Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-05-20
An ACT
TO ENCOURAGE THE CONSTRUCTION or 4
RAILROAD ACROSS THE STATE OF NEVADA.


SECTION 1. whenever, after the passage
Of this act, the Utah a Nevada Air Line
Railway Company, corporstion hereto
fore organized and now existing under and
BY virtue OF the laws OF the State OF Me-
vsds, shall have constructed . frst-class
railroad OF standard euage through the
counties OF White Pine. Eureka, Lander.
Churchill and Washoe, or either Of them,
10 shall be entitled 70 receive the bond Of
said counties. or either Of them. % the
time and In the manner hereinafter pro-
vided. to the amount Of 50, 600 per mile
for each and every mile OF tho main track
Of said railroad completed IN said county;
provided, that said railroad shall be COM
pieted and in full operation within i've
years from the date Of the approval OF this
act, and no bonds shall BE- tssued under
its provisions after that time.
Sec. 2. Immediately upon therecsIpt BY
the Board Of County Commissioners OF
either Of the said coantiss Of sworn cer-
si6caie Of the co-rSy SS<s ssyos Of saoh
county, or u such 3 oertincAts Of the
Surveyor General Of ths State Of Nevada.
setting forth that twenty miles Of such
railroad % 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 continuous line Of rail.
way then In course Of construction ~
herein before specified, 10 shall be she duty
Of said Board Of County Commissioners OF
such county, and they are hereby directed
Immediately to take such action - may be
necessary 10 prepare, TO Issue and 10 de-
liver S60, 900 Of the bonds Of said county
provided for In this cot to said railroad
company; and thereafter as each success
i've twenty miles OF railroad shall have
been completed and ready 10 receive the
rollingstock In such county, and the same
shall be shown By the Ger titicste Aforesaid
the said board shall issue and de
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 .
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 i've 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.
Sec. 8. Said bonds shall boar interest at
the rate OF (5) per cent per annum. psy-
able semi-annually, and they shali be for
On amount not less than five hundred
(s500) dollars nor more than ono thous-
and ~. .000l respectively. They shall bs
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 TO the provisions
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 70 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 ct the time and In accordance
with the provisions OF this act.
SEQ. 4. In each OF the counties from
which bonds may be iseued 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 collscted
therefFom 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. shall bo
placed in . separate fund to be called the
" Railroad Interest and Sinking Fund. -
which shall be applied: fret. 70 the pay
mept OF the interest as herein directed.
and second. to the redemption Of the
principal OF said 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 ell the bonds
issued under the provisiops Of this act
shall be paid ont Of she revenue derived
from the respective counties from the
taxes upon the property OF the said rail.
road COMPANY, less the amount realised
State and school purposes.
Sec. s. Said bonds shall be payable in
twenty-five years. and both the interest
aud principal shall be paid only ~
provided in this act.
SEQ. 6. The bonds TO be issued under
the provisions Of this act shall be deliv.
cred 70 said railroad company by the
Board OF County Commissioners 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 to each OF said
bonds shall bear the engraved or litho
grsphed signature Of the clerk OF said
| Board OF commissioners.
See. z. In case any OF the territory
through which said railroad may be bull
shall hereafter be detached from IN,
county within which Il IL now embraced
and such territory added 10 some othel
county. the provisions Of this scs respect
ing the issuance Of said bonds and thsil
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 NevadI
is hereby pledged that this act phsll neve
be repealed nor 80 modified 10 any war 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 II has been In goo,
faith commenced.
Sec. Q. ALI acts and parts Of acts In con
fiict with the provisions OF this act ar
hereby repealed.