Board of Supervisors a reasonable compensation therefor, to be paid by said county, as other fees and salaries are paid; and the said Board of Supervisors may, and they are hereby fully authorized so to do, require of each of said Commissioners such bonds and security for the performance of their duties herein Bonds. required of them, as they, the said Board of Supervisors, shall deem proper; provided, however, that the penal sums of such Proviso. bonds, to each of said Commissioners, shall not exceed five thousand dollars. The said Commissioners shall, when so required, execute the said bonds in the same manner as other official bonds are executed, and to be approved by said Board of Supervisors, and filed in the office of the County Clerk. SEC. 16. The said Board of Supervisors shall have authority Powers of to authorize a Committee of any one or more of their number, Supervisors or any other persons, to cast all votes representing the capital stock so subscribed by them; and they shall, by order made for that purpose, have full power to sell, transfer, and assign the said capital stock, or any part thereof, so taken by them under the provisions of this Act, whenever, on a submission to the qualified voters of said county, at any county or general election, of a proposition to sell the same, a majority of the votes cast thereat shall approve of such sale. SEC. 17. The Board of Supervisors shall have all the rights Same. and powers appertaining to any other subscriber to such capital stock, and shall receive all of the dividends, issues, and profits arising from such subscription to said capital stock, and shall set apart and transfer the same, together with the taxes that may be paid by said company to said county, from time to time, to the said "Loan Fund," to be applied by the said "Loan Commissioners," to the payment of the interest on the bonds issued as herein provided, and the redemption of the principal thereof, in the manner provided by section twelve of this Act; and after the full payment of said bonds and the interest on the same, the said dividends, issues, and profits, arising from such stock subscription, shall be applied as follows: one third part thereof to the School Fund of said county, and the remaining two-thirds to the General Fund. Conditions as liability of the county. SEC. 18. The said subscription of stock shall be made upon the books of said company, subject to the express conditions that to the said County of San Joaquin shall not be liable or bound for any of the debts or liabilities of said company, beyond or exceeding the amount so subscribed or held by said county; and all contracts made by said company for the construction or equipment of said railroad, after such subscription, shall be subject to and shall contain an express stipulation to that effect, and all such contracts shall be subject to such condition, though the same should not be inserted or expressed therein; and in case the said company shall fail or refuse to make such stipulation in all their said contracts, then the said Board of Supervisors shall have power to declare the said subscription void and of no effect, and may recover from said company any previous payments that may have been made thereon at the time of such failure or refusal. And the said county shall never make any other or fur ther subscription to the capital stock of said company than that provided by this Act. SEC. 19. This Act shall be taken and deemed a public Act, and shall be in force and take effect from and after its passage. Election. Duty of Ballots. Election returns. Subscription CHAP. LXXVIII.—An Act to authorize the Common Council of the City of Placerville to subscribe One Hundred Thousand Dollars to the Capital Stock of the Placerville and Sacramento Valley Railroad Company, and to provide for the payment of the same, and other matters relating thereto. [Approved March 21, 1863.] The People of the State of California, represented in Senate and SECTION 1. It shall be the duty of the Common Council of the City of Placerville, at the general election for city officers to be held in the year one thousand eight hundred and sixtythree, to submit to the qualified electors of said city the proposition for the Common Council of said city to subscribe one hundred thousand dollars to the capital stock of the Placerville and Sacramento Valley Railroad Company, by which a railroad communication shall be formed between the said City of Placerville and the Town of Folsom, in Sacramento County. SEC. 2. It shall be the duty of the said Common Council to cause a notice of the submission of said proposition to be published, for a space of at least fifteen days prior to said election, in some newspaper printed and published in said city; said notice shall state the proposition to be submitted to said electors, and the time and manner of voting thereon. The said Common Council shall also cause ballots to be prepared and circulated in the several wards of the said city, prior to said election, with the words, "Subscription of one hundred thousand dollars to the capital stock of the Placerville and Sacramento Valley Railroad Company" printed thereon. Every ballot in favor of said proposition, shall have the words "Yes" written or printed thereon, and every ballot against said proposition, shall have the word "No" written or printed thereon. SEC. 3. It shall be the duty of the officers of said election, at the several wards in said city, to make a correct count of all the votes cast on said proposition at their respective wards, and include the same in their returns to the Common Council of said city; and it shall be the duty of said Common Council, at the same time the votes cast at said election for Mayor of said city are canvassed by them, to count said votes, and declare the result thereof. SEC. 4. If, at said election, a majority of the electors of said city voting upon said proposition shall vote "Yes," then, and in that event, the said Common Council are hereby authorized and directed, in the name and for the benefit and use of said city, to subscribe the sum of one hundred thousand dollars to the capital stock of the said Placerville and Sacramento Valley Railroad Company, and pledge the faith of the city for the payment of the same; provided, that said subscription shall be made by said Common Council, and accepted by said Placerville and Sacramento Valley Railroad Company, payable in the bonds Bonds. of said city, and not otherwise, to be issued as hereinafter provided, and to be received by said railroad company, in payment of said subscription, at par, dollar for dollar. -how to be SEC. 5. Said subscription shall be made by a committee of Subscription two members of said Common Council, who shall be appointed made for that purpose by an order of said Common Council, entered upon their journal. Said appointment shall be made immediately after the votes cast at said election shall have been canvassed, as provided in section three of this Act; and it shall be the duty of the committee so appointed to make said subscription immediately thereafter. bonds. Said Interest. SEC. 6. The said Common Council, from time to time, as the Issuance of payment of said subscription shall be required to be made by the Board of Directors of said railroad company, not exceeding, however, at any one time, an instalment of ten per cent upon the amount of said subscription, in the same manner and upon the same terms as other stockholders, shall, by an order entered upon their journal, direct the Mayor of said city, the President of said Council, and the Treasurer of said city, who, for that purpose, and their successors in office, shall constitute a Board of Commissioners, to be styled the "Railroad Commissioners" of said city, as such Railroad Commissioners, to issue bonds for the amount of such instalment, in sums of five hundred and one thousand dollars, in equal proportions. bonds shall bear interest at the rate of ten per cent per annum from the date of their issue, and the principal thereof shall be made payable on a day certain, to be specified in said bonds, which shall be not less than twelve nor more than fifteen years from their date, as the said Common Council may by an order entered upon their journal direct, and shall be payable at the office of the Treasurer of said city. The interest upon said bonds when shall be due and payable semi-annually, so long as the same are payable. outstanding and unpaid, and shall be made payable on a day certain, to be specified in coupons attached to said bonds, at the office of said Treasurer, as before provided for the payment of the principal of said bonds. Said bonds shall be signed by the Manner of Mayor of said city, the President of said Common Council, and signing the Treasurer of said city, as such officers and ex officio Railroad Commissioners, and when so signed, shall be presented by said Mayor to the Clerk of said Common Council, who shall countersign the same, as such Clerk, in the presence of a quorum of the said Common Council, at a meeting thereof; and it shall be the duty of said Common Council to cause the fact of such countersigning of said bonds to be entered upon their journal, together with the number, date, and amount of each bond so countersigned by said Clerk; and upon the countersigning of said bonds, said Common Council shall cause the seal of said city to be affixed to each bond, and appoint a committee of two of their number to deliver said bonds to the Secretary of the said Placerville and Sacramento Valley Railroad Company, bonds. Coupons. Special tax. Deficiency in whose duty it shall be to give a receipt therefor, specifying the number, date, and amount of each bond so delivered, which receipt shall be delivered by said committee to the Clerk of said Common Council, and by him filed in his office. Said bonds shall be drawn payable to the order of the Placerville and Sacramento Valley Railroad Company, and may be transferred by said company, by a written or printed transfer upon the back thereof, signed by the President and Secretary of the Board of Directors of said company. Said bonds, both principal and interest, shall be made payable in United States coin. SEC. 7. Coupons for the interest shall be attached to each of said bonds, so that the same may be removed without mutilation to the bond; and each of said coupons shall be signed by said Railroad Commissioners. When the City Treasurer shall pay any interest upon any of the bonds issued under the provisions of this Act, it shall be his duty to detach the coupons for the interest so paid, and deliver the same to the Clerk of the Common Council, taking his receipt therefor; and it shall be the duty of said Clerk to file said coupons in his office, and make a report thereof to the said Common Council at their next meeting. SEC. 8. It shall be the duty of the said Common Council, at the same time other city taxes are levied by them in each year, to levy a tax, to be styled the "Railroad Interest Tax," sufficient to raise the amount of interest required to be paid each year on the bonds issued under the provisions of this Act; and in the year eighteen hundred and sixty-six, and for every year thereafter, until all the bonds issued under the provisions of this Act shall have been paid and liquidated, the said Common Council, at the same time other city taxes are levied, should it become necessary, shall levy a tax, not exceeding twenty-five cents on the one hundred dollars worth of taxable property within said city, for the purpose of raising a Fund for the payment of said bonds, to be styled the "Railroad Fund." Said taxes shall be levied and collected in the same manner as other city taxes, and when collected shall be paid to the City Treasurer, who shall account for and deliver the same over to said Railroad Commissioners, whose duty it shall be to apply the same as follows: First-The Railroad Interest Tax, to the payment of the interest falling due on said bonds. Second-The Railroad Fund, to the redemption of said bonds as hereinafter provided. SEC. 9 If there shall be collected, as such Railroad Interest Tax, in any one year, more than sufficient to pay the annual interest on the bonds issued under the provisions of this Act, it shall be the duty of the said Railroad Commissioners to transfer such surplus to the said Railroad Fund. SEC. 10. It shall be the duty of the said Railroad Commissioners to make arrangements for the payment of the interest of said bonds at least thirty days before the same falls due; and in the event said Interest Fund shall be insufficient to meet such payment, the said Common Council shall, by an order entered upon their journal, direct the said Treasurer to transfer from the General Fund of said city to the said Interest Fund Fund. the amount required to meet such deficit; and in the event both these Funds prove inadequate, the said Railroad Commissioners are hereby authorized and directed to make such contracts and arrangements as may be necessary for the payment of said interest and the protection of the faith and credit of said city. SEC. 11. Whenever, at any time, there shall be in said Rail- Surplus in road Fund a sum of two thousand dollars or upwards, the said Railroad Railroad Commissioners shall advertise in some newspaper published in said city, for a space of four weeks, for scaled proposals for the redemption of said bonds, and ten days from the expiration of such publication, said Commissioners shall open said proposals, and shall pay and liquidate, to the extent of the said Railroad Fund then in hand, such bonds presented under said proposals as shall have the lowest value proposed at which they may be redeemed; provided, the same shall not be more than the Proviso. par value thereof; and, provided, that should there be no proposals made for less than par value, the payment of said Railroad Fund on hand shall be made on said bonds according to the number of their issue, of which payment said Commissioners shall give four weeks notice, to be published in some newspaper published in said city, specifying the numbers of the bonds to be paid, after which publication the bonds so specified shall cease to draw interest; and, provided, whenever there may be moneys in said Railroad Fund sufficient for the extinguishment of the outstanding bonds issued under the provisions of this Act, it shall be the duty of the said Commissioners to advertise in like manner, for the space of four weeks, for the redemption of all of said bonds, after which time said bonds shall cease to draw any interest. All moneys remaining in said Railroad Fund after all of the said bonds shall have been redeemed, shall be paid by said Commissioners into the General Fund of said city. of bonds. SEC. 12. Whenever any bonds shall have been paid and re- Cancellation deemed by said Commissioners, they shall mark the same cancelled" over their signatures as such Commissioners, and shall immediately thereafter deliver the same to the Clerk of the Common Council, taking his receipt therefor, and the said Clerk shall file said cancelled bonds in his office. sioners. SEC. 13. The said Common Council may, and they are hereby Bonds of fully authorized so to do, require of each of said Commissioners Commissuch bonds and security for the performance of their duties herein required of them, as they, the said Common Council, shall deem proper; provided, the penal sum of such bonds to each of said Commissioners shall not exceed five thousand dollars. Council. SEC. 14. The said Common Council shall have power to au- Powers of thorize a committee of any one or more of their number, or any other person or persons, to cast all votes representing the capital stock so subscribed by them at all meetings of the stockholders of the said Placerville and Sacramento Valley Railroad Company; and they shall, by an order made and entered upon. their journal for that purpose, have full power to sell, transfer, and assign, said capital stock, or any part thereof, whenever, on a submission to the qualified electors of said city, at any city |