Year: 1862

10 authorize the county OIL Flacer to loan


Its credit to ''The sacramento, Placer
and Nevada Railroad Company" to the


amount of 100000.


The People Of the State of California rep
resented IN Senate and .qssem6iy do enact az
folio,cs:


SEC l. Whenever the Sacramento. Placer and
Nevada Railroad Company by and through its
Board of Directors and President shall Ike writ
ten application to the Board Of Supervisors of the
county Of Placer at any regular or stated meet
ing OF said Supervisors requesting said county
Of Placer. through its properly constituted au-
thorities to issue to said Railroad Company the
bonds OF said county in the total sum Of 10000,
it shall be lawful for said county to issue its bonds
and dispose OF them in the manner following aud
subject to the following conditions.


SEC. 2. Upon the receipt of said petition from
said Sacramento. Placer and Nevada Railroad
Company. the Board of supervisors shall enter
tain the s,me, and in order to ascertain whether
the people of said county are willing that its
credit shall be loaned as desired by said Company.
said Bo,rd OF Supervisors shall, within sixty days
after the recei pit OF said petition, order spec ial
be submitted the proposition of said loan to said
Railroad Company, to be voted upon by the
qualified voters OF said county.


SEC B. The s ill election shall be fixed by said
Board Of Supervisors. for some day not less than
thirty, nor more than sixty days. from the time OF





notice of said election to be published for The
period of tour weeks next before the day Of said
election in two or more newspapers published in
said county. which notice shall specify the time of
said election, the object OF the same, the PROPOSE
tion TO be voted upon and the places where the
polls will be opened on said day for said rlec-
tion. VIII ch shall he the same as the precincts
fixed for said purpose at the last preceding gene
raj election. They shal also appoint judges and
inspectors Of said election and cause notice there
of to be given us in other elections authorized by
law No compensation shall he allowed to any
Judge clerk, or Inspector acting at said election.


SEC. 4. Upon the day fixed by said order, the
said election shall be held. E E,ch Of the electors
voting at said election. shall have written or
printed upon his ballot the words "Railroad Loan.
Yes" or the words Railroad Loan, No." Said
election sh Il, be conducted and the returns there
of shall be male out and transmitted to the
County Clerk within the time aud in the manner
prescribed 10y law ut general elections. On the
fifteenth day after the day Of holding said -ecton
the Board of Supervisors shall meet and canvass
said returns, and declare the result


SEC 5. II upon the canvassing Of said returns,
it shall be found that of the votes cast at sld
election having written Or printed upon them the
words Railroad Loan,sY or the words Grail
road Loan No." u majority have written or print
ed upon them "R lilroId Loan No. then the duty
of the Board OF Supervisors in the premises
shall cease and determine; but il Il majority OF
the votes so cast shall have written or printed
upon them the words Railroad Loan. Yes. then
the Board of Supervisors shall issue the bonds of
said county. in the manner hereinafter prescribed.


SEC g. When it shall be ascertained in the
manner prescribed in section five OF this Act that
the majority Of the votes cast at said election,
having written or printed on them the words
Railroad Loan, Yes" or "Rliroad Loan. Mo-
have written or printed upou them The words
"Railroad Loan, Yes" then it shall be the duty of
said Board OF Supervisors whenever thereto re-


tl,,D Drn dian nj n
of said Railroad Company to prepare and issue
to said Railroad Company the bonds of said
county to the amount OF one hundred thousand
dollars. Said bonds may be in sums of two hun
dred and fifty, five hundred, or one thousand dol
lars each az may be requested by said Railroad
Company; they shall express upon their face the
n ture Of the same and object for which they are
ssual; shall be payable in twenty years from
their date; sh. bear interest ut the rate Of eipbt
per cent per annnm, payable semi-annually on
the first days Of July and January Of each wear.
and shall have interest coupons attached express
sing the rate and time OF payment Of interest aS
above specified. Both bonds and coupons shall
be made payable ut the office of the Treasurer in
said county.


SEC. l. Slid bonds shall each be signed by the
President of the Board OF Supervisors and the
Treasurer of the county and shall have the coun.
ty seal affixed to each and every bond. The
coupons shall be 81 gned by the Treasurer of said
county. Both bonds and coupons shall be made
PAYABLE 20 the sacramento. Placer and Nevada
Railroad Company or bearer" and each bond shall
bear upon its back Il certificate signed by the
President Of the Board of Supervisors and the
President of said Railroad Company, setting forth
that it is duly and formally issued as contempla
ted by law. Said bonds shall he transferable by
delivery and whenever so executed and issl ed
shall be the bonds of the County of Placer and
shall bind said county to the payment of the prin-
cipal and interest rs therein expressed.


Whenever q hn r,f
Placer shall be issued and delivered to the Rail
road Company. as prescribed in the last section,
the sacramento. Placer and Nevada Railroad
Company" SHALL at the same time deliver to the
President of the Board OF Supervisors of said
county for the benefit Of said county. the bonds
of said Railroad Company Of equal number in
like amounts maturing ut the same time bear.
I'M. the same rate Of Interest and interest PAYABLE
ut the same periods the bonds OF the county
so executed and issued. Said Railroad bonds
shall be made pay lbe to the county of Placer, or
it's order and shall be signed Ivy the President
and Secretary of The Company. and countersigned
by the Vice President Of the Company, and each
shall bear the seal of said company. and interest
coupons shall be attached. corresponding in date
amount, rate and time of payment with the con-
pOns attached to said county bonds, which cou-
pons shall be signed by the Treasurer oil said
Company.


SEC g. The said Railroad Company shall at
the time designated in the last section, by and
through its proper officers, execute under the
seal of said Company, second mortgage upon
all the property, real aud personal and franchises
OF said Company, then owned and possessed and
thereafter to be acquired by said compnny as
security for the payment Of said railroad bonds
and coupons as prescribed in the last section;
which said mortgage shall be and express upon
its flee that il is subject to the mortgage of sid
Company. made and delivered to Lester l.. Rob-
nson and Francis l.. \. Phoebe. bearing date first
OF September, eighteen hundred and sixty e.,
and of record in said county but shall not be sub
ject to any other mortgage or incumbrance upon
said property. The bonds OF Placer County shall
only be delivered to said Rail Road Company
upon the delivery Ivy said Rail Road Company to
the President Of the Board Of Supervisors OF the
bonds and mortgage oil the Rail Road Company
as prescribed in this Act.


SEC 10. The mortgage provided for in the
last section shall provide by its terms for IA sink