Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-10-22

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

RAILROAD ACROSS TIE STATE OF NEVADA.
SECTION /. Whenever, after the passage
OF this act. the Utah q Nevada Air Line
Railway Company, a corporation hereto
fore organized and now existing under and
by virtue Of the laws Of the State Of Ne
vsda, shall have constructed a fret class
railroad Of STANDARD guage through the
counties Of White Pine, Eureka, Lander.
Churchill and Washoe, or either Of them,
IL shall be entitled 10 receive the bond Of
said counties. or either of them, ct the
time and in the manner hereinafter pro-
yided, to the amount Of $4,000 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 10 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 thereeeipt By
the Board Of County Commissioners Of
either Of the said counties Of sworn cer-
tihcate Of the County Surveyor Of such
county, or of such a certificate Of tho
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
btothG huu NGhl tuiu S6cIlOu OF tWtDty
miles Is a part OF continuous line Of rail.
way then in course Of construction ~
herein before specified, ID shall be the duty
OF said Board of County Com missioners Of
such county, aud they are hereby directed
Immediately TO take such action as may be
necessary 20 prepare, to issue and TO de-
liver $50 COG 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 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 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.
Sec, s. Said bonds shall bear interest al
the rate Of l5) per cent per annum, pay
able semi annually, and they shall be for
an amount not less than five hundred
t$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 that
they are payable in gold coin OF the
United States, subject TO the provisions
and conditions contained in this act.
Both bonds aud coupons shall be payable
to bearer, and the in terest thereon shall be
paid semi annually, on each first day OF
January and each fret day Of July eubse-
quent TO the issuance OF such bonds, and
upon the fret 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 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, 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 ssid 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 and the redemption
Of the principal Of said bonds, shall be
placed in a separate fund to be called thG
{" Railroad Interest and Sinking Fund"
which shall be applied: first, 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, 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 ths 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. S. Said bonds shall be payable In
twenty-five years, and both the interest
and principal shall be paid only 90
provided in this act.
Sec. 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
sigued by the chairman aud the clerk OF
the Board ard 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 Z. In case any OF the territory
through which said railroad may be built
| shall hereafter be detached from the
county within which it is now embraced.
and such territory added 10 some other
county, the provisions Of this act respect
ing the issuance of ssid bonds and their
mode Of payment shall apply 10 such
county and the officers thereof the same
as though such county WAS originally in
| cluded in the provisions hereof.
| See s. The faith Of the State OF Nevada
| is hereby pledged that this act shall never
| be repealed nOr 30 modified 10 any way as
| to impair the secnriiy 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. All acts and parts OF acts in con-
fiot with the provisions Of this act are
| hereby repealed.
I