Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-10-14

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


SECTION /. Whenever, after the passage
OF this act, the Utah & Nevada Air Line
Railway Company. corporation hereto
fore organized and now existing under and
BY virtue Of the laws Of the State Of Ne
vads, shall have constructed frst-class
railroad Of standard guAee through the
counties OF White Pine. Eureks, Lander,
Churchill and Washoe. or either OF them,
IL shall be entitled 70 receive tho bond Of
said counties. or either Of them, 81 the
time and in the manner hereinafter pro-
vided. TO the amount Of 5000 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 in 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.
SEQ. 2. Immediately upon the receipt By
the Board Of County Commissioners Of
either Of the said counties OF sworn Ger.
tificate Of the County Surveyor Of such
Surveyor General Of the State OF Nevada
setting forth that twenty miles Of such
railroad O. 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 10 . part OF Q continuous line Of rail.
way then in course Of construction -
herein before specified, 10 shall be the duty
Of said Board OF County Commissioners OF
such county. and they are hereby directed
Immediately TO take such action - may be
necessary to prepare. to Issue and 70 de.
liver $50. 900 Of the bonds Of said county
provided for In this act 10 said railroad
company; and thereafter % each success.
- - ksl kau
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 10 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 10 complete the whole length Of the
road In said county shall not amount to
twenty miles, then for such fractional SEQ
ton OF twenty miles such bonds shall be
issued at tho 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 It's construction.
Sec. 8. Said bonds shall bear interest ~
the rate OF (5) per cent per annum. pay
able semi.annually. and they shall be for
an amount not less than five hundred
($500) dollars nor more than one thous.
and fSl ,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 70 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 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 game shall have been extipguished.
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 acs.
SEQ. 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 said company In said
| county, less the amount Of taxes which
| may have been levied on and collected
| tberefrom for State and school purposes, I,
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
q Railroad Interest and Sinking Fund" :"
which shall be applied: fret. TO the pay.
ment OF the interest az 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 tho
interest and principal OF all the bonds
issued under the provisions Of this act
shall be paid cut OF the revenue derived
from the respective counties from tho
taxes upon the property OF the said rail.
rosd company, lees 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 -
provided In this act.
1 o.
the provisions OF this act shall be deliv-
cred TO said railroad company by ths
Board OF County Commissioners Of the
respective counties named. They shall be
signed by the chairman and the clerk oi
the Board and 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
grsphed signature Of the clerk Of said
Board Of commissioners.
SEQ. z. In case any Of the territory
through which said railroad may be bull
shall hereafter be detached from th'
county within which IL is now embraced
and such territory added TO some othcI
county. the provisions Of this acs respect
ing the issuance Of said bonds and thei
mode Of payment shall apply 10 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 a
to impair the security OF those who shal
hold or purchase any Of the bonds 10 thi
act provided, nor during the construction
OF said railroad after IL has been 10 goo
faith commenced.
Sec. 0. All acts and parts Of acts in con
flict with the provisions Of this act ~
hereby repealed.