Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-04-08
(APpToved April 1, ls64.l

(Approved April 1, ls64l
WHEREAS. war now exists and is in immediate
and vigorous prosecution between the Govern
ment OF the United States and certain States
which have revOltcd against its authority ana
Whereas the Congress OF the United States has,
for military and other purposes, granted ald ior
the construction of the Central Pacific Railroad
which aid is insufficient 20 complete I'll" work rs
speedily rs is necessary and whereas IL is i'm
portaut in view Of the present state OF war anu
the further tuture danger thereof, that the
said railroad be constructed as soon ~ possible
to repc. invasion, suppress Instruction and de-
Jend the State against its enemies; therefore
the people of the State OF California, represented
in Senate and Assembly, do enact as follows:
Section l. The Central Pacific Railroad Com
pauy Of California, Il corporation duly organized
under the laws OF this State for the construction
of Il railroad from the city of Sacramento to the
eastern boundary line OF this State and one OF
the railroad companies 10 which said Congress
sioual all has brcu extended, is hereby author
lied and empowered TO execute and issue at any
time hereafter the bonds OF said company III sums
OF one thousand dollars each, bearing interest Ut
4 rate not exceeding seven per cent per annum
commencing on the first day Of July, lcoi. and
payable on the first day OF january, leoo, and on
the iirst days of July and January of each year
thereafter, the interest the LIST fifteen hundred OF
said bends, numbering from one to fifteen hun
drtd inclusive, TO be made payable nj the state
treasury, and on the remainder of said bonds to
be made payable II such place or places, and IN
such manner rs said company may deem proper
said bonds 10 be executed andissued TO an amount
not exceeding twelve millions OF dollars, payable
not exceeding twenty years from the tTsi OF Jan
uary. 1865, and said bonds 10 BE- secured by one
or more mortgages on the rairoad rolling Stock
buildings, machinery, fixtures, and corporate
franchises of said ConIpany-the principal and IN
tercst OF said bonds 20 b. payable in United States
gold coin provided that said bonds shall con
tain an express condition that the counties of
Placer. Sacramento, and city and county OF san
Francisco shall be exempt from I'LL liability rs
stockholders tor the payment of the principal or
interest upon all of said bonds over aud above
the stock of said counties heretofore subscribed to
the capital stock Of said company.
SEC. = To expedite the construction of said
railroad for the set forth in the preamble
this Act there shall be levied and collected in
the year 1851 and annually thereafter, until the
expiration OF the time for the payment OF said
bonds, in the same manner Us other State revenue
is or NAV he collected, u tax OF eight cents on
eaca Que hundred dollars of the taxable property
in the State in addition 10 other taxes, the same
20 be paid in the gold and silver coin OF the United
States; and the moneys 10 be derived IRON such
tax shall be. and is hereby. appropriated and bet
aside 10 constitute 4 special fund 10 be known rs
I'll. Pacific Railroad Fund, out Of which fund the
coupons Tor interest said fifteen hundred bonds,
herc before described, shall be paid Is they may
fall duc a:.i 10 presented for payment from time
10 time for said period OF twenty years. and on
payment thereof said coupons shall be taken up
and Cancelled by the State Treasurer; Rnd II at
any time there should not be n sufficient sum OF
money in aid fund 10 pay said interest when due
then NJ AMOUNT sufficient TO make up such deli
c.yucy shall be titken from the General Fund for
that purpose, the State Treasurer shall make
such other contracts and arrangements Us may he
necessary 10 make mp such deficiency; and when
ever OH the first day of July OF any year there
shall remain surplus in Said fund. after the pay
mrut Of the interest on said bonds, rs hereubetore
provided, SUCH surplus shall be paid into the Gen
-er.il Fund
SEC. 3 4 full and particular account and record
shall be kept by the State Treasurer Of said Pacl'
tic Railroad Fund and the moneys collected IN
accordance with the provisions OF this Act open
e.; all shines to the inspection of the Governor
AID Controller and OF any Committee appointed
BY the Legislature or either branch thereof
Sec. 4. The said grant 10 said company Is made
upon the express condition AMI consideration thh'
said company shall and do At all tunes when re-
quired. from and after the passage Of this ACT,
transport and convey over their said railroad all
public messengers. convicts going 10 the state
Prison, lunatics going 10 the State Insane Asylum
materials for the construction of the state Capio
building, articles intended for public exhibition ~
the Fairs OF the State Agricultural society, ana
III ease OF WIZ inNaSlon, W lusuEIeS''Ol, 80 80
is At all other times, also transport and con'e!
over their said railroad al troops and munitions Oh
war belonging 10 the state Of California Tree O
charge without any other compensation tn"it q,
herein provided; and shall also construct llu
equip il Running order at the rate Of not less man
twenty consecutive miles Of their said ram o':y
each year hereafter including that portion VI n'iU
railroad now partially comple'ed nnt.i the S"i't
Is fully completed and equipped anu shatl " ar.
WITHIN ninety DAYS from the passage Oh 'uI' az
ME III tAe once OF Tue secretary Oh o'aTS 49,,
'rlc! or agreement duiS signed oy 'ne NJ
and Secretary OF said COMPANY ana seS'eT mL'
the corporate sea- thereot' thcrein "nu ''' ..i
agreeing 10 faithfully DO ana perform an" tui!
comply, on the part Of said company, vain iu' SIg
terms and conditions set forth in this sectiou an0
therein also releasing all claim to the warrants
provided 10 be issued by the Act entitled AN
Act 10 aid the construction OF the Central PaeihS
Railroad in the State OF California; and otne.
matters relating thereto approved April 70 leo>
upon the filing of which agreement and release
the said Act shall be repealed and also agree
| ing therein that said company snail withir
ninety days M'er tne [eeeip' vi
patent therefor from the United States. execute
acknowledge an" denver 10 tue STATE OF Saol ria