Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-04-02

20 xsoouRAer THE CONSTRUCTION on A
AAILnoAp ACROSS THE STATE or NEVADA,

SECTION /. Whenever, after the passage
OF this act, the Utah q Nevada Air Linz
hallway Company, Q corporation hereto-
fore organized and nov existing under ana
BY virtue Of the laws OF the State Of Ne
vsds, shall have constructed q first-class
railroad OF standard susge through the
counties Of White Pine. Eureka, Lander,
Churchill and Washoe, or either OF them,
IL shall be entitled TO receive the bond Of
said counties. or either Of them, ct the
time and 10 the manner hereinafter pro-
vided, TO the amount OF 5000 per mile
for each and every mile OF the main track
Of said railroad com pIeted in said county:
provided. that said railroad shall be COM
pleted and in full operation within Eve
years from the date OF the approval Of this
act, and no bonds shall be issued under
it's provisions after that time.
SEQ. 2. Immediately upon the receipt BY
the Board OF County Commissioners Of
either OF the said counties OF sworn GER
tincate OF the County Surveyor OF such
county, or OF such o 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 ssid comr<By and
In proper condition to receive the rolling
stock, and that said section Of twenty
miies is . 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 90 may be
necessary 70 prepare. 70 Issue and TO de-
liver S60. 900 Of the bonds Of said county
provided for In this act 10 said railroad
company; and thereafter as each success-
i've twenty miles Of railroad shall have
been completed and ready TO 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, st 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 :
ssry to complete the whole length Of the
road In said county shall not amount to
twenty miles, then for such fractional Sec
tion OF twenty miles such bonds shall be
issued 81 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.
Sec. 8. Said bonds shall bear interest at
the rate Of (5) per cent per annum. pay
able semi-annually. and they shall be for
an amount not less than i've hundred
($500) dollars nor more than one thous-
and lsl, ,000) respectively. They shall be
autographed or engraved. with the
necessary interest coupons attached to
each. shall express upon their face ohst
they are payable In gold coin Of the
United States, subject 70 the provisions
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 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 ol
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 purpoees,
and the amount 90 applicable to the pay
ment Of the interest and the redemption
Of the principal Of said bonds, shall be
placed in . separate fund to be called thu
/" Railroad Interest and Sinking Fund.-
which shall be applied: first, 10 the pay.
ment OF the interest % herein directed,
and second, to the redemption OF ths
principal OF said bonds % provided In
this aot. II being the true intent and mean.
ing Of this section OF this cot that the
interest and principal Of eli 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. 8. Said bonds shall be payable In
twenty-five years. and both the interest
and principal shall be paid only n
provided in this act.
SEQ. 6. The bonds TO be issued undel
the provisions OF this act shall be deliv'
cred to said railroad company by thl
Board OF County Commissionsfs Of ths
respective counties named. They shall b
signed by the chairman and the clerk o1
| the Board and shall bear the seal Of snck
Board. The interest bearing coupons
belonging to and attached 10 each Of said
| bonds shall bear the engraved or litho
graphed signature OF the clerk OF ssit
1 Board OF Commissioners.
| SEQ. 7. In case any OF the territor,
| through which said railroad may be bull
| shall hereafter be detached from th
| county within which ii Is now embraced
and such territory added TO some othe
county. the provisions OF this act respect
| ing the issuance Of said bonds and thei
mode Of payment shall apply to sucl
/ county and the officers thereof the sam
ss though such county Was originally In
| cluded in the provisions hereof.
Sec. 8. The faith OF the State OF Nevad
is hereby pledged that this act shall neve
be repealed nor so modified in any way .
| 10 impair the security OF those who shal
hold OF purchase any of the bonds In thi
act provided, nor during the construction
| Of said railroad after ID has been in goo
faith commenced.
4 SEQ. 8. All acts and pArts OF acts in con
fict with the provisions OF thts act ar
hereby repealed.
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