Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-06-03
An ACT
70 ENCOURAGE THE CONSTRUCTION on
RAILROAD ACROSS TIE STATE on NEVADA.

sKcrrox 1. Whenever, after the passage
Of this sot, the Utah 4 Nevada Air Line
Railway Company, . corpoSation hereto
fore organised and nov existing under and
BY virtue Of the laws Of the State Of Ne
vads, shall have constructed Q 6Sst-elase
railroad Of standard gusge through the
counties Of White Pine. Eureka, LANDER
Churchill and Wsshoe, OF either OF thems
IL shall be entitled 70 receive the bond q
said ooup ties. or either Of them, 81 tho
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 countyS
provided, that said railroad shall be oom-
plsted and in full operation within hve
years from the date Of the approval OF this
aos. and no bonds shall bs issued undes
its provisions after THAI tine.
SEQ, 2. Imuedisisly upon The receipt By
the Board Of County Commissioners of
tifcase Of the County Surveyor Of sueh
county, or Of such . ccrtihoste Of the
Surveyor General Of the 6tste Of Nevada
setting forth chat twenty miles Of such
railroad % herein mentioned have beea
built and completed BY said company and
In proper condition 10 receive the rolling.
stock, and that said section Of twenty
miles 10 part OF 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 10 take such action - may bs
necessary 70 prepare, 70 issue and 70 de.
liver sec. 900 Of the bonds Of said county
provided for In this cot 70 satd railroad
company; and thereafter - each success.
i've twenty miles Of railroad shall have
been completed and ready 10 receive the
shall be shown BY the Ger rtinoate Aforesaid
the said board shall issue and Dc
liver TO said railroad company the bonds
OF said county, 81 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 70 complete the whole longth 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 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 lspse Of ave years from
the date Of its approval, and NO portion
Of said railroad mot 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 ~
the rate OF (6) per cent per annum, pay
able semi-annually, and they shall be for
(S50O) dollsrs nor more than one thous-
and ~ .00O) respectively. They shall bs
Autographed or engraved. with the
necessary interest coupons attached to
each, shall express upon their face shat
they are payable In gold coin OF the
United States, subject 70 the provisions
and conditions contained In this sct.
Both bonds and coupons shall be payable
10 bearer, and the In nterest thereon shall be
paid semi. annually, on each first day Of
January and each first day Of July subss-
quent 70 the issuance OF such bonds. and
upon the nrst 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 st the time and 10 accordance
with the provisions OF this aot.
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
10 the pay ment 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
thersfrom for State and school purposes.
and the amount 90 applicable to the pay
ment Of the interest and the redemption
Of the principal Of said bonds. shsll be
placed in separate fund TO be called ths
" Railroad Interest and Sinking Fund"
which shall be applied: fret. 70 the pay
ment OF the interest - herein directed.
and second, to the redemption Of the
principal Of said bonds - provided In
this act, u being the true intent and mean
ing OF This section Of this cot that the
interest and principal Of All the bonds
issued under the provisions Of this act
shall be paid out Of she revenue derived
from the respective counties from the
taxes upon the property Of the said rail-
road company, lees the amount realized
by said counties from the taxes levied for
State and school purposes.
Sec. 8. Said bonds shall bs payable In
twenty-five years, and both the interest
and principal shall be paid only -
provided IN thie act.
Beo. 6. The bonds 10 be issued under
the provisions Of this cot shall be deliv-
cred TO said railroad company by the
Board OF County Commissionsrs Of the
respective counties named. They shall be
signed by the chairman and the clerk Of
the Board and shall bear the seal Of such
| Board. The interest bearing coupons
| belonging to and attached 10 each OF said
bonds shall bear the engraved OF litho-
grsphed 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 thu
county within which II 10 now embraced,
and such territory added 70 some othes
county, the provisions Of this act respect.
ing the issuance OF said bonds and theiI
mode of payment shall spply 70 such
county and the officers thereof the SAME
- though such county was originally In
cIuded IN the provisions hereof.
Sec. 8. The faith Of the State Of NsvAds
IL hereby pledged that this sct shall nevel
be repealed nor so modified IN any way u
10 impair the security Of those who shal
hold or purchase any Of the bonds In thil
| act provided, nor during ths construction
OF said railroad after 70 has boon In goot
faith commenced.
SEQ. 8. ALI acts and parts Of acts In con
dict with the provisions OF this act ar'
hereby repealed.