The Carson daily appeal. [volume] (Carson City, Nev.) 1865-1870, 1868-02-28
THE DAILY APPEAL.
THE TRUCKEE AND VIRGINIA RAIL
RoAp-ARTICLEs OF AGREEMENT.

Company, parties of the first part, and the
County Commissioners of Ormsby County on
behalf of said county party of the second
part, witnesseth:
lst That the party OF the second part
agrees to become a stakeholder in the Vir-
ginia and Truckee Railroad Company to the
amount of two hundred thousand dollars
$500, OO0) in the capital stock of said COM
pany, to be paid for by the delivery to said
company of two hundred thousand dollars in
seven per cent. gold bonds of said county,
the payment of interest and principal of said
bonds to besecured in the manner provided
in the draft of law which is to be submitted
for their approval to the voters of Ormsby
county.
ID. The parties of the first part agree to
accept said bonds as payment in full for two
hundred thousand dollars of the stock of
said company and they agree that the stock
of said company shall be fixed at three mil
lions Of dollars (S3, 900, OOO) and shall not be
increased beyond that amount.
1t is further mutually agreed that the cor
poration may at any time it desires, mortgage
the road about to be built for means to finish
the building and equipment of the same !;
iprorided, that the aggregate amount for
which said road shall be mortgaged shall not
exceed the sum of two millions of dollars
and, prorided further, that whenever any
mortgage is executed, provision shall be
made in the mortgage bonds, and the income
Of the road shall be pledged, for the annual,
|semi-annual, quarterly or monthly payment
|of interest on said bonds, and also for the
payment Of such an amount OF the principal
|of said bonds as will by equal annual pay
|ments, cxtinguish the bonds at the time they
fall due prortdea, that no portion of the net
earnings Of the road which would otherwise
be payable to Ormsby county, shall go to pay
any portion Of the principal or interest Of
these mortgage bonds if there is sufficient in
come from the road inclusive of that part Of
the stock owned by the several counties of
he State to pay the interest On said bonds.
and set apart the necessary annual sinking
Fund. And il at any time any portion Of the
|county's dividend should be used either on
! he interest or sinking fund of these bonds, |
Fl shall be debt against the company to be
repaid to the county out of the dividends of
khe private stockholders, with ten per cent. |
Interest per annum, for the time it is withheld |
From the county.
|. is further mutually agreed that the cor
poration shall not, without the unanimous
consent of the County Commissioners of
prmsby county, use any portion of the divi-
bends otherwise payable to the county, in
payment for the construction OF the road, or
fny debt created in constructing the same.
Put the bonds Of the county shall be consider
Fd payment in full for one fifteenth part Of
fae road when fully completed, equipped and
Ptocked for running. Ifthe road costs less than
three millions of dollars it is to the gain Of
Pie stockholders other than the counties that
contribute to build it. II it costs more, it is
10 be the loss of the private stockholders, and
the counties are in no wise to be responsible
therefor.
When any portion Of the road is put in
operation, strict account shall be kept of :
he receipts therefrom. and also Of the legi-
Innate running expenses thereof: the latter ,
sum to be deducted from the former, and the i
county to receive its dividend from the net
esult; the stock OF the county not to be 7
'harged with any expense for interest, con- =
truction, repairs or equipments, until the {.
Dad is fully completed from terminus to ter /,
minus, and properly equipped fer running, b
II necessary stations, water tanks, switches,
urnouts, &C., &c. After which time the
county stock viii bear its just proportion of
epairs, the purchase Of new rolling stock, 4
&c. The termini OF the road shall bs at \
7irginia City and some point on the Central
'acifc Railroad, audit shall pass through, or
7ithin one quarter Of a mile of, Washoe /
'ity, Carson City and Empire City.
The County Of Ormsby, and each other
ounty that shall subscribe as much as one
undred thousand dollars to the capital stock
said company, shall be entitled to appoint
ne member of the Board Of Directors of
aid company.
The party of the second part agree to use {
i their influence to procure the legislative
lactment of all laws that may be necessary
carry this agreement fully into effect.
The sinkinp fund hereiphas,ro ,,or;Jo3