Powers of SEC. 17. The Board of Supervisors shall have all the rights Supervisors 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 of SEC. 18. The said subscription of stock shall be made upon Subscription. the books of said company subject to the express condition that the said County of Alameda 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 and 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 of 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 for 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. County authorized to fund debt. CHAP. CCLXXXVI.-An Act to fund the Indebtedness of Calaveras County. [Approved April 21, 1863.] The People of the State of California, represented in Senate and SECTION 1. The County of Calaveras is hereby authorized to fund its entire indebtedness contracted since the first day of January, in the year one thousand eight hundred and sixty-one, and before the passage of this Act, and to that end the Board of Supervisors of said county shall have and exercise the powers and perform the duties hereinafter provided, and may do and perform any business pertaining to the funding of such indebtedness, at any quarterly or adjourned meeting of said Board that may be held after the passage of this Act for the purpose of transacting the ordinary and legitimate business heretofore incumbent upon said Board by law. SEC. 2. The said Board of Supervisors shall cause to be pre- Bonds. pared, and shall have power to issue, on behalf of the County of Calaveras, bonds to an amount not exceeding, in all, the sum of forty thousand dollars, bearing interest at a rate not to ex- Interest. ceed ten per centum per annum, of the denominations of twentyfive dollars, fifty dollars, seventy-five dollars, one hundred dollars, two hundred dollars, five hundred dollars, and one thousand dollars, respectively, with coupons for interest attached, which bonds shall be made payable at the office of the Treasurer of said county on or before the first day of January, A. D. one thousand eight hundred and sixty-seven, and the interest on the same shall be made payable, annually, at the Treasurer's office in said county, on the first Monday of January, in each year, on presentation of the respective coupons therefor; every bond so Manner of issued shall be signed by the Chairman and Clerk of the Board signing of Supervisors, and be authenticated with the seal of said county, and shall be countersigned and registered by the Auditor and Treasurer of said county in a book to be kept for that purpose in their respective offices, and to be kept and preserved as a part of the records of said offices, and said bond shall purport that the County of Calaveras owes the holder thereof the sum named in the bond, payable and bearing interest as aforesaid. bonds. bonds. SEC. 3. The Board of Supervisors shall cause the bonds issued Delivery of by them to be delivered to such persons as may at that time have in their possession or be the holders or owners of any portion of the debt of said county contracted since the first day of January, A. D. one thousand eight hundred and sixty-one, and before the passage of this Act, and which shall have been allowed by said Board of Supervisors as a legal and equitable indebtedness of said county, as the holders thereof will surrender to said Board of Supervisors in exchange for the bonds aforesaid; provided, that said bonds shall not be so delivered at Proviso. less than one hundred cents on the dollar of the principal sum expressed in the same. and redemp SEC. 4. It shall be the duty of the Board of Supervisors to Special cause to be levied, annually, a special tax, to be collected in the interest same manner as is now provided by law, in force, or which may tion tax. be hereafter enacted, on the real and personal property of said county, not to exceed one per cent in addition to the tax now authorized by law to be levied and collected, sufficient to meet the interest accruing annually on said bonds, and to create a Sinking Fund for the redemption of the same, not to exceed the sum of eight thousand dollars annually. interest and SEC. 5. On the first Monday of January, A. D. one thousand Payment of eight hundred and sixty-four, and on the first Monday of Jan- redemption uary of each succeeding year, it shall be the duty of the Treas- of bonds. urer, on the order of the Board of Supervisors, from the money in his hands set aside and appropriated for that purpose, to pay the interest on the bonds outstanding; and on the first Monday of January, A. D. one thousand eight hundred and sixty-four, and on the first Monday of January in each succeeding year, it shall be the duty of the Treasurer of said county, on the order Proviso. Record of bonds. Expenses of printing. Powers and duties of of the Board of Supervisors, to advertise for at least thirty days in one newspaper published in said county, for sealed proposals for the surrender of said bonds, in a principal sum sufficient to exhaust the moneys in his hands set apart and appropriated for that purpose. The Treasurer shall open said sealed proposals at the time and place specified in said publication, in the presence of the Board of Supervisors of said county, who shall accept only of such bids as shall cancel the greatest amount of bonds; and it is hereby further provided, that in case there should, in any year after the passage of this Act, and before the expiration of the time named for the final payment of said bonds, be a surplus in the General Fund of said county, over and above the current expenses of said county, then and in that case, the Treasurer, on the order of the Board of Supervisors, shall advertise, in same manner as herein before provided, for sealed proposals for the surrender of said bonds, in a principal sum sufficient to exhaust the moneys in his hands arising from the surplus aforesaid. The Treasurer shall open said sealed proposals at the time and place specified in said publication, in the presence of the Board of Supervisors aforesaid, who shall accept only of such bids as shall cancel the greatest amount of bonds; provided, that no bonds shall be redeemed at a greater rate than one hundred cents for one dollar, together with the accrued interest thereon. SEC. 6. It shall be the duty of the Clerk of the Board of Supervisors, and the Treasurer of said county, each, to keep a separate record of all such bonds as may be issued under the provisions of this Act, showing the number, date, and amount of each bond, and to whom the same was issued, and also the rates and dates of cancellation. SEC. 7. The Board of Supervisors of said county may make any order necessary to carry into effect the provisions of this Act, and are hereby authorized to appropriate out of the General Fund of said county a sum sufficient to pay for the necessary advertising and the printing the blank bonds authorized to be issued by this Act. SEC. 8. The Board of Supervisors of said county shall adverSupervisors tise, in some newspaper published in said county, for proposals for the exchange of said bonds for any of the indebtedness of said county contracted since the time referred to and named in section one of this Act; and as soon as said Board of Supervisors shall have completed the business assigned them by this Act, shall publish a statement of their proceedings in some newspaper published in said county; and said Board of Supervisors are hereby prohibited from exercising any further the powers and duties conferred and imposed by this Act, always excepting and reserving the power to make the orders for the levying the tax mentioned in section four of this Act, and appropriating the money arising from said tax, as directed in section seven of this Act, to the payment of said bonds, and the order with regard to their purchase under bids and before their maturity. SEC. 9. In the event the said bonds authorized to be prepared and issued under and by virtue of the provisions of this Act are not accepted and applied for by the holders of the indebtedness of said county contracted during the time mentioned of this Same. in section one of this Act, in any year after the passage SEC. 10. This Act shall not be construed so as to annul or change any Acts now in force or effect in the County of Cala veras. CHAP. CCLXXXVII.-An Act to authorize the Board of Supervisors of Butte County to loan certain money. [Approved April 21, 1863.] The People of the State of California, represented in Senate and authorized. SECTION 1. The Board of Supervisors of Butte County shall Supervisors be and hereby are authorized to loan to the Oroville and Woodville Turnpike Company any money now in the Railroad Interest Fund of said county which is not required for the payment of the interest of bonds whose coupons mature during the current year; provided, that said loan shall not exceed in amount the sum of eight thousand dollars. of loan. SEC. 2. As soon as practicable after the passage of this Act, Conditions the Chairman of the Board of Supervisors of said county shall call a meeting of said Board, and upon satisfactory proof being presented to said Board that said company has been organized according to law, and that two thirds of the capital stock of said company has been subscribed, and three thousand dollars in cash has been paid in, and that said company has made a location of said road, the said Board shall enter upon their record an order to loan to said Oroville and Woodville Turnpike Company the sum of eight thousand dollars out of the money in said Railroad Interest Fund, as aforesaid, and shall cause said money to be paid to said company, or its authorized Agent, in the manner hereinafter specified, to wit: Whenever the President of said company shall present to the Chairman of the Board of Supervisors satisfactory proof, verified by the affidavit of said President, or the Managing Agent of said company, that an amount not less than one thousand dollars has been expended in actual labor in the construction of their road, or in procuring material therefor, exclusive of the salaries of officers of said company, the said Chairman shall certify the amount so expended to the Auditor of the county, whose duty it shall be thereupon to draw his warrant upon the Treasurer of said county for an amount equivalent to that so certified to him, and it shall be the duty of said Proviso. Interest. Security. County to lien. Treasurer, upon presentation of said warrant, to pay the same out of the said Railroad Interest Fund, and so on, from time to time, until said eight thousand dollars shall have been paid over to said company; provided, that said Chairman shall in no case certify to the Auditor any expenditures that may have been included in a previous certificate, and before giving a certificate, may require the President of said company to make oath that the expenditures stated do not include any expenditure previously certified. SEC. 3. Said loan shall be made for a period of time not less than one nor more than two years, as may be deemed best for the interests of the county by the Board of Supervisors, from the date of the order of loan upon the record of the Board; and said loan shall bear interest at the rate of ten per cent per annum from the payment of each instalment thereof until paid, and which said interest shall be payable semi-annually to the Treasurer of Butte County, who shall place the same to the credit of the Railroad Interest Fund, and shall give his receipt therefor to said company. SEC. 4. At the time of the payment of any instalment of said loan, the Treasurer shall require, and the officer of the company receiving the same shall give, a receipt therefor to said Treasurer, who shall file the same in his office. SEC. 5. From and after the payment of the first instalment of said loan to said company, said loan shall operate as a mortgage upon the road, franchises, revenues, and properties of said company, and shall be holden by said county as security for the repayment of said loan and interest. SEC. 6. It shall not be lawful for the said company, or the have prior Trustees or Directors of said company, or any officer thereof, to suffer or create any mortgage or lien upon the road, its franchises, revenues, or the properties of the company, that may have priority of effect to the lien of the county, nor shall they make or execute any mortgage or lien of any kind whereby said road, franchises, revenues, or properties, may be charged, unless said instrument is held and express upon the face of the same that it is subject and subsequent to the lien of the county created by section four of this Act. Any Trustee, Director, officer, or Agent of said company, violating the provisions of this section, shall be held to be personally liable for the full amount the said company may owe to said county; and, further, provided, that each stockholder of said road corporation shall be personally liable to the County of Butte for his pro rata of the liability created by this Act in favor of said county, in conformity with the provisions of the general corporation laws. Proviso. Duty of SEC. 7. It shall be the duty of the County Treasurer to open an account with said company, and shall charge it with all money drawn under the operation of this Act, and the interest, as the same may accrue, and shall specify the date and amount of each instalment, as the same may be paid, and shall credit said company for all money paid in from time to time on account of said loan and interest; and when the full amount of said loan and interest shall have been so paid in, the Treasurer shall certify such fact to the Board of Supervisors, who, thereupon, shall cause to be entered upon their records an order discharging said |