Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-02-06

20 KSoouRAeE THE CONSTRUCTION on A
AAILaoAp ACROSS THE STATE on NEVADA.

AAILaoAp ACROSS THE STATE OF NEVADA.
SECTION l.. Whenever. after the passage
OF tnis act, the Utah d Nevada Air Line
nsii"sy COMPANY, corporation hereto
lore organized and now existing under ana
BY virtue OF the laws OF the State of Ne
vads, shall have constructed q irst-clsss
railroad OF standard guage through the
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, at ths
time and 10 the manner hereinafter pro-
vided, to the amount Of $1,000 DER mile
for each and every mile Of the main track
OF said railroad completed In said county;
provided, that said railroad shall be COM
plesed and in full operation within fivs
years from the date Of the approval OF this
act, and no bonds shall be Issued under
it's provisions after that time.
Sec T. Immediately upon she receipt By
the Board OF County Commissioners Of
either OF the said counties of Q sworn cer-
tifcste Of the County Surveyor Of such
county, or OF such Q certificate of the
Surveyor 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
miies 10 part OF continuous line OF rail-
way then in course Of construction a.
herein before specified, ,it 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 TO prepare, 70 issue and 10 de-
liver $50, 900 OF the bonds of said county
provided for in this act 10 said railroad
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i've twenty miles OF railroad shall have
been completed and ready to receive the
rolling-stock in such county, and the sams
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 completed In said
county, and In case the last section necee /.
sary 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 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
toociSe auy pouus ifOm shiu cOuutiees OF
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
($500) dollars nor more than one thous-
and t$l .000l 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-annuslly, on each first day Of
January and each first day Of July subse-
quent 10 the issuance Of such bondss and
upon the hrst day Of each Janufsy and
July thereafter. until ell iutsrest pay able
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 accordance
with the provisions Of this act.
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
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 80 applicable to the pay
ment Of the interest and the redemption
OF the principal Of said bonds. shail be
placed in 9 separate fund to be called tho
Railroad Interest and Sinking Fund"
which shall be applied: first. TO the pay
ment OF the interest % herein directed,
and second, to the redemption Of the
principal Of said bonds 90 provided In
this act, 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 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 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 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 and 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.
Sec. 7. In case any Of the territory
through which said railroad may be built
| shall hereafter be detached from thu
county within which ID is now embraced
and such territory added 10 some Other
| county, the provisions Of this act respect.
| ing the issuance of said bonds and theil
mode OF payment shall apply to such
| county and the officers thereof the sams
as though such county Was originally in
| cluded In the provisions hereof.
| Sec. 8. The faith of the State Of Nevadi
is hereby pledged that this act shall never
be repealed nor so modified in any way a
| to impair the security OF those who shsl
hold or purchase any of the bonds In thii
act provided, nor during this construction
| OF said railroad after IL has been in goot
faith commenced.
SEQ. Q. ALI acts and parts Of acts in con
fict with the provisions OF this act arr
hereby repealed.