Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-05-30
NUMBER 40.
70 ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE OF NEVADA.

/ AAILhOAD ACROSS The bIATk Of NEVADA
SECTION 1. Whenever, after the passage
| Of this act, the Utah a Nevada Air Line
Railway Company, . corporation hereto
| fore organized and now existing under and
by virtue Of the laws OF the State Of Me-
vada, shall have constructed frst-class
railroad Of standard guage through the
| counties OF White Pine, Bureks, Lander,
| Churchill and Washoe. or either Of them,
| 10 shall be entitled to receive the bond Of
| said coup ties. or either OF them, at the
| time and In the manner hereinafter pro-
vided, TO the smount Of $3, 900 per mile
| for each and every mile OF the main track
| Of said railroad completed In 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 time.
| Sec. 2. Immediately upon the receipt by
the Board Of County Commissioners OF
| either OF the said counties Of . sworn GER
tifoate Of the County Surveyor Of such
| county, or Of such o certificate OF the
| Survey or 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
L -
| way then in course OF construction as
herein before specified, 10 shall be the duty
| Of said Board OF County Commissioners OF
| such county, and they are hereby directed
| Immediately to take such action se may be
| necessary 70 prepare, TO Issue and TO de-
| liver $50 900 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 to receive the
rolling took In such county, and the same
shall be shown by the certificate Aforesaid,
| the said board shall issue and de-
| liver to said railroad company the bonds
of said county, ~ 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-
sary 10 complete the whole length Of the
| road In said county shall not amount to
| twenty miles, then for such fractional sec-
| tion OF twenty miles such bonds shall be
| issued al 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 lite 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.
| Sec. 8. Said bonds shall bear interest al
the rate Of (5) per cent per snnum, pay
able semi annually, and they shall be for
an amount not less than five hundred
| ($5OO) dollars nor more than one thous-
and tsl ,OOO) 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 10 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 act.
SEQ. 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 sueh 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
mept Of the interest and the redemption
! of the principal Of said bonds, shall be
placed In separate fund to be called the
- Railroad Interest and Sinking Fund"
! which shall be applied: first. 10 the pay
ment Of the interest as herein directed,
I and second, to the redemption OF the
principal OF said bonds as provided In
this act. il being the true intent and mean.
| ing OF this section OF this act that the
interest and principal OF all the bonds
issued under the provisions OF this aci
shall be paid out OF the revenue derived
from the respective counties from the
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.
a Sec. s. Said bonds shall be payable In
twenty-five years, and both the interest
and principal shall be paid only ai
). provided in this act.
SEQ. 6. The bonds TO be issued undeI
: the provisions Of this act shall be deliv
y cred to said railroad company by th'
= Board OF County Commissioners Of thu
! respective counties named. They shall b
d signed by the chairman and the clerk o
u the Board and shall bear the seal of suoi
Ie Board. The interest-bearing coupon
= belonging to and attached to each OF sal
= bonds shall bear the engraved or litho
ii graphed signature of the clerk Of sal
II Board OF Commissioners.
SEQ. Z. In case any OF the territor
= through which said railroad may be bull
shall hereafter be detached from th
i, county within which it 10 now embraced
,r and such territory added to some othe
= county, the provisions Of this act respect
y lag the issuance of said bonds and thei
D. mode of payment shall apply TO sue
II county and the officers thereof the sam
Sc as though such county was originally II
st cluded in the provisions hereof.
=, Sec. g. The faith of the State Of Nevad
ss ia hereby pledged that this act shall neyt
to be repealed nor so modified in any way I
n to impair the security of those who sha
= hold or purchase any of the bonds In tn
- act provided, nor during the cons.ruetio
Is OF said railroad after 10 has been in goc
faith commenced.
Sec. 8. All acts and parts OF acts in col
Ct fiict with the provisions Of this act a
y hereby repealed.