Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-05-07

70 rsoouRAer THE CONSTRUCTION or 4
nArIaoAp ACROSS THE srArE on NEVADA.

sEcTIoS /. Whenever, after the pssssrs
Of this act, the Utah 4 Nevada Air Line
hallway Company, corporation hereto
lore organized and now existing under and
by virtue OF the laws OF the State Of Ne
vada, shall have construotsd . first-class
railroad Of standard guage through ths
counties Of White Pine, Eureka, Lander.
Churchill and Washoe. or either of them.
IL shall be entitled 70 receive the bond OF
said counties. or either of them, 81 the
time and in the manner hereinafter pro-
videds TO the amount Of 5000 per mile
for each and every mile Of She main track
OF said railroad com pleted In said county;
provided, that said railroad shall be COM
pleted and In full operation within Eve
years from the date Of the approval Of this
sct, and no bonds shall be issued under
lite provisions after that time.
SEQ. 2. Immediately upon the receipt By
the Board Of Oountj Commissioned of
either Of the said counties OF Z sworn GER
tifcate Of the County Surveyor Of suoh
county, or Of such certificate Of the
Surveyor General Of the State Of Nevada,
setting forth that twenty miles Of such
railroad ~ herein mentioned have been
built and completed BY said company and
In proper condition 10 receive the rolling
stock. and that said section Of twenty
miiea V part OF continuous line Of rail-
way then In course OF construction 90
herein before specified, 1t shall be the duty
OF said Board Of County Commissioners Of
such county, and they are hereby directed
Immediately TO tahs such action a. may be
neceseary 10 prepare, 70 issue and 70 de-
liver 500. 900 Of the bonds Of said county
provided for in this cot TO said railroad
company; and thereafter % each success-
i've twenty miles Of railroad shall have
been completed and ready 10 receive the
rolling-stock tn such county. and the same
shall be shown BY the certificate Aforesaid
liver 70 said railroad company the bonds
Of said county. 81 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
ssry to complete the whole length Of the
road In said county shall not amount to
twenty miles, then for such fractional SEQ
tion OF twenty miles such bonds shall be
issued 81 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 It's construction.
SEQ. s. Said bonds shall bear interest at
the rate Of (6) per cent per annum, pay
able semi-annuslly. and they shall be for
an amcant not less than five hundred
($500) dollars nor more than one thous-
and ~, ,0O0) respectively. They shall be
autographed or engraved. with the
necessary interest coupons attached to
each. shall express upon their face nat
Ia a.. r,,IA nrIx ~I y n
United States, subject 10 the provisions
and conditions contained in this acs.
Both bonds and coupons shall be payable
TO bearer, and the interest thereon shall be
paid semi-annuslly, on each first day Of
January and each first day Of July subse-
quent TO 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 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 ct the time and in accordance
with the provisions Of this sot.
SEQ. 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
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 the
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, shall be
placed in . separate fund to be called the
Railroad Interest and Sinking Fund, -
which shall be applied: frst. 10 the pay
ment OF the interest % herein directed,
and second. to the redemption Of the
principal OF said bonds % provided In
this cot, II 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 act
shall be paid ont Of she 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.
SEQ. s. Said bonds shall be payable In
twenty-five years, and both the interest
and principal shall be paid only ~
provided In this act.
SEQ. 6. The bonds 10 be issued under
the provisions OF this aot shall be deliv.
cred 70 said railroad company by thl
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
grsphed signature Of the clerk OF said
Board Of Commissioners.
SEQ. Z. In case any OF the territory
through which said railroad may be bull
shall hereafter be detached from tb,
county within which ID IL now embraced
and such territory added to some othel
county. the provisions Of this act respect
ing the issuance Of said bonds and theil
| mode Of payments shall apply to suci
county and the officers thereof the sam,
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 nevel
be repealed nor so modified In any way ~
10 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 II has been In goot
faith commenced.
SEQ. Q. ALI acts and parts Of acts In con
fict with the provisions Of this act ar
hereby repealed.