Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-12-31

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

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION /. Whenever, after the passage
OF this act, the Utah q 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 . first class
railroad Of standard guage through the
counties OF White Pine, Eureka, Lander,
Churchill aud Wsshoo. or either Of them.
10 shall be entitled TO receive the bond Of
said counties. or either Of them, at the
time aud 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 ssid county;
provided, that said railroad shall be COM
pleied aud in full operation within five
years from the date OF the approval OF ihis
act, and no bonds shall be issued under
its provisions after that time.
SEQ. g. lmmeasstely uisan tissretttpt4y
tho Board OF County Commissioners Of
either OF the said coun.iss OF sworn GER
ti6cate 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 milts Of such
railroad ss herein mentioned have been
built aud completed by said company and
in proper condition to receive the rolling
stock, and that said section Of twenty
miles 10 q part OF a continuous line Of rail-
way then in course Of construction as
herein before specified. 1T shall be the duty
Of said Board Of County Commissioners OF
such county, and they are hereby directed
Immediately 10 take such action as may be
necessary TO prepare, to issue and TO de-
liver S6O. 900 OF the bonds OF said county
provided Tor in this act to said railroad
company; and thereafter as each success-
i've twenty miles OF railroad shall have
been completed and ready 20 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 ia case the last section neces
sary to complete the whole length of tho
road in said county shall not amount to
twenty miles, then for such fractional ssc-
tion OF twenty miles such bonds shall be
issued at the rate OF three thousand dol
lars per mile; provided, that no bonds
shall bo issued under the provisions Of
this act after tie 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 leas Than five hundred
($500l dollars nor more than one tho0s-
and lSl ,OO0) respectively. They shall be
Autographed or engraved, with the
necessary intereat coupons attached 10
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 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 first day Of each January and
| July thereafter, until all interest payable
| on the same shall have Seen extinguisbed.
| Both the interest snd 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 conulies from
which bonds may lie issned nndor aud by
virtue OF this act, there shs.l be annually
applied from the revenue OF such county
to the payment Of the interest and tho
principal Of said bonds which shall have
been issued from said county, n sum OF
money equal in amount 10 the snm which
shall be collected from said county from
said Utah and Nevada Air Line Hallway
Company, from the taxes levied np0n tho
entire property Of said company in said
county. less tho amount Of taxes which
may have been levied on and collected
thereirom for State and school purposes,
and the amount 20 applicable to the pay
| ment Of the interest aud the redemption
| OF The principal OF said bonds, shall lie
placed in separate fund TO be called tht
- Railroad Interest and Sinking Fund,
| which shall be applied: fret, 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, is being the true intent aud 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 ont OF the revenue derived
| from the respective counties from the
taxes upon the property Of the said rail-
road com pany. lees the amount realized
| by said counties from the taxes levied for
| State and school purposes.
Sec. s. Said bonds shall be payable ia
| twenty-five years. and both the interest
| aud principal shall be paid only 40
| provided in tLis act
See. g. The bonds to be Issued under
the provisions Of this act shall DO deiiv-
cred to said railroad company by tho
Board OF County Commissioners OF the
respective counties named. They shall be
signed by the chairman and :he clerk OF
the Board and 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 Com missioners.
| Sec. z. In case any OF the territory
| through which said railroad may be built
shall hereafter be detached from the
| county within which il Is now embraced,
and such territory added 10 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 aud the officers thereof the same
as though such county was originally in
eluded 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 as
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 ii 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.