Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-10-15
NUMBER z.
TO ENCOURAGE TIE CONSTRUCTION OF
RAILROAD ACROSS TIn STATE OF SEvADA.

RAILROAD ACROSS THE STATE or SEvApA.
SECTION /. Whenever, after the passage
Of this act. the Utah & Nevada Air Line
Railway Company, a corporation hereto.
fore organized aud nov EXISTING under and
by virtue of the laws q the State Of Me-
vada, shaI have constructed fret class
railroad of standard suage through the
counties % White Pine, Eureka, Lander,
Churchill and WashCe. or either Of them,
IL shall be eniiiltd 20 receive the bond Of
said counties or either Of them, at the
time and IN the manner hereinafter pro-
yiaed, 20 the amount Of 5000 per mile
for each and every mile Of the main track
Of said railroad con pleted in said county;
provided, that said railroad shall be COM
ple,ed and in full operation within five
years from The date OF the approval OF this
act, and no bonds shall be issued under
its provisions after that lime.
Sec. 2. Immediately unon thereeeipt by
the Board Of County Commissioners Of
either Of tie said counties Of 8 sworn GER
tihceie Of the County Surveyor Of such
county, or of such a certificate Of the
Surveyor General OF the State OF Nevada.
setting forth that twenty miles of such
railroad az herein mentioned have been
built aud completed by said company and
in proper condition TO reeelve the rolling
stock, and that eAid section Of twenty
miles Is part OF 4 continuous line Of rail-
way then ia course of construction as
herein before specified. il shall be the duty
OF eeid Board Of County Com missioners OF
such county and they are hereby directed
Immediately TO take such action as may be
necessary to prepare, to issne and to de-
liver $50 600 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
rollingastock 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 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 j.
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.
See, 3. Said bonds shall bear interest al
the rate OF 10 per cent per gnnum, pay
able semi.annually and they shall be for
an amount not less than five hundred
tS500l dollars nor more than one thous-
and Isl ,000l respectively. They sball 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
L nj tad nh IN ha
and conditions contained in this act.
Both bonds aud 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 10 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 tbs interest and principal of said
bonds shall only be paid by the Treasurer
Of the county from which they may have
been issued ST the time and in accordance
with the provisions Of this act.
See 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 ssid county from
said Utah and Nevada Air Line Railway
Company, from the taxes levied upon the
entire property Of said com psny in said
county, less the amount Of taxes which
may have been levied on and collected
therefrom Cor 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 tbt
+" 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 eaid bonds as provided in
this act, il being the true intent and mean
ing of this section of this act that the
interest ard 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 ccmpeny, less the amount realized
by said counties from the taxes levied for
State and school purposes.
Sec g. Said bonds shall be payable in
twenty FIVE years, and both the interest
and principal shall be paid only as
provided in this act
Sec. 6. The bonds TO be issued under
cred 10 said railroad company by the
Board OF County Commissioners Of the
respective counties named, They shall be
signed by The chairman and the clerk Of
the Board aud shall bear the seal Of such
Board The interest bearing coupons
belonging 10 and attached 10 each of said
bonds shall bear the engraved or litho-
grapbed signature of the clerk Of said
Board Of Commissioners.
Sec 7. In ease any Of the territory
through which said railroad may be built
shall hereafter be detached from the
county within which it is now embraced,
and such territory added to some other
county. the provisions Of this act respect
ing the issuanee Of said bands and their
mode Of payment shall arply to such
county and the officers thereof the same
as though such county was originally in
cluded in the provisions hereof.
Sec. s. The faith of the State Of Nevada
is hereby pledged thst slis ret shall never
be repealed nor so modified in any way as
to impair the security OF those who shall
hold or purchase any q tie bonds in this
act provided, nor during the construction
Of said railroad after il has been in coed
| faith commenced.
See 8. All acts and parts Of acts in con-
| fiet With The provisions Of this act are
I hereby repealed.