Lyon County times. [volume] (Silver City, Nev.) 1874-1907, 1891-03-21
A GOOD BILL.
The LEGISLATURE Inviting Railroad
C0mpetltiOn.


C0mpetattOn.
The following bill has passed the Legis-
lature and will probably receive the sigma
ture of the Governor and become the law:
SECTION I. Whenever, after the passage
Of this Act, the Utah and Nevada Air Line
Railway Company, corporation heretofore
organized and now existing under and by
virtue of the laws Of the State Of Nevada,
shall have constructed frst-class railroad
Of standard guage through the counties OF
White Pine, Eureka, Lander, Churchill and
Washoe, or either Of them, it shall be en-
titled to receive the bonds OF said counties.
or either Of them, at the time and in the
manner hereinafter provided to the amount
Of three thousand. dollars per mile for each
and every mile OF the main track Of said
railroad completed in said county; provided,
that said railroad shall be. completed and IN
full operation wi thin eve years from the date
Of the approval Of this Act. and no bonds
shah be issued under is provisions after that
time.
SEC. =. Immediately upon the receipt Of
the Board Of County Commissioners Of either
OF said counties Of > sworn certificate Of the
County Surveyor Of such county, or Of such,
acerti6cate Of the So rveyor- General Of the
State Of Nevada. setting forth that twenty
mi1st Of such raalrpad Is is herein mentione1.
have been built and completed BY Said com
pany 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 here
inbefore specified, it shall be the duty Of SAID
Board Of County Commissioners Of such
county. and they are hereby directed. imme.
diately,to take. SUCH action as may be nee
essary to prepare, to issue and to deliver
sixty thousand dollars OF the bonds of said
county provided for in this Act to said rail
road company; and thereafter as soon as
each Successive twenty miles of railroad
shall have been completed and ready 10 re-
ceive the rolling stock 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, At Inc rate OF sixty 'nousa a.,
dollars in bonds for each section Of twenty
miles thus completed in said county, and in
.... n. Lac, s.c,;on n.c.,s,,v ~ comn,e,.
.,
the wno'e iength .. 'ne loAo IN saio county
shall not amount to twenty miles, then for
such fractional section Of twenty miles such
bonds shall be issued st the rate of three
| thousand dollars per mile; provided, that no
bonds shall be issued under the provisions
| OF this Act alter the lapse Of hive years from
the date OF MS approval, and no portion oil
| said railroad not then completed shall re-
ceive any bonds from said counties, or either
OF them. IN aid OF its construction.
SEC: 3. SAGE bonds shall bear interest. At
| the rale At hive ~ per cent. per annum, pay.
| able semi-annuaiiy. and they shall be for an
| amount not Jess Than hye hundred $500
dollars nor more tnsn one thousand ~ ,ooo)
dollars respectively. Ihey shall be htho'
grAphed or engraved. with the necessary In
| tetest coupons attached TO each, shall express
upon their iaee mat they are Payahle N gold
| com OF Inc United states, SUBJECT tolhe pro-
visions ana eopditions contained IN this Act
Both bonds ana coupons snail be payable &c
| tearer, ana the interestthereon rhau pc pay
able semi annpaliy' on each, hrst day 81 Jan.
| uary ana eacn nlse dav OF July subsequent
to the issuance OF such bonds: AMI upon the
hrst Gay OF each January and July thereat
ter, untii an interes. payable upon the same
| shaii nave peen exungulshed. Both the IN
terest ana PrlhelPai OF said bonds snail only
DC paid oy Inc treasurer OF the county from
wh,cn they may nave been issued at the time
ana IN accordance with the provisions oil
TINS ACT.
SsS oDd. 10 raen the counties uas
virtue OF this Act. there shall be annually
applied from the revenue Of such county to
me payment OF the interest and the sprinci-
pal OF said bonds which shall have been is
sued from said county. sum of money
equal IN amount 70 the sum which shall Dc
coi'ec'ed oy said county from said Utah and
Nevada AR Line Railway Company. from
the taxes levied upon the entire property OF
sa'd company IN said county. less the amount
Oh taxes wn,ch may nave been levied on and
collected tnefetrOm Tor State and school pur.