Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-08-15
NUMBER 81.
TO ENCOURAGE THE CONSTRUCTION OF
RAILROAD ACROSS THE STATE OF NEVADA.


SECTION /. Whenever, after the passage
Of this act, the Utah 4 Nevada Air Line
Railway Company, corporation hereto
fore organized and nov existing under and
by virtue OF the laws OF the State Of Ne
vads, shall have constructed q frst-class
railroad Of standard guaee through the
counties Of White Pine. Eureka, Lander.
Churchill and Wsshoe. or either Of them.
u shall be entitled 10 receive the bond Of
said counties. or either of them, ct the
time and In the manner hereinafter pro-
vided, TO the amount OF 5000 per mile
for each and every mile OF the main track
Of said railroad completed 10 said county;
provided, that said railroad shall be COM
Pleted and in full operation within five
years from the date OF the approval OF this
| act, and no bonds shall be issued under
| its provisions after that lime.
Sec. 2. Immediately upon the erseeipt by
the Board OF County Commissioners Of
either Of the said counties OF Q sworn GER
tificate OF the County Surveyor OF such
county, or OF euch Q certificate of the
Surveyor General OF the State Of Nevada,
| setting forth that twenty miles OF such
railroad as herein mentioned have been
built and completed by said company and
in proper condition to receive the rolling
stock, and that said section Of twenty
miles 10 Q part OF q continuous line Of rail-
way then in course of construction ~
herein before specified, 1t shall be the duty
OF said Board Of County Commissioners OF
such county, and they are hereby directed
Immediately to take such action as may be
necessary TO prepare, to issue and 10 de-
liver SCI. 900 Of the bonds OF said county
provided for in this act TO said railroad
company; and thereafter as each success
i've twenty miles OF railroad shall have
been completed and ready 10 receive the
rolling stock in such county, and the same
shall be shown by the certificate aforesaid 1,
the said board shall issue and de-
liver 10 ssid railroad company the bonds
OF said county. at the rate OF sixty
thousand dollars in bonds for each section
Of twenty miles thus completed in said
county, and In case the last section neces-
ssry 70 complete the whole length Of the
| road in said county shall not amount to
| twenty miles, then for such fractional SEQ
| tion OF twenty miles such bonds shall be
issued at the rate OF three thousand dol
lars per mile; provided, that no bonds
shall be issued under the provisions Of
this act after the lapse Of five years from
the date OF it's approval, and no portion
OF said railroad not then completed shall
receive any bonds from said counties, or
either Of them In aid OF its construction.
|
the rate OF (5) per cent per snnum, pay
able semi annually, and they shall be for
an amount not less than five hundred
| ($500) dollars nor more than one thous-
| and 81 ,000) respectively. They shall be
Autographed or engraved, with the
necessary interest coupons attached to
| each, shall express upon their face that
they are payable in gold coin OF the
United States, subject TO the provisions
and conditions contained in this act.
Both bonds and coupons shall be payable
to bearer, and the interest thereon shall be
| paid semi-annually, on each first day OF
| January and each first day OF July subse-
| quent to the issuance OF such bonds. and
upon the first day OF each January and
July thereafter, until all interest payable
on the same shall have been extinguished.
Both the interest and principal of said
bonds shall only be paid by the Treasurer
OF the county from which they may have
been issued at the time and In accordance
with the provisions OF this ao..
Sec. 4. In each OF the counties from
which bonds may be issued under and BY
virtue Of this act, there shall be annually
applied from the revenue OF such county
to the payment OF the interest and the
principal of said bonds which shall have
been issued from said county. sum OF
money equal in amount TO the sum which
shall be collected from said county from
said Utah and Nevada Air Line Railway
Company, from the taxes levied upon the
entire property OF said company In said
county, less the amount Of taxes which
may have been levied on and collected
therefrom for State and school purposes,
and the amount SO applicable to the pay
ment OF the interest and the redemption
OF the principal Of said bonds. shali be
l l.. l.. snE E.sx1 A. toA ha
Railroad Interest and Sinking Fund,
which shall be applied: first. to the pay.
} ment Of the interest as herein directed
and second, to the redemption OF the
| principal of said bonds as provided In
! this act, II being the true intent and mean.
, ing OF this section OF this acs that the
interest and principal OF all the bonds
! issued under the provisions OF this act
shall be paid out OF the revenue derived
from the respective counties from ths
taxes upon the property of the said rail
road company, less the amount realized
by said counties from the taxes levied fol
State and school purposes.
Sec. 5. Said bonds shall be payable In
twenty-five years. and both the interes
aud principal shall be paid only n
provided in this act.
SEQ. 6. The bonds to be issued undei
the provisions OF this act shall be deliv
cred to said railroad company by th,
! Board OF County Commissioners of thu
respective counties named. They shall b,
signed by the chairman and the clerk o.
the Board and shall bear the seal OF sucf
Board. The interest bearing coupon
, belonging to and attached TO each OF sAit
bonds shall bear the engraved or litho
graphed signature of the clerk OF SAT-
Board OF Commissioners.
SEQ. 7. In case any Of the territor
through which said railroad may be bull
shall hereafter be detached from tn
county within which it IL now embraced
and such territory added TO some othe
county, the provisions Of this act respect
ing the issuance OF said bonds and thei
. mode Of payment shall apply 10 sue
county and the officers thereof the sam
: as though such county was originally in
cluded in the provisions hereof.
Sec. 8. The faith Of the State OF Nevad
is hereby pledged that this act shall neve
be repealed nor so modified in any way q
to impair the security OF those who sha
hold or purchase any OF The bonds In thi
act provided, nor during the eonstructio
OF said railroad after 10 has been in goo
faith commenced.
Sec. 9. All acts and parts OF scss in cor
fiict with the provisions OF this act Al
= hereby repealed.