Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-06-24

TO ENCOURAGE THE CONSTRUCTION or 4
RAILROAD ACROSS THE STATE on NEVADA.

RAILROAD ACROSS Ihk bIAfk ok NEVADA
SHcrrox 1. Whenever, after the passage
Of this aot, 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 Ne
vada, shall have constructed q frst-class
railroad Of standard guage 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, 10 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 COM
pieted and in full operation within i've
years from the date OF the approval OF this
act, and no bonds shall be issued under
it's provisions after that time.
SEQ. 2. Immediately upon the erecslpt by
the Board Of Cc1nty omm;ssfoners oe
either Of the said counties Of . sworn Ger
tifcaie 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 O. 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, 1t 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 dc.
liver $50, 900 Of the bonds Of said county
provided for In this act 10 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
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 neces =
ssry TO complete the whole length Of the
road In said county shall not amount to
twenty miles, then for suoh fractional SEQ
tion Of twenty miles such bonds shall be
issued al 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
tho date Of its approval, and no portion
Of said railroad not then completed shall
receive any bonds from said counties, or
SEQ. 8. Said bonds shall bear interest at
the rate OF (5) per cent per snnum, pay
able semi-annually. and they shall be for
an amount not less than five hundred
| (S500) dollars nor more than one thous-
and ~ ,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 70 the provisions
and conditions contained In this acs.
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 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 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 this act, there shall be annually
applied from the revenue OF such county
| 10 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 10 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 30 applicable TO the pay
ment Of the interest and the redemption
Of the principal OF said bonds. shAll be
placed in separate fund to be called tht.
Railroad Interest and Sinking Fund. "
which shall be applied: first. TO the pay
ment Of the interest ss herein directed.
and second, to the redemption Of the
principal Of said bonds as provided In
this aot, II being the true intent and mean
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. 5. Said bonds shall be payable In
twenty-five years, and both the interest
and principal shall be paid only ~
provided In this act.
Sec. D. The bonds 10 De issued undes
the provisions Of this aot 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 such
Board. The interest bearing coupons
belonging TO and attached TO each OF said
bonds shall bear the engraved or litbo
| grsphed signature Of the clerk OF sAi(
Board OF Commissioners.
SEQ. Z. In case any Of the territor,
through which said railroad may be bull
shall hereafter be detached from th,
county within which ID 10 now embraced
and such territory added TO some otheI
county, the provisions OF this act respect
ing the issuance Of said bonds and thei
mode Of payment shall apply TO 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 Nevad
Ia hereby pledged that this act shall neve
be repealed nor so modified In any way q
) TO impair the security OF those who sbal
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. 9. AL acts and parts OF acts 10 con
j. fiict with the provisions Of this act ar
hereby repealed