Year: 1872

IL snail be lawful for any county to con.


Struct railroad, and to borrow q fund


Tor that purpose, sum not exceeding


five per cent of the assessed valuation


there last made of the real and personal


property in such county, as wo-thirds


Of the electors Of such county voting at
meeting called for that purpose shall


determine; provided that the total


amount Of outstanding Indebtedness in
cured for ary and in all railroads shall
not exceed five per cent Of the assessed
valuation of such county at any one
time; provided, that the amount, cxclu-
sive Of interest.which shall have become


due and collectible in auy one year, shall


not exceed one per cent Of the assessed
valuation of such county.


SECTION .. il Shall be the duty of the
commissioners of any county to call a
meeting of the electors of such county,
whenever a written request to do so
shall be made by one hundred tax pay-
ing electors of such county and the salt.


commissioners shall give thirty days


notice to the qualified electors thereof,by
publication in 4 newspaper cf general
circulation in said county requiring said
electors to vote for or against the con-
Istruction of the proposed road and of
the time of said vote. And the opinion
of said electors shall be expressed on
their ballots, Railroad or
''Railroad-No :" which ballots shall be
counted and returned by the judges and
clerks of elections as in other cases pro
vided, that such request and notice shall
specify the termini of the proposed road,
the amount to be appropriated toward
its construction, the conditions, rate of
interest, time of payment, and manner
of executing the bonds, and other par
ticulars in regard to such appropriation
not otherwise provided herein. Said
commissioners, upon proper request rs
aforesaid, are hereby authorized and re-
quired to call special election for the
purpose aforesaid, hy giving the notice
required hereby provided that no coun-
| ty, under the provisions of this act,shall
hold more than one special election in
one year. A copy of the request and
also of the notice required by the pro-
visions OF this section, shall be entered
st large upon the records Of such coun
| ty, together with statement of the re
suit, and other essential particulars, and
certified copy of such record shall be
in all the courts and places prima fsce
oyidenc. of the facts therein set forth;


SECTION 8. Any county which may
avail itself Of the benefit Of this act as
provided herein, shall, within sixty days
after the question of constructing any
road is determined by vote Of the cleo
tors of such county, as provided in sec
ton two of this act, issue its coupon
bonds for the ament SO determined to
be expended, which bonds shall be in
sums of not less than fifty dollars each.
and not more than one thousand dollars
each, and shall be payable at any time as
determined upon by the electors of such
county, notexceeding twenty years from
the date thereof; such bond shall bear
interest st rate not exceeding eight (S)
per cent per annum, and shall have at
tached thereto the usual and necessary
interest coupons, corresponding in date
and numbers with the bonds to which
they are attached, which shall be signed
by written signature of the auditor
Such bouds shall he signed by said coun
ty commissioners under the seal of said
county, and attested by the auditor of
said county. The bonds, and the cou-
pons attached thereto, shall be payable
either at the Office of the treasurer Of
said county or in the city of New York.
as shall be determined by the vote of
said electors. yu- - .-


SECTION 4. Whenever any such bonds,
as provided by the provisions of this act,
shall have been issued as therein speci-
fed, the same shall be delivered by said
commissioners to the treasurer of state,
who shall give receipt therefor, and
hold the same as trustees for the county
issuing the same, and to be disposed of
by said treasurer in discharge OF his
trust, as hereinafter provided


SECTION 5. Upon receipt of any such
bonds from any county in aid of any
railroad, the treasurer of state shall i'm
mediately register or record the same i'll
a book, or books, to be kept by him for
that purpose in his Office, which records
shall show the amount, date and number
of each bond, the rate of interest which
it bears, by what county issued, to con-
struct what railroad such bonds are is
sued, and the time when payable. which
record shall he open for the inspection
Of any citizen in this state, or other in
terestcd parties Such bonds shall be
safely kept by said treasurer for the len
eft Of the parties interested, and be dis
posed of by him in the following man
ner, that is to say: Whenever the coun
ty commissioners shall present an order
for said bonds, or any part thereof, to
said treasurer, accompanied with a GER
tiiiCate that the road TO construct which
said bonds were issued, has been in all
re spects completed according to the
terms Of this act, ssid treasurer shall
deliver said bonds,or such number there
Of as may be demsnded,to said commits
sioners or to the parties designated in
their written order. The treasurer shall
endorse upon each of said bonds the
date Of each delivery and to whom they
were delivered, and shall notify the au-
ditor of the county issuing the same of
the date of each delivery. And in case
any Gond 80 delivered to said treasurer
by any county shall not, within three
years from the time when the same. was
received by him,b demanded in compli-
ance with the terms of this act, the same
shall be cancelled by said treasurer and
returned to the auditor Of the county
issuing the same.


SECTION 6. In case any county shall
avail itself Of the benefits Of this act by
the issue Of bonds or other evidence Of
Indebtedness as by this act provided,
said county shall each year by its prop
er authorities, after receiving the notice
as herein provided from the state treasu
ry of the delivery Of its bonds so long
as such bonds or other evidences of
debt remain unpaid, levy, assess and col
Loot I,pop tko taUahla r.ropnrty pf such