Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-07-16
NUMBER 46.
AN ACT
70 EsoouRAoK TIE CONTRACTION or
RAILROAD ACROSS THE STATE on xxyApA.


6KcTIoS 1. Whenever, after the passage
OF this act, the Utah q Nevada Ais Line
Railway Company. corporation hereto.
fore organized and nov existing under ana
BY virtue OF the laws Of the State Of Ne
vada, shall have constructed . hrst-clase
railroad Of standard suage through The
counties Of White Pine, Eureka, Lander.
Churchill and Washoe, or either Of them.
10 shall be entitled 70 receive the bond Of
said counties. or either OF them, u shs
time and In the manner hereinafter pro-
vided. 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 shah be con.
pleted and in full operation wtshiu ave
years from the date OF the approval Of thie
act. and no bonds shall be issued under
its provisions after that time.
SEQ. q. Immediately upon The receipt b.
the Board OF County Commissioners Of
either Of the said counties Of sworn ceg-
tihcste OF the County Surveyor Of such
county, or OF such . certificats 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 to receive the rolling
stock. and that said section Of twenty
miles 10 part Of continuous line Of rail-.
way then In course Of oonstruotion -
herein before specifed.i IL shall be the duty
OF said Board ef County Commissioners q
such county. and they are hereby directed
tmmediatsly te take such action q may b
necessary 70 prepare, 70 Issue and 70 Dc.
liver Sso. 600 OF the bonds ef said comfy
provided fer 10 this ast 70 ssid railroad
company; and thereafter - each speceee-
I've twenty miles OF railroad shall have
been completed and ready 70 receive the
rolling-stock In such county, and the came
shall be shown by the certificate aforesaid
the said board shall issue and dc
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 oompletsd in said
county, and in case the last section nsoss :
ssry TO complete the whole length Of the
road in said county shall not amount 70
twenty miles. then for such fractional SEQ
tion Of twenty miles such bonds shall b
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 in aid of It's construction.
SEQ. 8. Said bonds shall bear interest d
the rate OF (5) per cent per annum, pay.
able semi-annually. and they shall be for
an amount not less than i've hundred
($500) dollars nor more than one thous-
and l$l. .000) respectively. They shall be
necessary interest coupons attached to
each. shall express upon their face that
they are payable In gold coin Of The
United States, subject 10 the provisions
and conditions contained In this cot.
Both bonds and coupons shall be payable
TO bearer, aud the interest thereon shall bs
paid semi.annually, on each fret day Of
January and each first day Of July snbss-
quent TO 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 extipguishsd.
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 st 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, . 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
thereirom for State and school purposes
and the amount 80 applicable 10 the pay
ment Of the interest and the redemption
OF the principal Of said bonds, shali be
placed in . separate fund to be called thu
Railroad Interest and Sinking Fund, %
which shall be applied: hrst. 10 the pay.
ment Of the interest % herein directed,
and second, to the redemption Of the
principal Of said bonds % provided In
this Aot. 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 sct
from the respective counties from the
tAxes upon the property Of the said rail.
road company, less the amount realizsd
| by said coup ties from the taxes levied fog
| State and school purposes.
SEQ. 8. Said bonds shall be payable In
| twenty-five years. and both the interest
and principal shall be paid only -
provided In this set.
SEQ. 6. The bonds 70 bs Issued under
the provisions OF tnis aot snail % oeiivs
cred TO said railroad company BY the
Board OF County Commissionsrs Of tbs
respective counties named. They shall b
| signed by the chairman and the clerk Of
the Board and shall bear the seal Of suoh
Board. The interest bearing coupons
belonging to and attached 10 each Of said
bonds shall bear the engraved or litho.
| graphed signature Of the clerk Of said
Board Of Commissioners.
SEQ. 7. In case any OF the territory
through which said railroad may be built
shall hereafter be detached from the
county within which II Il now embraced.
| and such territory added 10 some other
| county, the provisions OF this sct respect
| ing the issuance Of said bonds and their
mode OF payment shall apply TO such
county and the officers thereof the same
a. 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 never
be repealed nor 30 modified In any way q
to impair the security OF those who shall
hold or purchase any of the bonds In this
act provided, nor during the construction
OF said railroad after IL has been in good
faith commenced.
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