Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1891-04-18
NUMBER 33.
TO ENCOURAGE THE CONSTRUCTION or A
RAILROAD ACROSS THE STATE or NEVADA.

nAILRoAp ACROSS THE STATE or NEVADA.
SECTION 1. whenever, after the passage
OF this aot. the Utah q 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 drst-ciass
railroad Of standard guage through The
counties OF White Pine, Eureka, Lander,
Churchill and Washoe, or either Of them.
10 shall be entitled 70 receive the bond OF
said counties. or either Of them, 81 the
time and In the manner hereinafter pro-
vided, 10 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 i've
years from the date Of the approval Of this
act, and no bonds shall be issued under
lie provisions after thai time.
SEQ. 2. immediately upon The receipt By
the Board OF County Commissioners OF
either Of the said counties Of . sworn GER
t.iczte Of the County Sslrvoyor y s1oh
county, or OF such 3 certificate Of the
Survey 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 10 part OF continuous line OF rail-
way then in course of construotion a.
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 ~ may be
necessary 10 prepare, to Issue and 70 de-
liver SEQ, 600 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 TO said railroad company the bonds
OF said county, 81 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-
sery TO complete the whole length Of the
road in said county shall not amount to
twenty miles, then for suoh 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 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 its construction.
Sec. 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 i've hundred
($5OO) dollars nor more than one thous-
and Isl ,O0O) 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 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-annually, ON each first day Of
January and each first day Of July subse-
auent 70 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 Treasurer
OF the county from which they may hare
| been issued at the time and In accordance
1 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 aot, 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 ol
| 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 tht
| 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, s.aaii d
| placed in q separate fund to be called sni
% 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, il being the true intent and mean.
ing OF this section OF this act that the
interest and principal OF ell the bonds
issued under the provisions Of this aci
shall be paid out OF the revenue derived
from the respective counties from che
taxes upon the property Of she said rail.
road company, less the amount realized
by said counties from the taxas levied fol
State and school purposes.
SEQ. 5. Said bonds shall be payable 10
twenty-five years. and both the interest
and principal shall be paid only q
provided in this act.
SEQ. 9. The bonds 10 be issued undel
the provisions OF this act shall be deliv.
| cred 10 said railroad company by thu
Board OF County Commissioners Of ths
respective counties named. They shall b
\ signed by the chairman and the clerk o
the Board and shall bear the seal Of suoi
Board. The interest-bearing coupons
belonging to and attached to each Of sai(
bonds shall bear the engraved or litho
graphed signature of the clerk Of sail
Board OF Commissioners.
Sec. z. In case any OF the terrttor,
through which said railroad may be bull
shall hereafter be detached from tn
county within which il 10 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 to sucl
county and the officers thereof the sam
ss though such county was originally in
cluded In the provisions hereof.
Sec. s. The faith of the State OF Nevad
Is hereby pledged that this act shall neve
be repealed nor so modified in any way q
to impair the security OF those who shal
hold or purchase any of the bonds In thi
act provided, nor during the construction
Of said railroad after 10 has been in goo
faith commenced.
SEQ. 0. ALL acts and parts Of acis in con
Hict with the provisions OF this act AZ