Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1894-01-20
AN ACT
TO ENCOURAGE THE CONSTRUCTION OF a
RAILROAD ACROSS THE STATE OF NEVADA.

RAILROAD ACROSS THE STATE OF NEVADA.
SECTION /. Whenever, after the passage
Of this act, the Utah 4 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 fret class
railroad Of standard euage through the
counties OF White Pine, Eureka, Lander,
Churchill and Washoe. OF either OF them.
10 shall be entitled 10 receive tho bond Of
said counties. or either of them, at the
time and in the manner hereinafter pro-
vided. to the amosnt Of 5000 per mils
for each and every mile OF the main track
Of said railroad completed in said county;
provided, that said railroad shall be COM
pleted and in full operation within hvs
act, and no bonds shall be issued under
Its provisions after that Time.
SEQ. 2. Immediately upon the receipt ty
tho Board OF County Commissioners Of
either OF the said counties Of . sworn GER
tifcate OF the County Surveyor OF snch
county, or OF such . certificate Of the
Surveyor-General OF the State OF Nevada.
setting forth that twenty miles Of such
railroad as 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 10 part Of continuous line Of rail-
way then in course Of construction ss
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 to de-
liver $60. 900 of the bonds Of said county
provided for in this act to 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
the said board shall issue and de
liver TO 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 :
sary to complete the whole length OF tho
road In said county shall not amount to
twenty miles, then for such fractional seq
sion 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 Eve 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 It's construction.
Sec. 8. Said bonds shall bear interest al
the rate OF (5) per cent per anDum, pay
able semi-annually, and they shall be for
an amount not less than five hundred
($500) dollars nor more than one thous-
and fsl ,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 first day OF July subse-
| queut 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 extfnguished.
| 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
| 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 ,
and the amount 80 applicable to the pay
1 Ill A sI,ns s..ka nd hA aAGF M nj n
| OF the principal Of said bonds, shall be
| placed in q separate fund to be called The
's Railroad Interest and Sinking Fund, :"
| which shall be applied: first, 70 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 provisioDs OF this act
| shall be paid ont 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.
| Soc. 8. Said bonds shall be payable in
twenty five years, and both the interest
and principal shall be paid only IS
provided in this act.
SEQ. 6. The bonds TO be issued under
the provisions OF this aot shall be deliv-
cred TO said railroad company by ths
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 to each OF said
bonds shall bear the engraved or litho
graphed signature Of the clerk OF said
Board Of ommissioners.
SEQ. z. In case any OF the territory
through which said railroad may be built
shall hereafter be detached from thu
county within which ii is now embraced
aud such territory added to some othel
county, the provisions OF this act respect
ing the issuance of said bonds and tbei
mode OF payment shsll apply TO suel
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 80 modified in any way a
to impair the security OF those who shsl
hold or purchase any of the bonds In thi
act provided, nor during the construction
Of said railroad after il has been in goo
faith commenced.
Sec. 8. All acts and parts OF acts in con
Hict with the provisions OF this act ar
hereby repealed.