The Elko independent. [volume] (Elko, Nev.) 1869-1872, 1871-03-25

stock, as hereirbefore provided, in such county
Of each succeeding and continuous ten miles
Of the said road, like amount Of the said
bonds shall BE- prepared, issued and delivered
until upon the completion of the last sec
ton OF ten miles or less in said county, when
and at which time the whole amount of the
said bonds remaining unissued shall be issued
and delivered TO said company; provided. that
no bonds for the county of Elko shall be is
sued to said railroad company, except upon
completed sections of ten miles OF said road as
hereinbefore provided; which grading shall
commence at the town Of Elko and continue
snccessively until the boundary of White
Pine county shall be reached and thereafter
upon completed sections as hereinbefore pro-
vided the bonds OF said county of White Pine
shall be issued; and provided further, that the
whole distance for which bonds have been is
sued shall at the time Of each subsequent ap-
plication for the issuance of bouds be com.
pleted ready for the rolling stock AS hereinbe-
fore provided.
SIC. 5. The said bonds shall be of such
amount rs shall be deemed most saleable and
convenient, but no bonds shall be of less
amount than 800 and none for a greater
amount than $1,000 said bonds shall be
printed with interest coupons attached thereto;
shall express on the face of both bonds and
coupons that they are payable III United States
gold coin; shall bear interest at the rate of
annually. The bonds shall be payable to
bearer at the office OF the County Treasurer of
said county twenty years from their date. The
bonds shall be prepared il proper form, under
the direction of the Board, and shall be signed
by the President or Chairman of the Board, and
County Treasurer, and couutersigned by the
Clerk, who shall attach thereto the county
seal The coupons for semi-annual interest
consecutively numbered, shall be signed by the
Treasurer Of the county.
SIC. G.. immediately after being notified
by the company Of the fuldllmeut of the con-
ditiOns upon which any set of said bonds are
To issue us above stated, the Board Of County
Com m!ssiOucrs shall proceed to satisfy them
selves by personal inspection of the fact Of the
performance OF said conditions; and on being
SO satisfied shall, without delay, prepare. is
sue and deliver the bonds as above directed.
SEC. Z. From and after the issuance of said
bonds, or any set thereof, the Board of County
Commissioners OF the county shall annually,
at the same time and in the same r.-Sper as
other county taxes are levied, Ivy a special
county tax sufficient i'll amount TO pay the semi
annual interest upon said bonds, and after the
fifth year from their issuance an amount sniff
cicnt 10 pay in addition to the interest one-fif-
teenth part of the principal Of the whole
amount OF the said bonds.
SIC. 3. The proceeds of said tax shall be
placed 10y the County Treasurer of each of said
counties in a separate fund to be known as
THE Railroad Interest and Sinking Fund, -
and shall be applied exclusively: first, to the
payment OF the interest on said bonds rs the
same shall become due; aud second, to the re-
demption of said bonds in the manner speci-
fed in the next section.
SIC. .. Whenever after the fifth year from
the issuance of said bonds all interest due up
on said bonds shall have been fully paid, and
there shall bo III said fund II surplus OF $1,000
or upwards, which upon fair estimate of the
receipts which will probably come into the
same will not be needed for the payment Of the
future interest to accrue within the next sue
ceoding twelve months, the Board OF Commis.
sioners, after having ascertained the amount OF
said surplus. shall insert an advertisement in
at least one newspaper published or circulated
in such county, for the period of not less than
two weeks, stating the amount of money on
hand to be applied 10 the purchase of said
bonds, and inviting sealed proposals TO sur
render the same, to be made and filed with the
Clerk Of said Board on or before n day certain
therein named. At the next meeting after
said day the Board shall open such sealed pro-
posals as shall have been filed on or before the
day fixed i'm the advertisement, and to the extent
OF the amount named shall purchase the bonds
80 offered giving the preference in all cases ia
the bidder who shall offer TO surrender said
bonds at the lowest price; provided, that no
offer shall be accepted for more than the paT
value Of said bonds.
SIC. 10. The said Eastern Nevada Rail.
road Company shall, in order 10 secure the
privileges herein specified within six months
after approval of this act, complete n locating
survey of said Ioute, and commence the grad,
ing of their road, and shall within two years
after the completion of said survey, complete
finish and equip the entire 'rond between said
points. viz: from Elko i'll ElkO county, tC
Hamilton, in White Pine county.
SEC. IL. The faith Of the State of Nevada
is hereby pledged that this act shall not bo ro
pcnled or 50 Modified as in any way to i'm.
pair the security of those who shall hold oI
purchase any of the bonds herein provided
for. ...+ "
Approved February 81, 1871.
a truo copy. Attest: s..t .a
j. ID. MtSoR. Soc'y Of State.