Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-06-25

20 xxoouaAoE TIE CONTRADICTION os 4


sscrror 1. Whenever, after TIE psssass
Of this act, the Utah q Nevada Air Lac
Railway Company. corporation hereto
fore organized and now existing under ana
BY virtue Of the laws Of the State Of Ne
vsds, shall have constructed . frst-olass
railroad Of standard guage through the
counties Of White Pine, Eureka, Lander.
Churchill and Washoe, OF either Of them.
II shall be entitled 70 receive the bond Of
said counties, or either Of them, q The
time and In the manner hersinaftsr pro-
vided. 10 the amount Of 5000 per mile
for each and every mile a the main track
OF said railroad completed u said county:
provided, that said railroad shall Be CON-
pleted and In full operation within ave
years from the date Of the approval Of thiu
act, and no bonds shall bs issued under
Ito provisions after that time.
Sec. 2. Immediately upon skersceipt By
the Board Of County Comnissioners OF
either Of the said counties Of sworn cor.
tideate Of the County Surveyor Of such
county, or OF such . cortihosto Of the
Surveyor General Of ths Stats Of Nevada,
setting forth that twenty miles Of such
railroad ~ herein mentioned have been
built and completed By said company and
In proper condition 70 receive The rolling.
stock. and that said section Of twenty
miles 10 part Of . ontinuous line Of rail-.
way then In course OF construction q
herein before specified. 10 shall Be the duty
Of said Board Of County Commissiousss Of
such county, and they are hereby directed
Immediately 70 take such action q may b.
necessary 70 prepare, TO issue and 70 Dc.
liver $4,000 Of the bonds Of said oounty
provided for In this cot 70 said railroad
company; and thereaftsr - each SUCCESS.
i've twenty miles Of railroad shall have
been complsted and ready 10 receivs the
rolling-stock In such county. and The same
shall be shown By the esttAcats Aforesaid
the said board shall Issue and Dc
liver 70 said railroad company the bonds
Of said county. II 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 nsess-
sary 70 complete the whole length Of the
road In said county shall not amount 10
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 i've 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 10 aid Of its construction.
SEQ. 8. Said bonds shall bear interest -
the rate Of t6) per cent per annum, pay
able semi-annuslly, and they shall be for
an amount not lees than ave hundred
($600) dollsrs nor moro than one thous-
and ~ ,0O0) respectively. They shall b.
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 cot.
Both bonds and coupons shall BE- payable
to bearer, and the interest thereon shall b.
paid semi-annuAlly, ON each drst day Of
January and each first day Of July subss-
quent 10 the issuance Of such bonds. and
upon the frst day Of each January and
July thereafter, until all interest payable
on the same shall have been sxtinguishsd.
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 accordance
with the provisions Of this sot.
SEQ. 1. 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 the
principal Of said bonds which shall have
been issued from said county, . sum OF
money equal In amount 10 the sum which
shall be collected from said county fron
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 collsclsd
and tbe amount 90 applicable 70 the pay
ment Of the interest and the redemptiou
Of the principal Of said bonds. shsll b.
placed In separate fund TO be called thu
/" Railroad Interest and Sinking Fund"
which shall be applied: first, 70 the pay.
ment Of the interest - herein directed,
and second, to the redemption Of The
principal Of said bonds - provided In
this sct, II being the true intent and mean.
ing OF this section Of this cot that the
interest and principal Of all the bouds
issued under the provisions Of this sct
shall be paid out Of the revenue derived
from the respective counties from the
taxes upon the property Of the said rail.
by said counties from the taxes levied for
State and school purposes.
Hsc. 8. Said bonds shall be payable II
twenty-five years, and both the interest
and principal shAll b paid only -
provided In this cot.
SEQ. Q. The bonds 70 be Issued under
the provisions OF this cot shall Be dsliv.
cred TO said railroad company BY the
Board OF County CommissionsSs Of the
respective counties named. They shall b
signed by the chairman and the clerk q
the Board and shall bear the seal Of suoh
Board. The intsrestbearing 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. Z. In case any Of the territory
through which said railroad may be built
shall hereafter be detached from the
county within which IL 10 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 and 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
Is hereby pledged that this act shall pevss
be repealed nor so modified In any way -
TO impair the security OF those who shall
hold or purchase any Of the bonds 10 this
act provided, nor during the construction
OF said railroad after II hes been in good
faith commenced.
Sec. Q. ALL acts and parts Of acts In con-
nict with the provisions Of this act are
hereby repealed.