Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-08-05

TO ENCOURAGE THE CONSTRUCTION or 4
RAILRoAD ACROSS THE STATE OF NEVADA.


SECTION /. Whenever, after the passage
Of this act, the Utah a Nevada Air Line
Railway Company, corporation hereto
fore organized and now existing under and
by virtue OF the laws OF the State Of Me-
vsds, shall have constructed hrst-class
railroad Of standard euage through the
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 10 the manner hereinafter pro-
vided, to the amount Of 5000 per mile
for each and every mile OF the main track
Of said railroad mpleted In said county;
provided, that said railroad shall be COM
pieted 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.
SEQ. 2. Immediately upon thereceipt By
the Board OF County Commissioners OF
either Of the said counties Of sworn GER
tiicate Of the County Surveyor OF such
Surveyor General Of the State Of Nevada,
setting forth that twenty miles Of such
railroad a. 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 ~
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 be
necessary to prepare, to issue and 10 de-
liver $50. 600 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 10 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 neoes
ssry 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.
Sec. 8. Said bonds shall bear interest at
the rate OF 10y per cent per annum, pay
able semi-annuslly. and they shall be for
an amount not less than five hundred
($500) dollars nor more than one thous-
and (sl .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
Uutt al in N
and conditions contained In this act.
Both bonds and coupons shall be payable
| to bearer, and the interest thereon shall be
| paid semi-annuslly, on each first day OF
| January and each first day Of July subse-
quent to the issuance OF such bonds. and
upon the fret 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 OF the time and In accordance
| with the provisions OF this act.
| SEQ. 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, q 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
therefrom for State and school purposes ,
and the amount so applicable to the pay.
| ment Of the interest and the redemption
! - ba x,rip cipol nj oafd ban1a ahaiI ba
placed in Q separate fund to be called the
"a Railroad Interest and Sinking Fund. "
which shall be applied: fret. 70 tho pay
ment OF the interest as herein directed /,
and second, to the redemption OF the
principal OF said bonds as provided In
ehis aot. 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 taxes levied for
State and school purposes.
| Sec. s. Said bonds shall be payable in
I twenty-five years. and both the interest
and principal shall be paid only ai
provided in this act.
SEQ. 6. The bonds TO be issued under
| the provisions OF this sot shall be deliv.
| cred TO said railroad company by ths
Board OF County Commissioners Of the
, respective counties named. They shall bt
signed by the chairman and the clerk o.
| the Board and shall bear the seal Of sucf
| Board. The interest bearing couponl
belonging TO and attached TO each OF sait
bonds shall bear the engraved or litho
graphed signature Of the clerk OF sait
Board OF Commissioners.
Sec. Z. In case any Of the territor,
through which said railroad may be bull
shall hereafter be detached from th
| county within which ID 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
r0ode Of payment shsll apply to sucl
county and the officers thereof the sam
as though such county was originally in
clu. led in the provisions hereof.
Sec. 8. The faith of the State Of Nevad
is hereby pledged that this act shall neve
be repealed nor 80 modified in any way a
to impair the security OF those who sha
hold or purchase any Of the bonds In thi
act provided. nor during the constructio
OF said railroad after IL has been in goo
faith commenced.
Sec. .. All acts ard parts OF acts In cor
fict with the provisions OF this act al
hereby repealed.