual levy. estimate the
per cennge OF tax necessary 10 be levied 10 meet
said interest for the next succeeding year, Al
shall Tx the levy at said amount. Should ihtre
for any reason be deficiency in the Rail Iund.
derived from said tax fer The paS mtnt Of my in
tercst ii falls due. il shall be the duty Of said
Board to provide for TIE payne nj Of said inter
est ont OF the General Fund OF said County. AID
in such they shall in their next levy prov ice
u suflic, Mt fund to pay the accIuihg annual IL
tcrest. and also TO reimburse the Genoa FuLd
with the amount go taken from the sane to Ply
said interest.
SEC. 10 In addition TO the moneys uittrg
from he Rail Road Tax aforesaid, he County
Treasurer shall also place in said Fuid al moneys
paid into the Treasury OF said county hy said
Rail Road Company. for interest or principal
upon the bonds of said company held 10y raid
county; and said money shall be USED b, the tad
Board OF Supervisors fer the pay mcnt OF interest
on said County Bonds in like manner ns tie mo-
ncy raised by said Rail Road Tax. Whtneytr
the amount paid into said Fund 10y The said Rail
Road Company shall eqa the amount OF interest
to fail due upon The said County Bonds for the
ensuing year. no Rail Road Tax shall We levied
by said Board.
SEC. lG. AT the expiration of FIVE years Fl m the
time OF issuing said county bonds the said boaid
of Supervisors shall provide Sinking Fund for
the purpose of securing the pa!ntn, OF the
principal of said bonds ut their naturity ard Tor
this purpose they shall impose such ocal tax MS
they may deem necessary and the montJs rising
therciorm together with all the moneys received
from said Rail Road Company rot applied TO
redemption OF said bonds in tuch mnnltr tuid
Board may deem most cxpedient Tor the interests
of said county
SEC II. The interest accruina uron the Ruilrt rel
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 ptii,d ~ the
county.
SEC. 49, At the time within the .sd period Ct
three years when the interest upon The Lends
given by the Rail Road Company TO the County
shall fail due. the Rail Road Company shall issue
a number Of shares OF full paid stc,k OF raid
company equal in value at par TO the antult Of
said interest, and shall deposit said stock with
the Treasurer OF said county for his dish is,Ment
as hereinafter provided.
SEC 49, Upon the prcsenaticn AID delivery to.
said County Treasurer of one or any LLn.lcr Of
the Rail Road Tax Receipts mentioned in Srction
eleven, by any holder oi the sane. ,lowirg tie
payment by the holder Of said receipts. or his
ussi9nors of one hundred dollars OF the Rail-
Road Tax herein provided for, the said 1lcatur,r
shall deliver to such person share Of the full
paid stock deposited Nith him BY said ttnrany
and said person shall be the owner thereof The
said tax receipts shall be transferable 10y ilGolse-
ment and may be presented for exchange b., my
iudorsce, or if indorsed in blank Ivy the b, arcr.
oil the same. The Treasurer shall exchange full
paid stock for said tax rccci pts at the rntc of one
receipts so long rs said tax receipts shall be pre-
scented for exchange. II any holder shall pres, n.
TO the treasurer receipts amounting to mere than
one hundred dollals but not amounting in the ag-
gregate to an even number Of hundreds OF dollars
the Treasurer shall issue shares OF tlock for the
even hundreds, and receipt signed by him torthe
fractional sum. Such receipts shah lie tInnsf,ra-
bic and cxchangrablc for stock in tn" h,n.em"nncr
as the Rail Road Tax Receipts.
SEC 90 SO soon as the Tax Collector tball
has, ,In biv rntn in oh a..
Treasurer 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 flu paid stock which has been d, nCtt,d with
him by the Rail E' ad Company; and in the event.
that there be such excess he shall notify rnid
Rail Road Company of the fact aud Of Tie
amount OF said excess. and said Rail Rcd CtM-
pany shall immediately issue and tcpo.it win
said Treasurer sufficient additional full paid stock
TO meet said excess
SEC. II. The County Treasurer shall recent IN
the Rail Road Company for all the stock received
by him from said Rail Road Company. and shall
preserve all receipts received by him in exchange
for stock, rs his vouchers for said exchange, and
shall at the same time of receiving such receipts
write "Cancelcd' on the face OF each, and shall,
in book kept for that purpose keep an account
of the stock received and the tax receipts OK
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 TO- said railroad tax receipts,
less an amount equal to the sums allow ed and
paid to said Tax Collectors and Treasurer for the
collection and disbursements Of said railroad,
taxes and shall return to said Company the cou-
pons for the interest thus paid and any shares Of
stock. which may be in his hands uncXchangcd--
If the interest upon said railroad bonds I'm to
said date shall not have becn fully paid hy tho
exchange of stock rs aforesaid, The balance shall
be Immediately due from said Con pany to the
County and shall be paid in cash and its rpvm,nt
may be enforced by the foreclosure of the mort
gage given by said company