Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-07-29

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

SECTION 1. 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
vada, shall have constructed frst-class
railroad OF standard guage through ths
counties Of White Pine, Eureka, Lander,
Churchill and Washoe. or either Of them.
il shall be entitled 70 receive the 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
lie provisions after that time.
SEQ. 2. Immediately upon thereceipt By
the Board Of County Commissioners Of
either Of the said counties Of sworn cer-
ti6oate Of the County Surveyor Of such
county, or OF such . certificate Of the
Surveyor-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 part Of continuous line Of rail-
way then In course Of construction 90
herein before specified, IL 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 SEC, 900 Of the bonds Of said county
provided for In this aot 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
the said board shall issue and de
liver 10 said railroad company the bonds
OF said county, 81 the rate Of sixty
thousand dollars In bords for each section
Of twenty miles thus completed In said
county, and in case the last section neces :
sary TO complete the whole length Of the
road In said county shall NOT amount to
twenty miles, then for such fractional SEQ.
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 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 its construction.
SEQ. 8. Said bonds shall bear interest AZ
the rate OF (5) per cent per annum, pay
able semi-annually, and they shall be for
an amount not less than Eve hundred
($500) dollars nor more than one thous-
and f$l ,O00) 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 first day Of
January and each first day Of July subse-
quent 10 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 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 al 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 oil
L
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
and the amount so applicable TO the pay
ment Of the interest and the redemption
| Of the principal Of said bonds. shali be
placed in Q separate fund TO be called tho
q Railroad Interest and Sinking Fund. .
which shall be applied: fret. 10 the pay
ment OF the interest ss herein directed,
and second, to the redemption Of the
principal Of said bonds % provided In
| ing OF this section OF this act that the
| interest and principal OF ell 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, less the amount realized
by said counties from the taxes levied fol
State and school purposes.
Sec. s. Said bonds shall be payable Ii
twenty-five years, and both the interest
and principal shall be paid only n
provided in this act.
Sec. 6. The bonds to be issued undei
| the PROVISIONS OF tnis act enAii De oeiiv
cred TO said railroad company by th,
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 coupon
belonging TO and attached to each Of sait
bonds shall bear the engraved or litho
grsphed signature Of the clerk OF sait
Board OF Commissioners.
SEQ. z. In case any Of the territor.
through which said railroad may be bull
shall hereafter be detached from th
county within which II is now embraced
and such territory added TO some othe
county, the provisions Of this act 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
ia 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 or purchase any of the bonds in thi
act provided, nor during the construction
OF said railroad after 10 has been In goo,
faith commenced.
SEQ. 8. ALI acts and parts OF acts In CON
fict with the provisions Of this act ar
hereby repealed.