Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-03-18

70 ENCOURAGE THE CONSTRUCTION on A
nAILRoAD ACROSS THE STATE on NEVADA.

SECTION l. Whenever, after the passage
Of this sct, 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 frst-class
railroad of standard gusgs through the
counties OF White Pine, Eureka, Lander
Churchill and Wsshoe. or either OF them.
IL shall be entitled 10 receive the bond Of
said counties. or either OF them, ~ the
time and 10 the manner herein after pro-
yided, TO the amount OF 5000 per mile
for each and every mile Of the main track
OF said railroad com pleted In said county;
provided, that said railroad shall be COM
pleted and in full operation within Eve
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 ereceipt By
the Board OF County Commissioners Of
either Of the said counties OF . sworn GER
tifcate 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 az 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 con tinuous line Of rail-
way then in course OF construction ~
herein before specified, ii shall be the duty
OF said Board OF County Commissioners OF
such county, and they are hereby directed
Immediately to take such action as may Be
necessary TO prepare, to issue and TO de-
liver $50. 900 OF the bonds Of said county
provided for In this Act 10 said railroad
company; and thereafter as each success
II k~ff L..
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 to said railroad company the bonds
Of said county, ~ 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 .
sary to complete the whole length Of tho
road in said county shall not amount to
twenty miles, then for such fractional sec-
tion OF twenty miles such bends 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
U
Sec. 8. Said bonds shall bear interest at
the rate OF (5) per cent per Annum. pay
able semi-annually, and they shall be for
an amount not less than five hundred
tS500) dollars nor more than one thous-
and fSl .000) respectively. They shall be
Autographed or engraved. with the
necessary interest coupons attached 10
each, shall express upon their face that
they are payable In gold coin OF tho
United States, subjsct 10 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 fret day Of July subse-
quent to the issuance OF such bonds. and
upon the first day OF each January and
July thereafter, until ell 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
boon Issued ct the time and In accordance
with the provisions OF this act.
Sec 4. 10 each OF the counties from
which bonds msy be issued under and by
virtue OF this 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, sum OF
money equal in amount TO the SUN 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
| thereirom for State and school purposes,
and the amount SO applicable TO the pay
nj ha int ha m N m
OF the principal Of said bonds. shall be
pisced in . separate fund to be called the
"a Railroad Interest and Sinking Fund,
which shall be applied: first. TO the pay
ment 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 ell 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. 8. Said bonds shall be payable in
| twenty-five years. and both the interest
aud principal shall be paid only -
Sec. 6. The bonds 10 be issued under
| the provisions OF this act shall be deliv-
cred to said railroad company by the
Board OF County Commissioners Of tho
| respective conn ties NAMED. They shall be
| signed by the chairman and tho 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-
graphed signature Of the clerk OF said
| Board Of Commissioners.
Sec z. In case any Of the territory
through which said railroad may be built
shall hereafter be detached from thu
| county within which il IL now embraced
| and such territory added 20 some Other
county, the provisions Of this get respect
ing the issuance OF said bonds and theil
| mode OF payment shall apply to sref
county and the officers thereof the same
a. though such county was originally in
cluded in the provisions hereof.
Sec. 8. The faith of the Slate CT Nevsdi
Is hereby pledged that this act shsll nevel
| be repealed nor so modified in any way sl
TO impair the security OF those who shal
hold or purchase any of the bonds In thil
act provided, nor during tbs construction
OF said railroad after IL has been in gcoS
faith commenced.
Sec. Q. All acts and parts Of acts in con
lict with the provisions Of this act AZ