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

To authorize the County of Placer to loan
its credit to ''The sacramento, Placer
and Nevada Railroad Company to the
amount OF 100000.
The People Of the State of California rep
resented IN Senate and -4ssemtiy, do enact as
toii0tcS:
SEC |. Whenever the Sacramento, Placer and
Nevada Il lilroad Company by and through its
Board of Directors and President shall make writ
ten application TO the Boald of Supervisors Of the
county oil 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 10000,
itshull be lawful for said county to issue its bonds
and dispose Of them in the manner following and
subject to the following conditions.
SEC g Upon the receipt Of said petition from
said Sacramento, Placer and Nevada Railroad
Company. the Board of Supervisors shall enter
tain the sumo, aud in order to ascertain whether
the people Of said county are willing that its
credit shall be loaned as desired by said Corpany.
said Board OF Supervisors shall. within sixty days
after the receipt Of said petition, order special
election to be held in said county ut 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. g. The 5 id election Shall be fixed by said
Board OF Supervisors. for some day not less than
thirty nor moro than sixty days, from the time OF
making said order Said Board shall cause Il
notice of said election to be published for the
period of tour weeks next before th" 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 10 be voted upon and the places where the
polls will be opened on said day for said rlcc-
ton. which shall he the same as the precincts
fixed for said purpose At the last preceding gene
raj election. They shall also appoint judges and
inspectors of said election AMI cause notice there
of to be given rs in other elect ons authorized by
law No compensation shall 10 allowed to any
judge, clerk. or Inspector acting ut said election.
SEC. T. Upon the day fixed by said order, the
said elections shall be 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 m lle out and transmi ted to the
County Clerk within the time and in the manner
prescribed by law AT 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. s. II upon the cAnVassnG Of said returns
il shal be found that of the votes east 1T said
election having written or printed upon them the
words "Rairond Loan, \ cs,' or the words "Rail-
road Loan No." u majority have written or print
ed upon them r tilroad Lotn, No. then the duty
OF the Board OF Supervisors in the premises
shall cease und determine; but if q majority of
the votes so cast shall have written or printed
upon them the words "Railroad Loan. Yes" then
the Board of Supcrv lsors shall issue the bonds OF
said county. in the manner hereinafter prescribed
SEC i. When it Shall be asccrtaned 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 oros
"Rnilroad Loan, Yes or "RIilroad Loan, No
have written or printed upon them the words
"Railroad Loan, Yes" then itshall be the duty of
said Board OF Supervisors whenever thereto re
oucstcd 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, one 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 cipht
per cent per unnnm, payable Semi-annualy on
the first days Of July and january Of each year
and shah have interest coupons attached express
sing the rate and time OF payment of interest 80
above specified. Both bonds aud coupons shall
be made payable 1t the office OF the Treasurer in
said county.
SEC. I. S,l bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county, and shall have the coun.
ty seal affixed to each and every bond Tho
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 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 he transferable by
delivery aud whenever so executed aud issued
Shall be the bonds OF the County of Placer, and
shall bind said county to the payment of the prin-
cpal and interest as therein expressed.
h, h.,t lt, 4
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 Supervis 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 rate OF interest and interest payable
at the same periods 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. and countcrsigned
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 con-
pons attached to said county bonds, which cou-
pons Shall be signed by the Treasurer of said
Company.
SEC. g. The said Railroad Company shall at
the time desi grated in the last section, by and
through its proper officers execute under the
seal Of said Company, a second mort gage upon
all the property, real and personal aud franchises
OF said Company. then owned and possessed and
thereafter to he acquired by said compnuy as
security for the payment Of said railroad bonds
and coupons as prescribed in the last section;
which said mortgag Shall be and express upon
its face that it is subject 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 sixty-one. |
and of record in said county bat shall not be sub
Jet to any other mortgage or incumhrance 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 mortgage OF the Rail Road Company
as prescribed in this Act.
SEC. 10. The mortgage provided for in the