The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-02-14

county court, or the mayor and council
of the city to levy and collect annually,
in addition to other taxes, a tax on all
taxable prperty in such county, town
ship or city, sufficient to pay the in
terest on such bonds as the same shall
become due, and to create a sinking
fund sufficient to pay said bonds al
maturity; and such tax shall be coli
lected, as other taxes are collected,
and paid out by the treasurer on pre-
sentation of the coupons or bonds.
when due at the treasurer's office, or
at SUCH place as may be specified in
the petition or proposition herein men
toned.
Section Z. When any sum of the fore
going taxes. collected for interest or
sinking fund, shall remain in the hands
OF the treasurer after paying all the
interest due, the county court for such
county or township, or the mayor and
council for such city shall cause the
treasurer to buy, up the bonds at their
market value, not exceeding par.
Section 8. Before any railroad COM
pany shall be entitled to receive any
bonds issued in pursuance of the
foregoing provisions for the stock of
such company said company shall de-
liver to the treasurer of such county.
township or city, stock in their said
road equal in amount with the bonds
authorized to be issued, dollar for dol
lar.
Section 9. Before any bonds in the
nature of loan, issued under the
provisions of this act, shall be deliv-
cred to any railroad company, said
company shall execute under their cor
porate seal, and deliver to the treasur-
er of such county. for such county or
| township, or to the treasurer of such +
city. first mortgage bond on such
portion OF their rOadbed, including
right of way. rolling stock, depots, Wa
ter tanks, tools and implements. and
all other property used in operating
! their said road. as may be specified in
the proposition voted upon at the cleo
ton ordered to be held as aforesaid:
which mortgage bond shall be equal
/ in amount less 20 per cent. with the
1 bonds of such county, township or
/ city, and shall have interest coupons
attached; the principal of such mort
gage bond to become due a the time
4 fixed for the payment of the principal
| of the bonds of such county, township
/ or city, with interest at the rate spec
lifted in the bonds Of such county, town
ship or city, payable annually from the
! date when such interest begins to ac-
! crue, which shall not be more than
( three years from the date of said first
mortgage bonds; and said first mort
gage bonds shall be a first lien on all
the property herein mentioned, and
may be foreclosed in default of pay
ment of interest or principal, as the
same may become due, in the same
manner as provided by law for the
foreclosure Of other mortgages, and the
mortgaged property sold to satisfy the
| Judgment obtained.
Section 10. All the county, township
and city taxes levied upon the property
of and collected from any company to
which aid shall be extended under
the provisions of this act, within such
county, township or city, shall be set
apart for and applied exclusively TO
the payment Of the coupons, and to
provide sinking fund for the pay
ment at maturity of the principal Of
the bonds issued by such county. town
ship or city, in aid Of SGCL -%ailrOad
company. until the same shall be fully
paid; and where any county. township
or city has extended aid in the nature
of loan to any railroad company, the
first mortgage bonds received by such
county. township or city, under the
provisions of this act. together with
the interest thereon and the proceeds
of the principal thereof. if sold, shall
be applied exclusively to the payment
of the coupons and bonds issued by
such county, township or city. in aid
of such company; provided. that where
two or more townships in a county
shall extend aid to any railroad COM
pany under the provisions of this act,
the taxes collected from such COM
pany in such county shall be divided
and applied between such townships
in proportion to the amount of aid
rendered by them respectively, but no
greater amount of taxes shall be lev
led upon the taxable property Of any
county, township or city, extending aid
under the provisions of this act to any
railroad company than shall be neces-
sary, with the amount of taxes COL
lected from such railroad company up
on it's property in such county. town
ship or city, and the interest collected
from the first mortgage bonds to meet
the interest and provide a sinking
fund for the payment of the principal
of the bonds Of such county, township
or city.
Sec. II. That in case the petition
mentioned in section two of this act
shall so request, a part or all of the
subscription or loan in such petition
prayed for, may be payable out Of the
next succeeding tax levy for such
county, township or city; and 50 much
of such subscription or loan as shall
by the terms of such petition and the
order of election thereon based. be so
payable out of the next succeeding tax
. levy. shall be payable on warrants
drawn in the usual manner, which shall
be negotiable and draw interest from
their date, and the proper authorities
shall at the proper time levy a tax
: sufficient to take up such warrants:
and the limitation provided in the first
section of this act shall not apply to
, eounties or townships which may vote
{ to pay all the subscription or loan pro-
l posed to be made out Of the tax levy
l next succeeding such vote.
Sec. II. The mortgage bond of any
! railroad company executed in favor of
any county, township or city. in pur-
= suance of the provisions of this act.
l may be sold, assigned or discharged
= by the proper authorities of such
county. or city; provided. that such
, railroad company or other party, in
? consideration thereof, shall first de-
; liver to the authorities aforesaid the
E bonds of such county, township or city,
l as the case may be, equal in amount,
2 dollar for dollar, with the mortgage
0 bond so sold. assigned Oh discharged
but in no event shall such county
: township or city authorities be held
liable as guarantorS or assignors OF
Z any such first mortgage bonds so sold
assigned or discharged
Il Sec. - The principal Of the bonds
i Iof such county. township or city shall
! be made payable at any time that may
: be fixed in the proposition voted upon
a not exceeding thirty years from their
. date; and may be issued in sums Of not
:. less than 500 or more than 81 900.
n 1 Sec A. All bonds issued under the
p provisions of this act shall be made
: payable at some national bank in the
s city of New York or payable at some
i national bank in Salt Lake city. terri
p tory of Utah, at the option of tn,
n IhOlder or holders of such bonds anC
e lshalI be registered in the Office Of tn
e lauditor of the territory of Utah; anC
n coupons for annual installments of tn
j. principal and the interest accruinl