Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-03-12

An ACT
10 ENCOURAGE THE CONSTRUCTION OF A
AAILaoAD ACROSS THE STATE or SKyApA.

efios L, whenever. after the passage
Of tbis act, the Utah q Nevada Air Line
hsiivay Company. corporation hereto
lore organized and now existing under and
by virtue Of the laws Of the State Of Ne
vads, shall have constructed q frst-clsss
railroad OF standard guage through the
counties Of White Pine. Eureka, Lander.
Churchill and Wsshoe. or either of them.
IL shall be entitled 70 receive the bond OF
said counties. or either Of them, a. the
time and In the manner hereinafter pro-
vided, to the amount Of 5000 per mile
Tor each and every mile OF the main track
OF said railroad com pleted 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.
SEQ. 2. Immediately upon the receipt by
tne Board Of County Commissioners OF
either Of the said counties OF . sworn cer-
ti6csse nj the County Surxeyor saf suoh
county. or Of such . 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 rollipR-
stock, and that said section Of twenty
miles 10 part Of continuous line OF rail-
way tnen In course Of construction q
herein before specified. IL shall be the duty
OF said Board Of County Commissioner Of
such county, and they are hereby directed
Immediately to take such action as may be
necessary TO prepare, to issue and 10 de-
liver sec, 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. al 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 neoes :
ssry to complete the whole length Of the
road In said county shall not amount TO
twenty miles, then for suoh fractional see-
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 sitter 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 snnum, pay
able semi-snnually, and they shall be for
an amount not less than five hundred
($500) dollars nor more than one thous.
and Isl ,000) respectively. They shall be-
Autographed or engraved, with the
necessary interest coupons attached to
each. shall express upon their face hat
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 semisnnually, on each first day OF
January and each first day Of July subse-
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 extipguished.
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 30 applicable 10 the pay
ment Of the interest and the redemption
Of the principal Of said bonds, shall be
placed In Q separate fund TO be called the
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 as provided In
this aot, 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 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. 5. 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 70 be issued under
the provisions OF this act shall be deliv.
cred 70 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-
grsphed signature Of the clerk OF said
Board Of Com missioners.
SEQ. 7. In case any Of the territory
through which said railroad may be built
shall hereafter be detached from the
county within which ID IL 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. s. The faith Of the State OF Nevada
is hereby pledged that this act shall never
be repealed nor so modified In any way -
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 10 has been In good
faith commenced.
SEQ. 9. All acts and parts OF acts In con-
fict with the provisions Of this act are
hereby repealed.
THIS IS M HUMBUG !