Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1894-01-06
NUMBER 10.
TO ENCOURAGE THE CONSTRUCTION or A
RAILROAD ACROSS THE STATE OF NEVADA.

| RAILROAD ACROSS THE STATE OF NEVADA.
SECTION /. Whenever, after the passage
OF this aot. tho Utah q Nevada Air Line
Railway Company, corporation hereto
| fore organized and now existing under and
| by virtue OF the laws OF the state of Ne
vads, shall have constructed q frst-clsss
railroad OF standard euage through the
counties OF White Pine. Eureka, Lander.
| Churchill and Washoo. or either OF them,
il shall be entitled TO receive the bond Of
said counties. or either Of them, 1T the
time and 10 the manner hereinafter pro-
vided. 10 tho 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
| pleted and in full operation within 1--WE
| years from the date Of the approval OF this
act, and no bonds shall be issued under
its provisions after that limo.
SEQ. 2. Immediately upon the receipt BY
the Board OF County Commissioners Of
either OF the said counties Of . sworn cer-
tificate Of the County Surveyor Of such
county, or OF such 9 certificate Of the
| Surveyor General OF the State Of Nevada.
| setting forth that twenty miles OF such
| railroad as herein mentioned have beon
built and completed by said company and
| In proper condition to receive the rolling
| stock. and that said section Of twenty
| miles 10 Q part OF a continuous line OF rail-
| way then In course OF construction a.
herein before specified, 1t shall be the duty
Of said Board OF County Commissioners Of
| such county, and they are hereby directed
Immediately to take such action % may be
necessary TO prepare. to Issue and to de-
| liver $50. 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 the
road in said county shall not amount to
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 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
either Of them in aid Of its construction.
| 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
| tS5O0) dollars nor more than one thons-
and Isl ,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 fret day Of July subse-
i 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 extingnished.
Both the interest and principal OF said
bonds shall only be paid by tho Treasurer
OF the county from which they may have
been Issued at tho time and in accordance
with the provisions Of this act.
Sec. 4. In each OF the counties from
which bonds may be issued under aud 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 shsil have
been issued from said county, sum OF
4
shall be collected from ssid conDty 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 bave been levied on and collected
therefrom 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. shall he
placed in 8 separate fund to be called tht
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 aot. Ii being the true intent and mean
Tag 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 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.
| SEQ. 5. Said bonds shall be payable in
twenty-fi i've years. and both the interest
and principal shall be paid only ~
provided in this act.
SEQ. 6. The 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 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 Commissioners.
SEQ. 7. In case any Of the territory
through which said railroad may be built
shall hereafter be detached from the
county within which it Ia now embraced,
and such territory added TO some other
county. the provisions Of this act respect
ing tho issuance of said bonds and their
mode Of payment shall apply 10 such
county aud the officers thereof the same
as though such county was originally in
cluded in the provisions hereof.
Sec. 8. The faith of the State OF Nevsds
is hereby pledged that this act shall never
be repealed nor so modified in any way a,
to Impair the security 81 thoss who shai
hold or purchase any OF the bonds Ia tLii
act provided, nor during this construction
OF said railroad after il has been In good
faith commenced.
Sec. 9. All acts and psrts OF acts in con
fiict with the provisions Of this act ar,
hereby repealed.