Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-07-25

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


SECTION 1. Whenever, after the passage
Of this act, the Utah 4 Nevada Air Line
Railway Company, . corporation hereto.
fore organized and now existing under and
by virtue Of the laws Of the State of Ne
vada, shall have constructed q first-olass
railroad Of standard guage through the
counties OF White Pine. Eureka, Lander.
Churchill and Wsshoe. or either OF them.
10 shall be entitled 10 receive the bond Of
said counties. or either of them, a 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 railroad completed In said county;
provided, that said railroad shall be COM
pleted and in full operation within tive
years from the date OF the approval OF this
its provisions after that time.
Sec. 2. immediately upon thereceipt by
the Board Of County Commissioners Of
either OF the said counties Of Q sworn GER
tificate Of the County Surveyor Of such
county, or Of such . certificate OF the
Surveyor. General Of the State OF Nevada.
setting forth shat 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
way then in course OF construction as
herein before specified. .it shall be the duty
of said Board OF County Commissioners OF
such county. and tbey are hereby directed
Immediately TO take such action ss 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; aud 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 certifcate aforesaid.
the said board shall issue and de-
liver TO said railroad company the bonds
OF said county, at 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 TWEEN ty 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 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.
Sec. 8. Said bonds shall bear interest nj
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 tSl .000) respectively. They shall be
Autographed or engraved, with the
necessary interest coupons attached 10
each, shall express upon their face that
they are payable In gold coin Of the
United States, subject 10 the provisions
nkafp in
Both bonds and coupons shall be payable
| to bearer, and the interest thereon shall be
| paid semi-snnually, 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 tho same shall have beeA extinRn<shas.
Both the interest and principal oil 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 such 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 30 applicable to the pay
ment OF the interest aud 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, 10 the pay.
ment Of the interest as herein directed.
and second, to the redemption of the
principal of said bonds as 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 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 foI
State and school purposes.
Sec. s. Said bonds shall be payable 10
twenty-five years, and both the interest
and principal shall be paid only al
provided in this act.
Sec. 6. The bonds 10 be issued undel
the provisions OF this act shall be deliv
| efeQ 10 bhlQ fkllfOhu company py tos
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 seal of suci
, Board. The interest bearing coupon
belonging TO and attached TO each OF sait
bonds shall bear the engraved or litho
, graphed signature of the clerk Of salt
Board OF Commissioners.
. SEQ. 7. 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 10 sue
, county aud the officers thereof the sam
as though such county was originally in
, cluded in the provisions hereof.
Sec. 8. The faith of the State OF Nevad
. is hereby pledged that this act shall neye
be repealed nor so modified in any way a
to impair the security OF those who shsl
} hold or purchase any of the bonds in thi
act provided, nor during the construction
|, OF said railroad after ID has been in goo
! faith commenced.
Sec. 8. All acts and parts OF acts in con
) fict with the provisions of this act ar