Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-12-03
NUMBER Ia.
TO ENCOURAGE THE CONSTRUCTION OF a
RAILROAD ACROSS THE STATE OF NEVADA.

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION 1. Whenever, after the passage
OF this act, the Utah a Nevada Air Line
Railway Company, q corporation hereto
fore organized and now existing under and
by virtue of the laws OF tho State Of Ne
vada, shall have constructed . first-class
railroad OF standard gusee through the
counties OF White Pine, Eureka, Lander,
Churchill and Wsshoe. OF either Of them,
IL shall be entitled 20 receive tho bond Of
said counties. or either Of them, At the
time and 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 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 lhis
act, and no bonds shall be issued under
its provisions after that Time.
Sec. 2. Immediately upon ihereceipt by
the Board OF County mmissioners Of
either OF the said counties OF sworn GER
tifcate Of the County Surveyor Of such
county, or Of such q certificate OF the
Surveyor General Of theestkto OF Nevada,
setting forth shat twenty miles Of such
railroad as herein mentioned have been
built and completed By said company and
In proper condition 10 receive the rolling
|
miles is q part OF 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 to take such action as may be
necessary to prepare, to Issue and 10 de-
liver $50, 200 Of the bonds OF said county
provided for in this sct 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, at 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 Sec
tion OF TWEEN ty miles such bonds shall be
issued at the rate OF three thousand dol
lars per mile; provided, that nc bonds
shall be Issued under the provisions of
this act after the lapse Of five years from
the date OF it's approval, and no portion
OF said railroad not then completed shall
receive any bonds from said counties. or
Sec. 8. Said bonds shall bear interest at
the rate OF (5) per cent per ssnum, pay
able semi-annually, and they shall be for
an amount not less than five hundred
($500l dollars nor more than one thous-
and Isl .000) respectively. They sbsll bs
Autographed or engraved. with the
necessary interest coupons attached TO
each. shall exprsss upon their face shat
they are payable in gold coin Of the
United States, susopct 10 the provisions
and conditions contained in this act.
Both bonds aud coupons shall be payable
to bearer, and the interest thereon shall be
paid semi. annually, on each frat day OF
January and each first day Of July subse-
quent to the issuance OF sucb bonds, aud
upon the first day of each January and
July thereafter, until all interest payable
on the same shall have been extipguisbed.
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. f. In each OF the counties from
which bonds may be issued under ard by
virtue OF this act, there shall be annually
applied from the revenue OF sueh county
to the payn ynent Of the interest and the
principal Of said bonds which shall have
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 SO applicable to the pay
ment OF the interest aud the redemption
| OF the principal OF said bonds. shall be
| placed in q separate fund to be called tbt
81 Railroad Interest and Sinking Fund"
which shall be applied: first. 10 the pay
ment OF the interest as herein directed,
and second. to the redemption OF the
principal OF said bonds as provided in
| ibis act, il being the true intent and mean
| ing OF this section of this act that tho
interest aud 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 coup ties from the taxes levied for
State and school purposes.
| Sec. s. Said bonds shall be payable in
twenty-five years, and both the interest
and principal shall be paid only as
provided in this act.
| Bee. b. ne DODue 10 Oc ireucu uhutA
the provisions OF this act shall be deliy-
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 and shsll bear the seal OF such
Board. The interest bearing coupons
belonging TO and attached to each OF said
bonds shall bear the engraved or iitho-
graphed signature OF the clerk OF said
Board OF Commissioners. i
Sec. 7. 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 TO some other
county, the provisions Of this act respect
ing the issuance OF said bonds and their
mode Of payment shall apply 10 such
county aud the officers thereof the same
as 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 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 il has been in good
faith commenced.
Sec. 0. All acts and parts OF acts In con-
hict with the provisions OF this act are
hereby repealed.