THE OROVILLE & VIRGINA CITY RAILROAD COMPANY
SEC. 4. The bonds provided for in section three of this Act
Description shall be of the denomination of one thousand dollars
each, and shall bear interest at the rate of ten per cent, per
annum, interest payable annually, and shall have coupons for said
interest attached so that said coupons may be removed without
mutilation to the bonds. The said bonds shall be issued in the name
of said county, and shall be made payable to said railroad company
or bearer twenty years after date, and shall be made payable, both
principal and interest, in gold coin of the United States, at the
office of the County Treasurer of said County. The said bonds and
coupons shall be signed by the Chairman of the Board of Supervisors
and the County Treasurer of said county, and shall be countersigned
by the County Clerk of said county, who shall also affix to each
bond the seal of said county; said bonds to be delivered at once to
the Treasurer and Secretary of said railroad company by the said
Board of Supervisors.
SEC. 5. The Board of Supervisors of said county are hereby authorized and directed, at their said meeting on the second Monday in April, eighteen hundred and sixty-eight, and each year thereafter until said bonds are paid, to levy for each year a tax of not less than sixty cents on each one hundred dollars of taxable property in said county, which tax shall be levied and collected in manner as is or may be provided by law for levying and collecting other State and county taxes in said county; which tax shall be known as the "Railroad Interest Tax," and the proceeds thereof shall constitute a fund to be applied only to the payment of interest on and redemption of the bonds provided for in section three of this Act, and shall constitute a fund to be known as the "Railroad Fund Number One."
SEC. 6. In addition to the amount received from said tax, there shall be paid into said fund thirty per cent. of all revenue received by said county from foreign miners' license, to be applied to the same purposes as said railroad interest tax is to be applied.
SEC. 7. Whenever, after the payment out of said fund of the annual interest on said bonds, there shall be any money left in said Railroad Fund Number One, it shall be the duty of the Treasurer of said county to advertise in a newspaper published in said county, for the space of four weeks, for sealed proposals for the surrender of any of said bonds; and ten days after said notice shall have been published as aforesaid the said Treasurer shall open the said proposals, and shall redeem, so far as the said fund on hand may be sufficient, the bonds offered to be surrendered at the lowest rates, provided said lowest rates do not exceed the par value of said bonds.
SEC. 8. W. A. Bolinger and M. Tranor are hereby appointed Commissioners to procure and provide for said County of Plumas blanks sufficient for the bonds provided for in section three of this Act, and to have said blanks ready and prepared on or before said second Monday in April, eighteen hundred and sixty-eight. Said Commissioners shall receive no pay for services performed under the provisions of this section, but shall receive from the said County of Plumas a sufficient sum to reimburse them for their expenses incurred by reason of the performance of their duties under this section.
SEC. 9. The said Oroville and Virginia City Railroad Company are hereby authorized to purchase from the Quincy and Laporte Wagon Road Company the road running from Quincy to Laporte, and owned by the latter company, and to hold the said road and franchise by the same tenure and with the same rights that the said wagon road company hold and have.
SEC. 10. The remaining one hundred and fifty thousand dollars of the subscription provided for in this Act shall be paid in the bonds of said County of Plumas, to be issued as follows: Whenever the Board of Directors of the Oroville and Virginia City Railroad Company shall levy an assessment upon the stock of said company, the said Board of Directors shall cause a notice thereof in writing to be served upon the Chairman of the Board of Supervisors of said county. -Upon the receipt of such notice the Chairman of said Board shall call a meeting of such Board within ten days ; and the said Board shall, at such meeting, cause to be issued and delivered to the said railroad company bonds of the said County of Plumas to an amount sufficient to pay the sum or assessment levied on the stock held by said county; provided, that not more than fifteen per cent. shall at any one time be levied upon the stock of said railroad company. The bonds so issued shall be in the same form, of the same denomination, and bear the same interest, and be payable in the same kind of money, as the bonds provided for in sections three and four of this Act, and shall be payable twenty years after date, with interest, also payable in gold coin, and annually, at the rate of ten per cent per, annum.
SEC. 11. Whenever the said County of Plumas shall have paid the whole of the said sum of one hundred and fifty thousand dollars, as provided for in section ten of this Act, the said company shall issue to said County of Plumas certificates of paid up stock in said company to that amount.
SEC. 12. To secure the payment of the principal and interest of the bonds to be issued under the provisions of section ten of this Act, it shall be the duty of the Board of Supervisors of Plumas County, each year hereafter until said bonds are paid, to levy a tax on the assessable property of said county sufficient to pay the annual interest on said bonds and to produce a yearly fund of not less than eight thousand dollars per annum for redemption purposes; and it shall further be their duty to set apart, for the use of such fund, thirty per cent. of the revenue received from foreign miners' licenses; and the fund so created shall be applied solely to the payment of the interest on and the redemption of said bonds, which fund shall be known as " Railroad Fund Number Two."
SEC. 13. Whenever, after the payment out of Railroad Fund Number Two of the annual interest on said bonds, any money then remaining in said fund shall be applied to the redemption of said last mentioned bonds in the manner provided in section seven of this Act for the redemption of the bonds therein mentioned.
SEC. 14. If, for any reason, the Board of Supervisors of said county fail to meet on the second Monday of April, eighteen hundred and sixty-eight, it shall then be their duty to meet on each succeeding Monday thereafter until all the acts provided to be done by them under the provisions of this Act on the second Monday of April, eighteen hundred and sixty-eight, have been fully done and completed; and all their acts done in the premises subsequent to the said second Monday of April, eighteen hundred and sixty-eight, shall be as valid as though done on said day.
SEC. 15. Any member of the said Board of Supervisors now in office or hereafter in office, and every county officer of said county now or hereafter in office, charged with duties under this Act, who shall wilfully fail, neglect or refuse to perform any duties imposed upon him by this Act, or to do any act required to be done by him or thorn under this Act, shall be guilty of a misdemeanor, and on conviction thereof shall be punished by a fine of five hundred dollars, and shall be removed from office ; and shall, in addition thereto, be liable for all damages sustained by any party from his or their failure.
SEC. 16. This Act shall be in force from and after its passage.
Assembly Bill No. 716 was introduced twelve days before the termination of the legislative session by John R. Buckbee, representing Lassen and Plumas counties on March 18, 1868. The bill was immediatley read the first and second times, and placed on file. On March 23, 1868 the bill was taken up, considered engrossed, read a third time after which the rules were suspended and the bill passed. The bill was not referred to committe, and no action was had on it from its introduction to its passage. The bill was not sent to the Senate the day it passed, as was customary, nor on the next day. Messages were sent to the Senate by the Assembly on March 23rd, with account of bills passed that day, but this bill, 716, was not among them. Nor was it among the bills sent to the Senate on the 24th, nor on the 25th, nor on the 26th. Finally on the 27th it was reported to the Senate, taken up and referred to the Plumas delegation. Mr. Conly, from the Plumas delegation reported it back and recommended its passage later on the same day. Under suspension of the rules it was, on motion of Mr. Conly, passed and on March 30, 1868 the Governor, at the evening session, and in the last message sent by him, which was just prior to adjournment sine die, sent in his approval of the bill.
When the contents of the bill became public knowledge indignation boiled and enthusiasm for the railroad cooled in Plumas County. Petitions began to be circulated throughout the county, strongly protesting against this legislative action. This really stirred up trouble in Quincy with the accusation of “swindle’’ by the people opposed to the Act while others, including the Quincy Union newspaper, were in favor of it and claimed that the railroad was honest and if the county subscribed to the stock, it would assure the building of the railroad.
The Directors of the Oroville & Virginia City assured Plumas County that they would not force the Supervisors to issue bonds to buy stock. The board did not meet in April as directed by the new law, but at their regular meeting on May 5, 1868. The board at that time was composed of T. J. True, chairman; Charles E. Smith and M. D. Smith. The protest petitions previously circulated were presented to the board of supervisors at their first meeting.
|Previous Page||Next Page|