The Placer herald., 1863-04-04
THE RAILROAD BI LII.

levy special tax upon all tue Ical anu Peleon"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 as other county |
taxes are levied and collected, for which said Of
fcers and the County Treasurer for disburse-
mepts shall receive the same rate OF cOmpensa- |
ton as 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 payer 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. 13. The County Treasurer shall separate
the amount collected on rail road tax from other
moneys in the Treasury and shall keep the same
in IL separate fund to be called the Rail Road
Fund, of which fund he shall keep separate ac
count.
SEC. A. The Board OF Supervisors shall pro-
vide for the prompt payment OF the interest on
suid county bonds as the same falls due. and for
this purpose they shall, rs 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, and
shall fix the levy at said amount. Should there
for any reason be deficiency in the Rail Fund.-
derived from said tax for the payment of any in
terest rs it 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 case they shall in their nextlcvy provide
a sufficient fund to pay the accrning annual in
terest and also, to reimburse the General Fund
with the amount so taken from the same to pay
said interest
SEC Is. 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 asthe mo-
ncy raised by said Rail Road Tax. Whenever
the amount paid into said Fund by the said Rail
Road Company shall eqal the amount OF interest
to fall due upon the said County Bonds for the
ensuing year. no Rail Road Tax shall be levied
by said Board
SEC. I6 At the expiration of five yea rsfrom the
time of issuing said county bonds. the said board
of Supervisors shall provide Sinking Fund for
the purpose of securing the payment of the
principal of said bonds ut their maturity; and for
this purpose they shall impose such special tax rs
they may deem necessary. and the moncysarising
| therclorm ogelh her with all the moneys received
from said Rail Road Company not applied to
payment of interest shall be applied toward the
redemption of said bonds in such manneras said
Board may deem most expedent 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 itsfo1c
ed collection be taken within said period by the
county.
SEC. Is. AT the time within the said pcrod of
three years when the interest upon the bonds
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 nddelvery to
said County Treasurer of one or any number of
the Rail Road Tax Receipts mentionedn Section
eleven, by any holder of the same showing the
payment by the holder Of said receipts or his
assignors. of one hundred dollars of the Rail
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 by ndorse-
ment and may DC presented for exchange by any
lndorsce. or If Endorsed in blank by the bearer
OF the same. The Treasurer shall exchange full
paid stock for said tax receipts at the rate of one
share OF stock for each one hundred dol lars of tax
receipts so long as said tax receipts shall be pre-
sentcd for exchange. II any holder shall present
to the Treasurer receipts amounting to more than
one hundred dollars but not amounting in the az
| gregate to an even number of hundreds of dollars
the Treasurer shall issue shares of stock for the
even hundreds, and receipt igncd by him for the
fractional sum. Such recei pts shall be translera-
bic and eXchangcableto 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
Trcasur er 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 deposited with
him by the Rail Re ad Company; and in the event
that there be such excess, he shall notify said
Rail Road Company of the fact and of the
amount OF said excess. and said Rail Road Com
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 stool received
by him from said Rail Road Company and shall
preserve all receipts received by him in exchange
Tor stock. as his vouchers for said exchange, and
| shall atthc same time of receiving such recepts
| write Cancelled" on the face of each and shall
IN book kept for that purpose keep an account
| OF the stock received and the tax receipts ex-
changed for stock.
SEC 22 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 fun
amount of stock which during said period has
been exchanged for said railroad tax receipts,
! 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 return to said Company the cou-
pons for the interest thus paid and any shares of
stock, which may be in his hands uneXchanged-
II the interest upon said railroad bonds up to
said date shall not have been fully paid by tho
exchange of stock rs aforesaid, the balance shall
be Immediately due from said Company to the
County and shall be paid in cash, andits payment
may be enforced by the foreclosure of the mort
gage given by said company.
| SEC "a Tho BOARD of