Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-09-03

TO ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE OF NEVADA.

~
OF this act, the Utah a Nevada Air Line
Railway Company, q corporation hereto
fore organized aud now existing under and
by virtue Of the laws OF the State Of Ne
vada, shall have constructed q irst-class
railroad OF standard euage through the
counties OF White Pine, Eureka, Lander,
Churchill and Washoe, or either OF them,
IL shall be entitled TO receive the bond Of
said counties. or either OF them, at the
time and in the manner hereinafter pro-
yided. to the amount Of 5000 per mile
for each and every mile OF the main track
OF said railroad completed In said county;
provided, that said railroad shall be COM
pleted 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 time.
Sec. 2. Immediately upon thereeeipt By
the Board OF County Commissioners OF
either CT Ihe said counties Of 9 sworn GER
tihcaie Of the County Surveyor OF such
county, or Of such 9 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
miles is part Of q continuous line of rail-
way then in course OF construction 90
herein before specified. lit 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, to issue and 10 dc.
| liver $50, 900 OF the bonds Of said county
| provided for in this act to said railroad
| company; and thereafter as each success.
i've twenty miles OF railroad shall have
been completed and ready 10 receive the
rolling-stock 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 .
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
(S500) dollars nor more than one thous-
and (Sl ,000) 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 TO 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 fret day of each January and
July thereafter, until all interest payable
on the same shall have been extinguisbed.
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 bondo 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 a separate fund to be called the
- 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 ell 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, and both the interest
aud principal shall be paid only 40
| provided in this act.
Sec. 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 litbo-
graphed 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 tht
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 theil
mode of payment shall apply TO sucl
county aud the officers thereof the samt
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 Get shall nevei
be repealed nor so modified in any way Al
10 impair the security of those who shsl
hold or purchase any of the bonds in thi
act provided, nor during the construction
OF said railroad after il has been in goo'
faith commenced.
Sec. o. All acts and parts OF acts in con
1ict with the provisions OF this act ar
hereby repealed.