Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1892-12-17
NUMBER 10.
TO ENCOURAGE THE CONSTRUCTION OF A
RAILROAD ACROSS THE STATE or NEVADA.

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION /. Whenever. after the passage
OF this act, the Utah Il Nevada Air Line
Railway Company. q corporation hereto
| fore organized and now existing under and
| by virtue OF the laws OF the state Of Me-
vsda, shall have constructed = firstclass
railroad OF standard Rusge through the
counties OF White Pine, Eureka, Lander.
| Churchill and Washoe. or either OF them.
| IL shall be entitled 10 receive tho bond of
said consties. or either OF them, al the
time and in the manner hereinafter pro-
vided, TO the amount Of So, 600 per mile
for oach aud every mile OF the main track
of said railrosd completed in said county;
provided, that said railroad shall be COM
pleted and in full operation within five
years from tho date Of the approval OF this
act, and no bonds shall be issued under
! its provisions after that time.
See. 2. Immediately upon thereceipt BY
the Board OF County Commissioners OF
either OF the said counties OF q sworn GER
tificate OF the County Surveyor Of such
| county, or OF such a certificate of the
| Surseyor-G 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 is a 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 TO take such action as may be
necessary TO prepare, to Issue and to de-
liver 900 OF the bonds OF said county
provided for 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 neoes :
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 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 lite 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 al
the rate OF (5) per cent per annum, pay
| able semi.annually, and they shall be for
| au amount not less than five hundred
| (S5O0) dollars nor more than one thous-
and (Sl ,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 and coupons shall be payable
TO bearer, and the interest thereon shall be
paid semi.annually, on each fret day OF
January and each first day OF July snbse-
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 oxtinguished.
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. A. In each OF tho counties from
which bonds may be issucd 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 said company in said
county, less the amount of taxes which
may have been levied on and collected
therefrom for State and school purposes,
J 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 q separate fund to be called tht
Railroad Interest and Sinking Fund, :"
which shall be applied: fret. TO the pay
meut of the interes. 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 the provisions Of this act
shall be paid out OF the revenue derived
| from the respective counties from tho
taxes upon the properly OF the said rail-
| road company, less the amount realized
| by said counties from the taxes levied for
State and school purposes.
Sec. 5. Said bonds shall be payable in
twenty-five years, and both the interest
and principal shall be paid only ss
provided in this act.
Sec. g. The bonds TO be issued nnder
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
signed by the chairman and .he 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 litho-
graphed signature of the clerk OF said
Board of Commissioners.
SEQ 7. In case any of the territory
through which said railroad may be built
shall hereafter be detached from tha
county within whieh il IL now embraced,
and such territory added to some other
county, the provisions OF this act resi- ect-
rg the issuance Of said bonds and their
m ,de of payment shall apply TO such
co, niv and the officers thereof the same
as t.iol sb such county was originally in
clude d 10 the provisions Hereof.
Sec s. The faith of the State OF Nevada
is hereby pledged that this act shall never
be rep ,nIed nor 20 modified in any way az
to impair the security Of those who shall
hold o. purchase any Of the bonds in this
act pro jded. nor during the construction
| OF said i-siiroad after ii has been in gcod
faith commenced.
Sec. 0. ALI acts and parts OF acts 10 con-
aict with tbo provisions OF this act art
} hereby repealed.