Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-03-04
NUMBER ~:
TO KScouRAeE THE CONSTRUCTION OF 4
RAILROAD ACROSS THE STATE OF NEVADA.

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION 1. Whenever, after the passage
OF this aot, the Utah q Nevada Air Line
Railway Company, . corporation hereto
fore organized and now existing under and
BY virtue OF the laws OF the State OF Ne
| vada, shall have constructed . frst-class
railroad Of standard euage through the
counties OF White Pine. Eureka, Lander,
Churchili and Washoe. or either Of them.
IL shall be entitled 10 receive the bond Of
said counties. or either OF them, ~ 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
| it's provisions after that time.
SEQ. 2. Immediately upon thereceipt BY
the Board Of County Commissioners Of
either Of the said counties Of . sworn GER
tificste Of the County Surveyor Of such
county, or Of such . certificate Of the
Surveyor General Of the State Of Nevada
setting forth that twenty niles 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 10 . part OF a continuous line Of rail.
way then 10 course Of construction -
herein before specified. IL shall be the duty
Of said Board OF County Commissioners OF
such county, aud they are hereby directed
Immediately TO take such action a. may be
necessary to prepare, to issue and TO de.
liver 100000 Of the bonds Of said county
provided for In this act to said railroad
company; and thereafter ~ 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 tho bonds
OF said county, Al 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 I.
ssry to complete the whole length Of the
road in said county shall not amount 10
twenty miles, then for such fractional SEQ
tion OF twenty miles such bonds shall be
issued ct the rate Of three thousand dol
lars per mile; provided. that no bonds
shall be issned 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 10 aid OF its 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 Eve hundred
(S500) dollars nor more than one thous-
and isl .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
"A Gtat axk IN ha ufosn
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 ench 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, . sum OF
| money equal In amount to the sum which
shall be collected from taid 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, t,
and the amount go 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: first. 10 the pay
ment OF the interest "a herein directed
and second. to the redemption Of the
principal OF eaid bonds - provided In
this act. II being the true intent and mean
ing OF this section Of this act that the
interest and principal OF oil the bonds
issued under the provisions Of this act
shall be paid ont Of The revenue derived
from the respective counties from the
road company, less the amount realized
by said counties from the taxes levied for
State and school purposes.
Sec. s. Said bonds shall be payable in
twenty five years, and both the interest
and principal shall be paid only a.
provided In this act.
SEQ. G. The bonds to be issued under
the provisions Of this act rhall be deliv-
cred TO said railroad company by the
Board OF County Commissioners Of tha
respective counties named. They shall be
signed by the chairman and the clerk Of
the Board and shall bear the seal Of such
Board. Tho interest bearing coupons
belonging TO and attached to each Of said
honda shall bear the engraved or litho.
graphed signature Of the clerk Of said
Board OF Com missioners.
SEQ. Z. In case any Of the territory
through which said railroad may be buili
shall hereafter be detached from thu
county within which IL 10 now embraced
and such territory added to some othsi
county. the provisions Of this act respect
ing the issuance OF said bonds and theiI
mode OF payment shall apply TO suci
county and The officers thereof ths sam,
as though such county was originally in
cluded In the provisions hereof.
Sec. 8. The faith Of the State OF Nevadi
ia hereby pledged that this act shall nevel
be repealed nor 80 modified In any way .
TO impair the security of those who shal
hold or purchase any of the bonds In thi
act provided. Eor during ths construction
OF said railroad after II has been in goo,
faith com menced.
Sec. 8. All acts and parts OF acts in con
fict with the provisions Of this act ~
i IA