Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-06-10

TO ENCOURAGE THE CONTRADICTION OF 4
RAILROAD ACROSS THE STATE on NEVADA.


SECTION 1. Whenever. after the passage
Of this Aot, the Utah q Nevada Air Line
Railway Company. corporation hereto
fore organized and nov existing under and
BY virtue Of the laws Of the State Of Ne
vads, shall have constructed . frst-class
railroad OF standard guage through The
counties Of White Pine. Eureka, Lander.
Churchill and Washoe, or either Of them,
10 shall be entitled to receive the bond Of
said counties, or either of them, 81 the
time and In the manner hereinafter pro-
vided, 10 the amount Of 5000 per mile
for each and every mile Of the main track
Of said railroad completed In said countyj
provided, that said railroad shall be conn
pleted and in full operation within Eve
years from the date Of the approval Of this
act, and no bonds shall bs issued under
lite provisions after that time.
Sec. 2. Immediately upon the receipt b
the Board Of County Commissioners o
either Of the said counties Of sworn css
tifcase Of the County .sasvsycr Of suel
county, or Of such . certificate Of VI
Surveyor General Of the State Of Nevada.
setting forth that twenty miles Of suoh
railroad ~ herein mentioned have been
In proper condition to receive the rolling.
stock, and that said section Of twenty
miles 10 part OF q continuous line Of rail.
way then in course Of construction -
herein before specified, IL shall be the duty
Of said Board Of County Commissioner Of
such county, and they are hereby directed
Immediately 10 take suoh action - may Be
necessary 70 prepare, 10 issue and 10 de.
liver $50, 900 Of the bonds Of said county
provided for In this act 10 said railroad
company; and thereafter ~ each succsss.
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 Dc
liver 70 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 !.
ssry to complete the whole length Of the
road In said county shall not amount 20
twenty miles, then for such fractional SEQ.
tion OF twenty miles such bonds shall be
issued st 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 It's 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 Al
the rate Of (5) per cent per Annum, pay
able semi. i.annuslly, and they shall be for
an amount not less than five hundred
(S500) dollars nor more than one thous-
and ~, ,000) respectively. They shall be
Autographed or engraved, with the
necessary interest coupons attached to
each. shall express upon their face Mat
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 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 extinguisbed.
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 ct 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 aot, 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 10 the sum which
shall be collected from said county from
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 10 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 thG
81 Railroad Interest and Sinking Fund.-
which shall be applied: first, TO the pay
ment Of the interest % herein directed.
and second, to the redemption Of the
principal Of said bonds - provided In
this act, IL being the true intent and mean
ing Of this section Of this sot 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 ths
taxes upon the property Of the said rail.
road company, less the amount realized
| by said counties from the taxes levied fol
State and school purposes.
| twenty-five years, and both the interest
and principal shall be paid only u
provided in this act.
SEQ. 6. The bonds TO be issued undeI
the provisions Of this act shall be deliv'
cred 10 said railroad company by tht
Board OF County Commissioners Of thu
respective counties named. They shall b
signed by the chairman and the clerk o.
the Board and shall bear the seal Of sucf
Board. The interest-bearing couponl
belonging to and attached 10 each Of sale
bonds shall bear the engraved or litho
grsphed signature Of the clerk OF satt
Board Of Commissioners.
SEQ. Z. In case any Of the tersitor.
through which said railroad may be bull
shall hereafter be detached from tn
county within which u 10 now embraced
and such territory added to some oths
county, the provisions OF this sct respect
ing the issuance Of said bonds and thei
mode Of payment shall apply to sucl
county and the officers thereof the sam
as 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 q
to impair the security OF those who shal
hold OF purchase any of the bonds In thi
act provided. nor during the constructio
OF said railroad after 10 has been In goo
faith commenced.
SEQ. 0. All acts and parts Of acts In cor
fict with the provisions Of this aet u