Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-11-19

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

RAILROAD ACROSS TIE STATE OF NEVADA.
SECTION /. whenever, after the passage
OF this act, the Utah Il Nevads Air Line
Railway Company, corporation hereto
fore organized and now existing under and
by virtue Of the lsps Of the State OF Ne
vsds, shail have constructed . fret class
railroad Of standard gusge through the
counties OF White Pine, Eureka, Lander,
Churchill and Washoe, or either Of them.
IL shall be entitled to receive tho bond Of
said counties, or either of them, al the
time and in the manner hereinafter pro-
vided. TO the amount OF $1,000 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 i've
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 tbereceipt by
the Board OF County Commissioners Of
either OF the said counties Of sworn cer-
tiicate Of the County Surveyor Of such
county, or OF such q certificate of the
Survey yor-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 ia part OF a continuous line OF rail-
way then in course Of construction 90
herein before specified. ii 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 bs
necessary to prepare, to issue and 10 de-
liver $50, 600 Of the bonds OF said county
provided for in this act to said railroad
M tAr.-r 81
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 neces =
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
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-annually, and they shall be for
an amount not less than five hundred
($500l dollars nor more than one thous-
and lSl, ,000) respectively. They sbsll 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 frst day OF each January and
July thereafter, until all interest payable
on the same shan nave 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 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
thereirom for State and school purposes,
and the amount SO applicable to the pay
meDt 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: first. 70 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 all 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 as
| provided in this act.
See. 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 aud shall bear the zeal 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 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 is 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.
See. 8. The faith of the State OF Nevada
is hereby pledged that this act shall never
be repealed nor so modified in any way as
10 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.
Sec. 9. ALI acts and parts Of acts in con-
fiict with the provisions OF this act are
hereby repealed.