Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-03-11

70 ENCOURAGES THE CONSTRUCTION or 4

RAILROAD ACROSS THK STATE OF NEVADA
6EcTIoS I. Whenever, after the passage
Of this act, the Utah q Nevada Air Line
Railway Company, . corporation hereto
fore organized and nov existing under and
by virtue OF the laws OF the State Of Ne
vada, 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 TO receive the bond OF
said counties. or either Of them, % 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 conn
pleted and in full operation within ave
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 the receipt By
the Board Of Coe ~ Commissioners -
either Of the said ooun ties Of = sworn Ger.
tifcsse 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 ss herein mentioned have been
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 Q ontinuous line OF rail-
way then In course Of construction -
herein before specified, IL shsll 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 70 de-
liver $50, 900 Of the bonds Of said county
provided for In this act 10 said railroad
company; and thereafter - each success
fro A. A. ~ kAI ka
been completed and ready 10 receive the
rolling stock In such county, and the came
shall be shown by the certificate Aforesaid
the said board shall issue and de
liver TO said railroad company the bonds
OF said county, 81 the rate OF sixty
thousand dollars In bonds for each section
Of twenty miles thus completed in said
county, and In case the last section neces I.
sery TO complete the whole length Of tho
road In said county shall not amount 10
twenty miles, then for such fractional SEQ
tion OF twenty miles such bonds shall be
issued at the rate Of three thousand dol
lars per mile; provided. that no bonds
shall be issued under the provisions OF
this act after the lapse OF fve years from
the date OF Its approval, and no portion
OF said railroad not then completed shall
receive any bonds from said counties. or
either Of them 10 aid Of its construction.
Sec. 8. Said bonds shall bear interest 81
the rate OF (6) per cent per snnum. pay
able semi.annuslly. and they shall be for
an amount not less than Eve hundred
tS500) dollars nor more than one thous-
and f$l ,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
| to bearer, and the interest thereon shall be
| paid semi annually, on each first day OF
January and each 6rst day OF July sIbse-
| quent TO 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 tho 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 Issued under and by
| virtue OF sbis act, there shall be annually
applied from the revenue OF such county
| to the pay ment 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 tho 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
tbsrefrom 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. sball be
placed in separate fund to be called The
''Rsilroad Interest and Sinking Fund, :"
| which shall be applied: fret, 10 the pay
ment OF the interest rs 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 ont OF the revenue derived
from the respective counties from the
| road company, lees the amount realized
by said counties from the taxes levied for
State and school purposes.
SEQ. s. Said bonds shall be payable in
twenty five years. and both the interest
and principal Ahall be paid only -
provided in this act.
SEQ. 6. Tho 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 the clerk Of
the Board and shall bear the seal Of sueh
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 missioners.
SEQ. Z. In case any Of the territory
through which said railroad may be built
shall hereafter be detached from the
county within which ID IL now embraced.
and such 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 to such
county aud The officers thereof the sams
as though such county was originally in.
cluded In the provisions hereof.
Sec. 8. The faith OF the etate OF Nevsds
Ia hereby pledged that this act shall never
be repealed nor 30 modified in any way Al
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.
Sec. 9. All acts and parts OF acts in con.
fict with the provisions OF this act arr
| herahv renealed