Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-12-24
NUMBER II.
An ACT
TO ENCOURAGE THE CONSTRUCTION OF
RAILROAD ACROSS THE STATE OF NEVADA.

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION 1. Whenever, after the passage
Of this act, the Utah q Nevada Air Line
Railway Company, q corporation hereto
| fore organized and now existing under and
| by virtue Of the laws Of the State Of Ne
vsda, shall have constructed = frst.class
railroad OF standard guago through the
counties OF White Pine, Eureka, Lander,
| Churchill and Washoe, or either OF them,
| 10 shall be entitled to receive tho bond of
said counties, or either Of them, at the
| time and in the manner hereinafter pro-
vided. to the amount Of 5000 per mils
for each and every mile Of the main track
OF said railroad mpleted in said county;
provided, that said railroad shall be COM
pleted and in full operation within i've
act, and no bonds shall be issued under
it's provisions after that time.
Sec. 2. Immediately upon thereceipt by
the Board OF County Commissioners Of
either Of the said counties Of sworn oor-
tifcate Of the County Surveyor of such
county, or OF such o certificate of the
| Surveyor General of the State OF Nevada.
setting fora that twenty miles OF such
railroad as herein mentioned have been
built aud completed by said company and
| in proper condition to receive the rolling
stock. and that said section of twenty
miles IL q part OF a continuous line OF rail-
way then in course OF construction as
| herein before specified. lit shall be the duty
| OF said Board Of County Commissioners OF
such county, aud they are hereby directed
| INN ediately to take such action as may be
necessary TO prepare, to issue and to de-
liver SGO,O 900 Of the bonds Of said county
provided for in this act to said railroad
company; aud thereafter as each success
awrAe ewur. A.. .taa I'LL
been completed and ready 10 receive the
| rolling stock in such county, and the same
sball be shown by the certificate aforeesid
| the said board shall issue and de
liver TO said railroad company tho bonds
| of said county, at tho ratio 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 twenty 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 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
| (S500l dollars nor more than one thous-
and fSl ,000l respectively. They shall be
| Autographed or engraved, with the
necessary interest coupons attached to
each. shall express upon their face that
thoy are payable in gold coin Of the
United States, subject 10 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-
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 extinguished.
Both the interest and principal of said
bonds shall only be paid by the Treasurer
OF the county from which they may have
| been issued at the time and in gceordan oe
with the provisions OF this ect.
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, q 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, lees 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 a separate fund to be called tht
Railroad Interest 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 act, 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. 8. Said bonds shall be payable in
twenty-five years. aud both the interest
and principal shall be paid only as
provided in this act.
SEQ. 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 ard the clerk Of
the Board and shall bear the seal Of such
Board. The interest bearing coupons
belonging TO and attached to each Of said
bonds shall bear the engraved or litho-
graphed signature Of the clerk OF said
Board of Commissioners.
SEQ. 7. In case any OF the territory
through which said railroad may be built
shall hereafter be detached from the
county within which il is now embraced,
and such territory added TO some other
county, the provisions OF this act respect
ing the issuance OF said bonds and their
mode of payment shall apply TO such
county aud the officers thereof the same
as though such county WAS originally in.
cluded in the provisions hereof.
Sec. 8. The faith of the State of Nevada
ia hereby pledged that this act shall never
be repealed nor SO modified In any wav as
TO impair the security OF those who shall
hold or purchase any of the bonds In this
act provided, nor during the construction
of said railroad after il has been in good
faith commenced.
SEQ. 8. All acts and parts OF acts in con-
hict with the provisions Of this act are
, | harahv reDnaled