Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-05-13
NUMBER 81.
TO ENCOURAGE THE CONSTRUCTION or 4
RAILROAD ACROSS TIE STATE or NEVADA.

RAILROAD ACROSS TIE STATE or NEVADA.
sEcrIos 1. Whenever, after the passage
OF this act, the Utah & Nevada Air Line
Railway Company, q corporation hereto
| fore organized and now existing under and
| BY virtue o. the laws OF the State Of Ne
vada, shall have constructed a frat class
railroad of standard guaee through the
counties Of White Pine. Eureka, Lander,
| Churchill and Washoe. or either OF thcm,
| 10 shall be entitled TO receive the bond Of
said counties, or either OF them, 81 the
time and 10 the manner hereinafter pro-
vided, to the amount OF 5000 per mile
for each and every mile OF tho main track
Of said railroad completed In said county;
provided, that said railroad shall be CONF
| pleted and In full operation within five
years from the date OF the approval OF this
act, and no bonds shall be issued under
| its provisions after that time.
Sec. 2. Immediately upon thereceipt hy
the Board Of County Commissioners Of
either OF the said counties Of sworn eer-
tifcate Of the County Surveyor Of suoh
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 10 part OF q con nlinuous line OF rail-
way then In course OF construction ~
herein before specified, IL shall be the duty
Of said Board OF County Com missioners of
such county. and they are hereby directed
Immediately to take such action % may be
necessary 70 prepare, to issue and TO de-
liver $50. GOO Of the bonds OF said county
provided for in this act TO said railroad
company; and thereafter as 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 do
liver to 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 Deces .
sary to complete the whole length Of ths
road In said county shall not amount to
twenty miles, then for such fractional Sec
tion Of twenty miles such bonds shall be
issued 81 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 Eve 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 10 aid OF its construction.
SEQ. 8. Said bonus shall bear interest al
the rate OF (5l per cent per annum, pay
able semi.snnually, and they shall be for
an amount not less than five hundred
| l$500l 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 to the provisions
| and conditions contained in this act.
| Both bonds and coupons shall be payable
| 20 hearer, and the interest thereon shall be
| paid semisnnusiiy, OF each first day Of
January and each first day o. July subse-
| quent TO the issuance OF such bonds. and
| upon the first day Of each January and
| July thereafter, until sll interest payable
| ON the same shall have been extinguisbed.
| 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 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, a sum OF
1
| 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. shall be
| placed in q separate fund to be called tht
q 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 as provided In
this act, IL being the true intent and mean
ing OF this section OF this act that the
interest and principal OF all the bonds
issued under the provisions OF this act
shall be paid out OF the 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 tsxes levied for
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 a.
provided in this act.
SEQ. 6. The bonds to be issued under
the provisions Of this act shall be deliv-
cred to said railroad company by the
Board OF County Commissioners OF the
respective counties named. They shall be
signed by the chairman and sbe clerk OF
tho 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-
graphed signature of the clerk of said
Board Of Com mmissioners.
SEQ. z. In case any OF the territory
through which said railroad may be built
shall hereafter be detached from the
county within which 1t Is now embraced.
and suoh territory added TO some other
county, the provisions OF this ACT respect
ing the issuance of said bonds and their
mode Of payment shall apply 10 sneh
county aud the officers thereof the sam o
as though such county was originally in
cluded in the provisions hereof.
Sec. 8. The faith OF the State OF Nevada
Is hereby pledged ihs. this act shall never
be repealed nor so modified in any way as
to impair the security OF those who shall
hold or purchase any of the bonds in this
act provided, nor during the construction
OF said railroad after il has been In good
faith commenced.
SEQ. 9. All acts and parts OF acts in con-
iict with the provisions Of this act are
hereby repealed.