Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-05-09
NUMBER 81.
TO ENCOURAGE THE CONSTRUCTION OF A
RAILRoAD ACROSS THE STATE OF NEVADA.

n
RAILROAD ACROSS THE STATE OF NEVADA.
SECTION /. 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 Ne
vads, shall have constructed = frst-class
railroad Of standard gusgo through the
counties OF White Pine, Eureka, Lander,
Churchill and Wsshoe, or either of them,
IL shall be entitled 10 receive the bond Of
said counties. or either Of them, AZ the
time and 10 the manner hereinafter pro-
vided, to the amount Of $1,000 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.
SEQ. 2. Immediately upon thereceipt by
the Board OF County Commissioners u
either OF the said cou1Sles & sworn GER
tificste Of the County Surveyor Of such
county, or OF such 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 continuous line OF rail-
way then in course of construction ss
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 to de-
liver S60, 900 Of the bonds OF said county
provided for in this act e said railroad
company; and thereafter as each success
i've twenty miles Of railroad shall have
been completed and ready 10 receive the
rolling g 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, al 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 TO 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 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.
| Sec, 8. Said bonds shall bear interest at
the rate OF (5) per cent per annum. pay
| able semi mi-annually, and they shall be for
an amount not less than five hundred
| t$5O0t dollars nor more than one thous-
| and lSl ,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 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 10 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 Treasures
| of the county from which they may have
been issued at the time and in accordance
| with the provisions OF this act.
| 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 thu
principal Of said bonds which shall have
|
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 tn
| entire property OF said company in SAT-
/ county, less the amount OF taxes whicl
may have been levied on and COLLECTED
, therefrom for State and school purposes
, and the amount so applicable to the pay
naent Of the interest and the redemption
, Of che principal Of said bonds. shall b
placed in q separate fund to be called th
Railroad Interest and Sinking Fund,
which shall be applied: first, TO the pay
ment of the interest ss herein directed
and second, TO she redemption Of tn
principal Of said bonds as provided II
, this act, il being the true intent and mean
! | ing OF this section OF this aet that th
! interest and principal Of all the bond
issued under the provisions OF this &c
shall be paid out OF the revenue derives
from the respective counties from th
taxes upon the property OF the said ratl
road company, less the amount realize
by said counties from the taxes levied 10
. State and school purposes.
Sec. s. Said bonds shall be payable Il
, twenty-five years, and both the interes
! and principal shall be paid only q
, provided in this act.
Sec. 6. The bonds to be issued unde
the provisions OF this act shall be deliv
ersd to said railroad company by th
Board OF County Commissioners OF tn
respective counties named. They shall b
sigued by the chairman and the clerk @
the Board and shall bear the seal Of sue
Board. The interest-bearing coupon
belonging TO and attached 20 each OF sal
bonds shall bear the engraved or 1.-the
| graphed signature Of the clerk Of sal
Board of Commissioners.
Sec. z. In case any OF the territor
through which said railroad may be bull
, shall hereafter be detached from th
county within which il is 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 to sue
county and the officers thereof the sam
as though such county was originally in
cluded in the provisions hereof.
Sec. s. 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 irupair the security of those who sha
hold ,1r purchase any Of ibe bonds in thi
act provided, nor during the constructio
of said railroad after ID has been in goo
faith commenced.
Sec. 8. All acts and parts OF acts in con
| A;ak NTH tha prnxsaiona of thia aek ar