The Carson daily appeal. [volume] (Carson City, Nev.) 1865-1870, 1869-01-14
CsmsBY COUNTY RAILROAD BILL

tie Senate by Mr.. Brown:
An Act to authorize the Commissioner, OF
Ormsby County to issue to the Firg inia
and Truckee Railroad Company bonds tc
ne amount of two hundred thousand dol
hrs and to provide for the payment OF the
same.
The People of the State of Nevada, repre-
scented III Senate and Assembly, do enact as
fellows
SECTION l. Whenever within one year
tsorn the passage of this Act the Virginia
and Truckee Railroad Company or corpora
ton existing under the laws Of this State
sail have completed the grading of a rail-
read track from some point within the cor
y0Tate limits of the city of Carson to point
Upon the county line Of Ormsby county on
tie line of Il railroad between said city and
tie city of Virginia, Storey county, and shall
Lave placed the necessary ties thereon and
TIC same shall be in proper condition for re-
C.:ving the IRON supcrstructure, the Board Of
County Commissioners of Ormsby county
are hereby authorized and Girett re to prepare
add issue the bonds Cf said county to the
aG.Ount of one hundred thousand dollars in
the form hereinafter specified and deliver the
same to the Virginia and Truckee Railroad
Company for It's benefit. And whenever,
within eighteen months from the passage Of
tais Act, the said Virginia and Truckee Rail-
rJaG l OlIlpa1N snail nave Iu.lF compile c the
said road from the city Of NIgInla to the
city Of Carson aid the same shall be in COM
plete readiness TO recsiye the rolling stock
proper therefor anU to operate between said
points, the sal! Commissioners shall prepare,
issue aid deliver to said COMPANY for its
benefit the bonds OF said county in like form
to the additional amount OF one hundred
thousand dollars.
SEC. , The said bonds shall be Of such
oh, 10 ,1.ar,aI ,1o,h IL
and convenient bat no bonds shall De for a
less amount than one hundred dollars and
lone for greater amount than one Thousand
dollars said bonds shall be printed with in
te-est coupons attached thereto; shall ex-
press ON the face Of tn bonds and coupons
that they are PAYABLE in United States gold
coin; shall bear interest at the rate of seven
per cent. per aInum, payable semi-annually.
The bends shall be payable to bearer at the |
Office Of the County Treasurer of said county
IN fifteen years from their date. The bonds
shall be prepared in proper form, under the
directions of the Board, and shall be $ gned
ty the President of the Board and counter
signed by It's Clerk, WHO shall attach thereto
the county seal. The coupons for selai-an-
nual interest shall be signed by the President
OF the Board.
SEC. 3. Immediately after being notified
BY the company of the fulfllment of eithe. of
the conditions upon which said bonds are TO
issue as above stated the Board Of Commits
sionerS shall proceed to satisfy themselves,
By personal inspection or otherwise, of the
fact of the performance of said conditions,
and, On being so satisfied. shall, without
delay, prepare, issue and deliver the bonds
as above directed prorided, that the certif-
cate OF the Surveyor General OF the State
and the County Surveyor of Ormsby county
to the f; Of of fulfllment OF said conditions
shall he rupcirI evidence fhprpnf IN said
Commissioners.
SEC. l. The said Board of County Com ,
m!ssioners are hereby authorized and re- ,
guired TO levy and collect annually, until all
of said bonds, issued under the provisions of
this Act, shall have been fully paid, or pro- I
vided for, tax OF one per cent. upon all tax
able property Of Ormsby county, to be ap- |
principal and interest of said bonds to be
issued as herein provided; frorided, that for a
the first two years after the issuance of said q
b Inda, the surplus of the proceeds of said ;
tax, If any there e, after the payment Of said 5
interest shall paid into the General Fund j
Of said county, and after said two years said
surplus shall be used in the Redemption II
fund hereinafter provided. The said a
Board OF County Commissioners are further
authorized and required to levy and collect 81
,anually, daring the five years succeeding 81
he two years above mentioned, such tax
lpon all the taxable property of Ormsbv -
ouuty, in addition to the aforesaid tax OF 5
ne per cont as shall be sufficient to raise -
he sum of five thousand dollars per annum, :"
o be applied exclusively to the redemption d.
T the said bonds to be issued as herein pro- =,
iied. Aud after said FIVE years the SAID -
commissioners shall levy and collect annual as
y in addition to said tax of one per cent
4cA further tax, if any shall be necessary,
5 will be sufficient to pay the accruing i'll
rest and to redeem annually one-eighth Of
ne amount of bonds outstanding at the end
seven years from the date Of their issu- cd
nee. 49,
SEC. ). After the expiration OF two wears 10
ON the issuance of said bonds there shall
2 applied from the proceeds of the tax above
Iected 10 the redemption OF the principal OF D.
no PONDS, !of the AFst Ive Years tnereaiter thu
ie SUM " NE Thousand to!iafs per ahllum lat
ld for the succeeding eight years a sum
tj;al to one-eighth of the whole amount Of
incipai of said bonds outstanding and I'M
deemed at the expiration of seven years
ON the date of their issuance, provided
at II IL any year, by reason of the special Sci
X imposed as above required there shall be of
surplus after the payment OF the interest of
ID the application for redemption of the Coz
Mounts directed above such surplus shall
transferred to the general fund Of said
uEty. S
SEC. 6. The amount raised by the xlevied
above reauired and not hereinbefore demo-
to be PLACED in the general fund shall be
iced in !, separate fund to be called the
arold interest and sinking fund. which S
all be applied first, to the payment of the 20
ni-annuai interest as above directed; and by
ond, TO the redemption of said bonds as ane