WAGON ROADS DOWN THE CANYON?
SEC. 14. All bonds issued under the provisions of section
thirteen of this Act shall be of a denomination not less than one
hundred nor more than one thousand dollars. The principal of said
bonds shall be made payable on a specified day to be named in said
bonds, which day shall be twenty years from the date of their issue;
said bonds shall draw interest at the rate of ten percent per annum
from the date of their issue as long as the same are outstanding and
unpaid; and said interest shall be due and payable annually, and
shall be made payable on a specified day to be named in coupons, and
both the principal and interest to be paid in United States gold
coin, at the office of the County Treasurer of Plumas County. Said
bonds shall be signed, countersigned, registered, sealed with the
county seal, and delivered to the Oroville and Beckworth Pass Wagon
Road Company, in the same manner in all respects as hereinbefore
provided for signing, countersigning, registering, sealing, and
delivering bonds to other wagon road companies; and the same receipt
shall be taken therefor, and the same report thereof made to the
Board of Supervisors.
SEC. 15. Coupons for the interest shall be attached to each of the bonds issued under the provisions of this Act, so that the same may be detached without mutilation to the bond; said coupons shall be signed by the said Bond Commissioners. When any interest shall be paid upon a bond issued under the provisions of this Act, the County Treasurer shall detach the coupons for the interest then due and paid, indorse the word "cancelled” on the backs thereof, and deliver the same to the County Clerk of said county, taking his receipt therefor, whose duty it shall be to file the same in his office, and make a report thereof at the next meeting of the Board of Supervisors.
SEC. 16. Each of the wagon road companies mentioned in this Act shall, on the first Mondays in January, April, July, and October, in each year, file with the County Clerk of Plumas County a statement in writing, duly verified by the oath of the Secretary of said companies respectively, containing the gross amount of all tolls collected in said county on their respective roads, the expense of collecting said tolls and of keeping their respective roads in repair for the three months next preceding. If it shall appear from such statement that the receipts of either or all of said companies from such tolls exceeds the expense necessarily and actually incurred in keeping up said roads respectively, then the company or companies so receiving such excess shall, at the times aforesaid, pay into the County Treasury of Plumas County the undivided one fourth of such net proceeds. All moneys so paid in shall be set aside by the County Treasurer of said county as a fund for the purpose of paying the interest on the bonds issued under the provisions of this Act, which shall be styled the "Interest Fund."
SEC. 17. It shall be the duty of the Board of Supervisors of Plumas County at the time they levy the general State and county taxes for the year eighteen hundred and sixty-seven and for each year thereafter so long as the said bonds shall be outstanding and unpaid, to levy a tax to be styled an "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 they shall, at the same time, so long as the said bonds are outstanding and unpaid, levy a tax not exceeding forty cents on each one hundred dollars worth of taxable property in said county for the purpose of raising a fund for the liquidation of said bonds, which shall he styled a "Bond Fund." The said taxes shall be levied and collected in the same manner as the general taxes; and when collected, shall be paid unto the County Treasurer, who shall place the former in the Interest Fund named in the preceding section, and the second into the Bond Fund aforesaid, to be paid out by him at the order of the Bond Commissioners of said county, as follows:
First—The Interest Fund, to the payment of the interest falling due on said bonds;
Second—The Bond Fund, to the redemption of said bonds, as hereinafter provided.
SEC. 18. Should there be collected, as such Interest Tax, and received from the said road companies, as provided in section sixteen of this Act, a sum greater than is required to pay the annual interest on said bonds issued under the provisions of this Act, then the said Bond Commissioners shall, on the first Monday in March in each year, pass over such surplus into the said Bond Fund.
SEC. 19. It shall be the duty of said Bond Commissioners to make arrangements for the payment of the interest on said bonds, when the same falls due, at least thirty days before the time of payment, and in the event said Interest Fund is insufficient, the said Treasurer shall draw on the Common Or General Fund of said county for such purpose, and pay out the same at the order of said Bond Commissioners; and in the event that the General Fund proves inadequate, the said Commissioners are authorized and required to make such contracts and arrangements as may be necessary for the payment of said interest and the protection of the faith of the county.
SEC. 20. Whenever at any time there shall be in said Bond Fund a sum of money amounting to two thousand dollars or upwards, the said Commissioners shall advertise in a public newspaper, published in said county, for a space of four weeks, for sealed proposals for the redemption of said bonds, and ten days from the expiration of the time for such publication, the said Commissioners shall open the sealed proposals, and shall pay and liquidate, as far as the Bond Fund then on hand shall extend, such bonds, presented under said proposals, as shall have the lowest value proposed at which they may be liquidated; provided, the same shall not be for more than the par value thereof; and, provided, should there be no proposals made for less than par value, then the payment of said Bond Fund on hand shall be made on said bonds according to the number of their issue and date, of which number and date of the bonds to be paid the said Commissioners shall give four weeks notice by publication, after which time such bonds shall cease to draw interest; and, provided, further, whenever there shall be sufficient moneys in such Bond Fund for the extinguishment of all the bonds outstanding issued under this Act, it shall be the duty of the said Commissioners to advertise, in like manner, for a space of four weeks, for the redemption of all the outstanding bonds issued as aforesaid, after which time said bonds shall cease to draw interest. Any moneys remaining in said Bond Fund after the redemption of all of said bonds shall go into the General Fund of said county.
SEC. 21. Whenever any bonds shall have been paid and redeemed by order of the said Commissioners, the Treasurer shall mark the same "cancelled" over his signature as Treasurer, and immediately deliver the same to the County Clerk, taking his receipt therefor; and the said Clerk, upon the receipt of such cancelled bonds, shall file the same in his office.
SEC. 22. The County Auditor of Plumas County shall keep an account of the Interest Fund and of the Bond Fund above provided for the same as of other funds in the County Treasury, and shall furnish to the Bond Commissioners a statement of the same on the first Mondays of January, April, July, and October of each year.
SEC. 23. The said Commissioners and all other officers heroin specified, for the performance of their duties under the provisions of this Act, shall in all things herein required of them be subject to all the liabilities and penalties to which they are subject for a failure to perform any other of the duties of their respective offices; and they shall be allowed by the Board of Supervisor, a reasonable compensation for their services under the provisions of this Act, to be paid out of the General Fund as other county salaries are paid. And the said Board of Supervisors may and they are hereby directed to require of each of said Commissioners such bonds for the faithful performance of their duties herein required of them as the said Board may deem proper; provided, that the penal sums of such bonds to each of said Commissioners shall not exceed ten thousand dollars, the said bonds to be executed the same as other official bonds, and shall be approved by the Board of Supervisors.
SEC. 24. Each of the wagon road companies named in this Act, in consideration of the bonds issued and delivered to them respectively under the provisions of this Act, shall sell, transfer, and assign to the County of Plumas all of their said roads lying in said county, as follows, to wit : Within ten years from the time of the completion of the Quincy and Indian Valley Wagon Road, or at the expiration of said period, the County of Plumas, through the Board of Supervisors so desiring it, the Quincy and Indian Valley Wagon Road Company shall sell, transfer, and convey to said county all of their said road, with the rights of way and appurtenances, for a sum of money not exceeding the actual cost, as shown by the affidavits hereinbefore provided for, after deducting the amount of bonds received by said company under the provisions of this Act. At the expiration of fifteen years from the time of the completion of the Quincy and La Porte Wagon Road, the Board of Supervisors so desiring it, the said Quincy and La Porte Wagon Road Company shall sell, transfer, and convey to the County of Plumas all of their said road lying in Plumas County, together with the rights of way and appurtenances, for a sum of money not exceeding the actual cost of said road, as shown by the affidavits hereinbefore provided for, after deducting the amount of bonds received by the said company under the provisions of this Act. At the expiration of twenty years from the time of the completion of the Oroville and Beckworth Pass Wagon Road, the Board of Supervisors so desiring it, the said Oroville and Beckworth Pass Wagon Road Company shall sell, transfer, and convey to the County of Plumas all of their said road lying in said county, together with the rights of way and appurtenances, for a sum of money not exceeding the actual cost of said road, as shown by the affidavits hereinbefore provided for, less the amount of bonds received by said company under the provisions of this Act.
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