Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-07-18

TO ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE or NEVADA.

RAILROAD ACROSS The STATE on NEVADA.
SEcTIoS /. Whenever, after the passage
Of this act, the Utah h Nevada Air Line
Railway Company, corporation hereto.
fore organized and now existing under and
by virtue OF the laws OF the State OF Me-
vads, shall have constructed a hrst-class
railroad Of standard guage through the
counties OF White Pine, Eureka, Lander.
Churchill and Washoe. or either Of them.
IL shall be entitled 20 receive the bond Of
said ooun ties, or either OF them, 81 the
time and in the manner hereinafter pro-
vided. 10 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 i've
years from the date of the approval OF this
act, and no bonds shall be issued under
it's provisions after that time.
SEQ. 2. Immediately upon the receipt BY
the Board OF County Commissioners OF
either Of the said counties OF sworn cor
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 90 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 q 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 Is may be
necessary TO prepare, to Issue and TO de-
liver SEQ, 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.
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 compIeted 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
tion Of TWEEN ty 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 it's construction.
Sec. 8. Said bonds shall bear interest al
the rate OF ~ per cent per annum, pay
able semi-annuslly, and they shall be for
an amount not less than i've hundred
($500) dollars nor more than one thous-
and Isl ,000) respectively. They shall be
Autographed or engraved, with the
necessary interest coupons attached to
each, shall express upon theiE face that
they are payable In gold coin Of the
United States, subject 70 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-snnuslly, on each first day OF
January and each firstday OF July subee-
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 extingnished.
| Both the interest and principal ~ said
bonds shall only be paid by the Treasurer
of the county from which they may have
been issued ct the time and in accordance
| with the provisions ofthis 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 the
principal OF said bonds which shall have
been issued from said county. sum OF
/
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. shall be
placed in Q separate fund to be called the
Railroad Interest and Sinking Fund"
which shall be applied: first. 70 the pay.
ment of the interest as herein directed.
and second, to the redemption Of the
principal Of said bonds ss provided In
this act. ID 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, lees 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 interest
aud principal shall be paid only 81
provided in this act.
SEQ. 8. The bonds to be issued undeI
the provisions Of this act shall be deliv'
cred to said railroad company by thu
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 zeal Of sucf
Board. The interest bearing coupon
belonging TO and attached to each Of sale
bonds shall bear the engraved or litho
graphed signature of the clerk OF sal,
Board Of Commissioners.
! SEQ. 7. In case any of the territor,
through which said railroad may be buil
; shall hereafter be detached from III
; county within which il Is now embraced
! and such territory sdded to somo 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
I as though such county Vas originally in
D cluded in the provisions hereof.
! Sec. 8. The faith of the State OF Eevad
: is hereby pledged that this act shall neve
I be repealed nor so modified in any way q
TO impair the security of those who shsl
. hold or purchase any of the bonds In thi
: act provided, nor during ihe constructor
: OF said railroad after ii has been In goo
! faith commenced.
SEQ. 8. All acts and parts OF acts in con
. fict with the provisions OF this act ar
: hereby repealed.