Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-12-31
THE GUARANTEED INTEREST.


The Legislature of this State, by an Act
approved April 4, 1864, recited the exist
ence of a civil war, the Act Of Congress
granting aid for the construction of a trans
continental railroad, the insuffciency of
such aid to complete the work as speedily
as was necessary, and the value of the road
IN the work of suppressing instruction and
defending the State against its enemies.
Upon these premises it guaranteed the
payment of tbs interest of bonds at rate
not exceeding 7 per cent, the bonds to
be issued by the Central Pacific Railroad
Company, corporation, for the construc-
zion of railroad from the city of Sacra-
mento to the east boundary of the State.
The number of the bonds was not to ex-
coed l, 800, Of 81, 900 face call each. The
interest was to be paid annually. The
limit of bonds was not to exceed Sl2, 000,-
600, and not to exceed twenty years of
time from January l, 1860 The principal
and interest was to be payable in gold
coin, and the bonds secured by mortgage
on the road. The bonds were issued to
the amount of 81, 10000
But there were attached conditions to
this guaranty, and these were, first, that
the counties OF Placer, Sacramento and
San Francisco should be exempt from liza.
bility as stockholders over and above the
stock OF said counties subscribed to the
capital stock of the company. Second,
that the company should sign an obliga-
ton binding itself as follows
At all times when required to transport and con
7ey over their railroad all public passengers con
vcts going 70 the State Prison. lunatics gong to the
State Insane Asylum, materials for the Construction
OF the state Capitol building articles intended for
public exhibition at the fairs Of the State Agricut
ural Society, and in case Of war invasion or insur
recnOn, well as at all other times also transport
dnd convey over their said railroad all troops and
munitions Of war belonging to the State Of Califor
MA free Of charge, and without any other compen-
s2tIOu than herein provided and to construct and
equip in running order, the of not less than
twenty consecutive miles OF their said railroad each
year hereafter, including that portion OF railroad
partially completed, until the same is fully com
p'eted and equipped, and also, within NH ETY. DAYS
from the passage Of this Act e in the office of the
Secretary Of state A contract ar agreement - Ell
fully p rforu and fully comply with all the
leasing all claim to the warrants pro
si1 70 pe is C,a by ihe Act entitled an At to
in the State OF California and other matters relating
with sredment and release the said sad Act sba be-
repealed and also agreeing therein that said com.
patent therefor from the United St ties, execute,
l4II aud faIts -
deed in fee snne oT the , SAT Oh II oaoLn ,t
hall Of section 49, in township II, north Of range
county, on said railroad, and about twenty two
alS5 rom s4eram t5d with all the granite and
therefrom, however or strip Of land 400 feet
oneRa thereof Wing on eaeb je Of 95 1 gp
ming along the ce, ter Of the main railroad track Of
and refuse to do and perform the sad conditions 1
, 'n s sac @ abs On ner part Tie sad com
amount which shall have been Pad by the State IN
I'll,
- f'o'-'''- "''' ~, 'n' pay 'ne"s
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80 80 ''.'''' anu a. "HN 'lie"' 70
-o- --'0u' u ''-0 'li'ei CO.. nc Ao' pro-
$50 10 NV 'pP''p il'''H u tie 'honey
~ y o1' .n' pio'''ioIs u Vne
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80 80 49, ~ 'A' p'o''''onS Oh an Ac' en-
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80 - Tho ro.d "a So
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That A.. r,s bv the no,, ooo osc,' -,
6,aJlv rens.Iad IRE Act % ,eee