Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-08-06

TO ENCOURAGE THE CONSTRUCTION or
RAILROAD ACROSS THE STATE or SEyApA.

SECTION 1. Whenever, after the passage
OF This act, the Utah 4 Nevada Air Line
hailway 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-class
railroad OF standard guaee through the
cosnties OF White Pine, Eureka, Lander.
Churchill and Washoe, or either Of them
~ shsli be entitled to receive the bond Of
SAID counties. or either OF them, at the
ume and In the manner hereinafter pro-
vided, to the amount Of 5000 per mile
Tor each and every mile OF the M Ain track
Of said railroad com pIeted In said oountv.
provided, that said railroad shall be com,
pieted and in full operation within ave
years from the date Of the approval Of this
act, and no bonds shall be issued under
lite provisions after that time.
| SEQ. 2. Immediately npnn Aharsseipt BY
the Board OF County Commissioners of
sisa-. - shs -~ia counties Of sworn GER
tificate OF the County Surveyor Of such
county, or Of such . certificate sof 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 10 part Of continuous line Of rail-
way then In course Of construction 90
nerein before specified, 10 shall be the duty
OF said Board Of County Commissioners Of
sucn county, and they are hereby directed
Immediately TO take such action O. may be
necessary to prepare, 70 issus and TO de-
liver e60. 900 Of the bonds Of said county
provided fer In this act 70 said railroad
company; and thereafter o. each suocess-
i've twenty miles OF railroad shall have
been completed and ready 10 receive the
rollingstock 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 rata 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 70 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
receive any bonds from said counties, or
either Of them in aid of its construction.
ocos De oaAu bOhQc bnnii btoA tuttEc6t -
the rate OF (5) per cent per snnum, pay
able semi-annually, and they shall be for
an amount not less than i've hundred
t$500l dollars nor more than one thous-
aud ISL ,000l 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 70 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 i-snnually, on each first day Of
January and each first day Of July subss-
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 extinguished.
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 lowed on and collected
| therefrom for State and school purposes,
| and the amount 80 applicable TO the pay
ment OF the interest and the redemption
| OF the principal OF said bonds, shall be
| placed in 9 separate fund to be called tho
" Railroad Interest and Sinking Fund"
which shall be applied: fret. 70 the pay.
ment OF the interest ss herein directed.
and second. to the redemption Of the
| principal Of said bonds % provided Ia
this act. II 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.
SEQ. 8. Said bonds shall be payable In
twenty-five years, and both the interest
and principal shall be paid only ~
provided in this act.
Sec. 6. The bonds TO be issued under
| the prOYlslOns OF THIS ACT sDhli Dc ueuv-
cred to said railroad company by the
Board OF County Commissioners Of the
respective counties named. They shall b
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.
graphed signature Of the clerk Of said
Board OF Commissioners.
Sec. 7. In case any OF the territory
through which said railroad may be built
shall hereafter be detached from thu
county within which ii 10 now embraced
and such territory added 10 some othel
county, the provisions Of this act respect
ing the issuance OF said bonds and theiI
mode Of payment shall apply TO sucl
county and the officers thereof the ssmt
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 neveI
be repealed nor so modified in any way y
TO impair the security Of those who shall
hold or purchase any of the bonds In thi
act provided, nor during the construction
Of said railroad after II has been In goot
faith commenced.
Sec. o. ALI acts and pArts OF acts 10 con
fict with the provisions Of this act ar
hereby repealed.