The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1871-07-13
The Rul.


A Bill to promote the more certain and speedy
collection oftaxes levied by and within the
i State of Ohio upon the bonds of Railroad
Corporations. ,sfss5esy fl. tf. =s+.,,, a..
s SECTION /. Be It enacted By the General as
seza6ly Of the State of Ohio, That any railroad
or other company duly incorporated under
the laws of the United States of America, or
under the laws of any of the states thereof,
may, by complying with the conditions of
this act, ASSUME THE PAYMENT OF
ANY AND ALL TAXES which shall here
after be levied under the laws, of this state
upon certain bonds of such company which
may be held therein. ts9f,s. -, al.;e
SECTION 2. Thatthe conditions upon which
any such company may avail itself of the
provisions of this act shall be; sEsi.
$. 1. To file with the auditor of state de-
scription ofsuch of its bonds as said company
shall desire to SO assume the payment of tax
es thereon, giving the numbers, amounts,
date, time of maturity, rate. of interest and
name of payee of said bonds, together with
such other information in respect thereto as
may be required by said auditor.
2. To appoint citizen of this state, ac-
ceptable to the commissioners of the sinking
fund thereof, with power to act as the agent
or trustee of said company in all matters ap-
pertaining to the ayment of taxes that may
accrue upon said bonds. slss,,5
3. To deposit bonds of this state, or of the
United States, with the Treasurer of the State
of Ohio, as hereinafter required. 50 'i'
SECTION 8. That when such company shall
have complied with the first and second pro-
visions of ofsection two hereof the commission
ers of the sinking fund of this state shall es-
innate and determine what amount af the
bonds of this state, or of the United States,
TO be deposited as required by this act, will
be sufficient TO secure the pay ment of all tax
es that may be levied or assessed on the bonds
of said company designated as required by
section two hereof, during the time from the
day preceding the second Monday of April
next thereafter, until the full maturity of said
bonds. And at the same time said commis-
sioners shall estimate the cash value of said
bonds for the current year, and such valua-
ton SO made shall be taken and held to be the
taxable valuation of said bonds for that year.
And said commissioners shall make a new
taxable valuation of said bonds every year
thereafter, and such subsequent valuations
shall have the same force and effect as the first
taxable valuation. isf -!saI -ll4-
SECTION 4. The Auditor of State shall, as
soon as the valuation of said bonds may be
SO fixed and the amount of the bonds of this
State or of the United States required to be
deposited so determined upon, notify said
trustee of the action of said commissioners in
these respects, and said company shall with
in thirty days thereafter deposit with the
Treasurer OF State OF Ohio such bonds to the
amount so required, and said bonds shall be
held by said Treasurer as security for the
payment of all taxes that may thereafter be
levied upon the bonds of said company SO
designated as required by section two hereof,
until said bonds become due. ,.1t
Provided said company may withdraw
at the expiration of every year thereafter in
which it has paid the taxes as required by
this act, such proportion of said bonds as
was required to be deposited to secure the
payment of taxes for the said thirty years or
during the time said company may so as
sumo to pay the taxes on it's said bonds; and
| thereupon said auditor of state shall transmit
to the auditors of the several counties of this
state, description of said bonds with the
valuation placed thereon by said commits
soners, which valuation shall be taken by
said county auditors as the basis for the as
sessment and levy of taxes upon any of such
bonds which may be returned l,y the asses
sors of their respective counties as hereinafter
provided; and whenever u new valuation
shall be made, said auditor of state shall in
like manner notify said county auditors; and
when said company shall have thus secured
to this state the payment of all such taxes,
then the holders of surl bonds, during said
period of thirty years or during the time un-
til the maturity of said bonds shall be re-
lieved and exempted from the payment of
any and all taxes that may be levied upon
such bonds under the laws of this state, and
said taxes shall be received or collected from
said company or its sureties US hereinafter
provided. r.4o alrEF srr if.s .,aa
SEo 5. The holders or owners of such bonds
hall, lesI ectiVely, when required by law to