Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-08-01
NUMBER 40.
AN ACT
TO ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE or NEVADA.

AAILkOAD ACROSS Of NEVADA
SECTION /. Whenever, q ter the passage
Of this act, the Utah Il Nevada Air Line
Railway Company, q corporation hereto.
fore organized snd now existing under and
BY virtue Of the laws Of the State Of Me-
vsds, shall have constructed q hrst-class
railroad Of standard euage 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, at 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 rsilrosd 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
set, and no bonds shall be issued under
its provisions after that time.
SEQ. 2. Immediately upon the receipt BY
the Board Of County Commissioners OF
either OF the said counties Of 9 sworn GER
tificate OF the County Surveyor OF such
county, or OF such q certsficHte OF the
Surveyo 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
miles is Q part OF continuous line Of rail-
way then In course OF construction as
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 10 prepare, TO Issue and 10 de-
liver sec. 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
sAI ax.A fA m ha
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 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 70 complete the whole length OF the
road In said county shall not amount 10
twenty miles, then for such fractional Sec
ton 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 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 It's construction.
Sec. 8. Said bonds shall bear interest al
the rate OF (5) per cent per annum. pay
| able semi. annually, and they shall be for
an amount not less than five hundred
| $4,000 dollars nor more than one thous-
and 81 ,000) respectively. They shall be
Autographed OF 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 70 the provisions
and conditions contained in this aot.
Both bonds and coupons shall be payable
10 bearer, and the interest thereon shall be
| paid semi-annually, on each fret 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 ell 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 .he 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 suoh county
to the payment OF the interest and the
principal of said bonds which shall have
been issued from said county, Q sum OF
money equal In amount 10 the sum which
shall be collected from said county from
said Utah and Nevada Air Line Railway
Company, from the taxes levied upon the
en- tire 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 30 applicable to the pay
ment Of the interest and the redemption
OF the principal OF said bonds, shall be
placed in Q separate fund to be called the
Railroad In terest 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 sct, 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 act
, 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 for
. State and school purposes.
Sec 5. Said bonds shall be payable in
twenty-five years. and both the interest
and principal shall be paid only %
provided in this act.
Sec. 6. The bonds TO be issued under
the provisions of this act shall be deliv-
cred TO said railroad company by the
Board OF County Commissioners OF the
respective counties named. They shall be
signed by the chairman and the clerk OF
I the Board and shall bear the seal of such
!, Board. The interest bearing coupons
: belonging to and attached TO each OF said
2 2 bonds shall bear the engraved or litho-
> graphed signature Of the clerk of said
Board Of Commissioners.
: Sec. 7. In case any of the territory
through which said railroad may be bull
: shall hereafter be detached from thu
i county within which il is now embraced
a and such territory added to some Other
I county. the provisions Of this ACT respect
!; | ing the issuance of said bonds and theil
! mode of payment shali apply to suef
' county and the officers thereof the sam,
r as though such county was originally in
o cluded in the provisions hereof.
Sec. 8. The faith OF the State OF Nevadi
= is hereby pledged that this act shall neVel
o be repealed nor so modified in any way a
to impair the security of those who shsl
e hold or purchase any of the bonds in thi
! act provided, nor during the construction
( OF said railroad after il has been In goo'
= faith commenced.
}, SEQ. Q. All acts and parts OF acts in con
Q fiict with the provisions OF this act ar
y hereby repealed.