Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-05-16
NUMBER 80.
TO ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE OF NEVADA.

TO ENCOURAGE THE CONSTRUCTION OF
RAILROAD ACROSS THE STATE OF NEVADA.
SECTION 1. whenever, after the passage
OF this act, the Utah a Nevada Air Line
Railway Company. a corporation hereto.
fore organized and now existing under and
BY virtue OF the laws OF the State Of Ne
vada, shall have constructed a first-class
railroad Of standard gusge through the
counties Of White Pine, Eureka, Lander,
Churchill and Washoe, or either Of them,
ID shall be entitled 10 receive the bond OF
said counties, or either Of them, AZ the
time and in 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 OF
either of the said counties OF sworn GER
tifcate 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 is part OF a continuous line Of rail-
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 as may be
necessary to prepare, to Issue and 10 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 stock in such county, and the same
shall be shown by the certificate Aforesaid,
the said board shall issue and de-
liver 10 said railroad company the bonds
Of said county, al the srate 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 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 its 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.
SEQ, 8. Said bonds shall bear interest at
the rate OF (5) per cent per annum, pay
able semi-annually, and they shall be for
an amount not less than five hundred
($500) dollars nor more than one thous-
and f$l ,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
| 10 bearer, and the interest thereon shall be
paid semi-annually, on each first day OF
January and each first day OF July subse-
auent 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 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 tht
| principal Of said bonds which shall have
| been issued from said county, sum o
| money equal In amount TO the sum which
| shall be collected from said county frpm
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
NAV 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, shall b
placed in separate fund TO be called thi
Railroad Interest and Sinking Fund,
which shall be applied: first, 20 the pay
meut Of the interest as herein directed
and second, to the 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 act that tn
interest and principal OF all the bond
issued under the provisions OF this &C
shall be paid out OF the revenue derive
| from the respective counties from th
| taxes upon the property OF the said raj
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
twenty-five years, and both the interei
| aud prlDclphl suel pc phlu Ouiy
| provided in this act.
Sec. 6. The bonds TO be issued unde
the provisions OF this act shall be deli,
cred to said railroad company by th
| Board OF County Commissioners of th
respective counties named. They shall
signed by the chairman and the clerk I
the Board and shall bear the seal OF sue
Board. The interest bearing coupon
belonging to and attached TO each Of sal
, bonds shall bear the engraved or lith
graphed signature of the clerk OF sal
Board of Commissioners.
Sec. 7. In case any of the territoi
through which said railroad may be bui
shall hereafter be detached from Il
county within which it is now embraces
and such territory added to some 9TH
county, the provisions OF this act respec
ing the issuance OF said bonds and the
mode of payment shsll apply to sue
county and the officers thereof the san
as though such county WAS originally i
cluded in the provisions hereof.
Sec. s. The faith Of the State OF Nevat
. is hereby pledged that this act shall new,
be repealed nor so modified in any way
to impair the security of those who shs
hold or purchase any of the bonds in th
act provided, nor during the constructiC
OF said railroad after il has been in goC
faith commenced.
y Sec. 3. ALI acts and parts OF acts in eoi
dict with the provisions of this act a