Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1893-01-21
An ACT
70 ENCOURAGE rHR CONSTRUCTION OF .
RAILROAD ACROSS TIE STATE on NEVADA.

SEcrrox I. whenever, after the passage
Of this act, the Utah 4 Nevada Air Line
Railway Company. . corporsiion hereto
fore organized aud now existing under and
by virtue OF the laws OF the State Of Ne
vads, shall have constructed . frst-class
railroad Of standard euage through the
counties OF White Pine, Eureks, Lander.
Churchill and Wsshoe. or either Of them,
IL shali be entitled 70 receive tho bond Of
said counties. or either Of them, 81 the
time and In the manner hereinsfter pro-
vided. TO tho amount OF 5000 per mile
for each and every mile OF the main track
Of said railroad completed In said countyj
provided. that said railroad shall be conn
pleted and in full operation within fve
years from the date OF the approval Of this
act, and no bonds shall be issued undee
its provisions after that time.
SEQ. 2. Immediately npon the receipt By
tho Board Of County Commissioners of
either OF tho said counties OF sworn GER
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 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
milos 10 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 70 take such action % may Be
necessary TO prepare, TO issue and 10 de-
liver $50. 900 Of the bonds Of said county
provided for In this act TO said railroad
company; aud thereafter as each success
ive 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 Ger tihcate Aforesaid
the said board shall issue and de
liver TO said railroad company the bonds
OF said county, at tho 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 the
road In said county shall not amount to
twenty miles, then for such fractional Sec
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 i've 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.
See. 8. Said bonds shall bear interest ~
the rate Of (5) per cent per annum. pay
able semi-annually. and they shall be for
an amount not lees than i've hundred
($500) dollars nor more than one thous-
and ($l, ,O00) respectively. They shall b
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 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 frat 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 extingnished.
Both the interest and principal OF said
bonds shall only be paid By the Treasurer
of the county from which they may havo
been issued at the time aud 10 accordance
with the provisions of this act.
Sec. 4. In each OF the counties from
which bonds may be issned under and by
virtue OF this act. there shsll 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. . 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, I,
and the amount so applicable TO tho pay
ment OF the interest and the redemption
OF the principal Of said bonds. shall DO
placed in . separate fund to bo called the
u T. . .
which shall be applied: fret. 10 the pay
ment Of the interest Is 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 ali the bonds
issued under the provisions OF this act
shall be paid ont OF the revenue derived
from the respective counties from the
taxes upon the property OF tho said rail-
road company, lees the amount realized
by said counties from the taxes levied for
State and school purposes.
SEQ. 8. Said bonds shall be payable In
twenty-five years. and both the interest
aud principal shall be paid only a.
provided In this act.
Sec. 6. The bonds 10 be issued under
| the provisions OF this act ehall be deliv-
cred 10 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 aud shall bear the seal Of such
| Board. The interest bearing coupons
| belonging TO and attached 10 each OF said
bonds shall bear the engraved or litho-
| graphed signature Of the clerk OF said
| Board OF Com N issioners.
| SEQ. 7. In case any OF the territory
through which said railroad may be built
| shall hereafter be detached from the
county within which II is 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 same
as slough such county Was originally in
cluded In the provisions hereof.
Sec. 8. The faith Of the State OF Nevada
is hereby pledged that this act shall mover
be repealed nor so modified In any way -
to impair the security of those who shall
hold or purchase any of the bonds in this
act provided. nor during the constr uction
OF said railroad after IL has been in good
faith commenced.
| SEQ. 9. All acts and paris OF acts in con-
fiot with the provisions Of this act are
hereby repealed.