to do; and the Board of Supervisors of said City and County of San Francisco, and their legal successors, are hereby authorized and empowered to grant to the parties herein named, their associates and assigns, such additional rights and privileges as said grantees, their associates and assigns, may desire or deem necessary for the full and complete enjoyment of the franchise and privileges hereby and herein created and granted.

pay license.

SEC. 10. The owners of said railroad shall pay to the City Grantees to and County of San Francisco the sum of fifty dollars per annum, as a license, upon each car used by them upon said railroad, which payment shall be made quarterly to said city and county. The licenses provided for in this Act shall be paid and collected quarterly, as vehicle licenses are paid and collected in the City and County of San Francisco.

CHAP. CCLXXXV.-An Act to authorize the Board of Supervisors of the County of Alameda to take and subscribe Two Hundred and Twenty Thousand Dollars to the Capital Stock of "The Alameda Valley Railroad Company," and to provide for the payment of the same, and other matters relating thereto.

[Approved April 21, 1863.]

The People of the State of California, represented in Senate and
Assembly, do enact as follows:

SECTION 1. It shall be the duty of the Board of Supervisors Special elecof the County of Alameda, to order a special election to be held tion ordered. in said county, at the several places for holding elections therein, on the first Tuesday of June next, for the purpose of submitting to the qualified electors of said county the proposition for said Board of Supervisors to take and subscribe two hundred and twenty thousand dollars to the capital stock of "The Alameda Valley Railroad Company" for the purpose of constructing and maintaining a railroad within the limits of the said County of Alameda.

It shall be the duty of said Board of Supervisors to Ballots. cause notice of at least twenty days to be published in one or more newspapers printed and published in the said county, stating the proposition to be submitted to said electors, and the time and manner of voting thereon. It shall be the further duty of said Board of Supervisors to cause ballots to be prepared, with the words Subscription of two hundred and twenty thousand dollars to the Alameda Valley Railroad Company," printed thereon. Every ballot in favor of said proposition shall have the word "Yes," written or printed thereon, and every ballot against said proposition shall have the word "No" written or printed thereon. Said election shall be conducted in the same Manner of manner as other elections for county officers; and sealed returns conducting shall be made of the vote cast on said proposition within five days after the said election, and in the same manner as provided for in case of the election of county officers, to the Clerk of said

election.

Subscription

How to be made.

Conditions.

Duties of

missioners.

county, of the number of voters voting "Yes," and the number. voting"No," which returns shall be, on said fifth day, or on the Saturday following the day of said election, opened and counted in the same manner as the returns of the votes for county officers; and when so opened and counted, the result thereof shall be declared officially by the said Board of Supervisors, who shall, at the time prescribed for the opening and counting of the returns of said election, meet as a Board for that purpose, and for perfecting the subscription of stock as hereinafter provided.

SEC. 3. If, at the said election, a greater number of the electors of said county voting upon said proposition shall vote "Yes" than shall vote "No," then, and in that event, is the Board of Supervisors of said county, in the name of said county. hereby authorized, empowered, and directed, immediately after the result of said election is so officially declared, to take and subscribe, for the use, benefit, and advantage of said county, to the capital stock of "The Alameda Valley Railroad Company," a corporation duly organized under the laws of this State, on the thirteenth day of January, Anno Domini eighteen hundred and sixty-three, for the purpose mentioned in section one of this Act, stock to the amount of two hundred and twenty thousand dollars, and therefor to pledge the faith of said county for the payment of the same, in the manner hereinafter provided.

SEC. 4. The said subscriptions shall be made by a committee of two members of said Board of Supervisors, to be appointed by an order of the said Board for that purpose, and who shall perform that duty immediately thereafter.

SEC. 5. The said subscriptions shall be made, and so received, conditioned to be paid in the bonds of said county, issued as hereinafter directed, and not otherwise; and for such subscription said bonds shall be received at par, dollar for dollar.

SEC. 6. The said Board of Supervisors of said county, from Supervisors. time to time, as the payment of said subscription to such capital stock so subscribed shall be required to be made by the Board of Directors of said railroad company, not exceeding at any one time, however, an instalment of ten per cent upon the amount of said subscription, upon the same terms as other stockholders are required to pay, shall, by order, direct the Chairman of said Board of Supervisors, the Auditor, and Treasurer of said county, who, for that purpose, in addition to their other duties as such officers, and their successors in office, shall Loan Com- constitute a Board of Commissioners, to be styled the "Loan Commissioners," of said county, as such "Loan Commissioners, to issue bonds in the sum of one thousand dollars each for such amount of such subscriptions to said capital stock as said Board Bonds, when of Supervisors may direct. Said bonds shall draw interest at the rate of eight per cent per annum from the date of their issue, and the principal thereof shall be made payable on a specified day, to be named in the bonds, which shall be twenty years after the date of their issue, at the office of the Treasurer of said county; the interest accruing on said bonds shall be due and payable semi-annually so long as such bonds are outstanding and unpaid, and shall be made payable on a specified day, to be named in coupons, at said Treasurer's office, as before pro

payable.

Interest.

vided for the payment of the principal of said bonds. Both To be paid in principal and interest of said bonds shall be made payable in coin. United States gold coin, dollar for dollar. Said bonds shall be signed by the Chairman of said Board of Supervisors, the Auditor, and Treasurer of said county, as such officers and ex officio "Loan Commissioners," and when so signed shall be presented by the Chairman of said Board of Supervisors to the Clerk of said county, who shall countersign the same, as such Clerk, in the presence of a quorum of such Board, at a meeting thereof; and it shall be the duty of said Board of Supervisors 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 such Clerk; and upon the countersigning of said bonds it shall be the duty of said Board of Supervisors to cause the seal of said county to be affixed to each bond, and appoint a committee of two of their number to deliver said bonds to the said railroad company to whom the same shall be issued; and it shall be the duty of such committee to take a receipt from the Secretary of said railroad company for the bonds so delivered by them, setting forth the number, dates, and amounts of the bonds so delivered, and report the same to the Board of Supervisors.

SEC. 7. Coupons for the interest shall be attached to each Coupons. bond so that the coupons may be removed without mutilation to the bond; said coupons shall be signed by the "Loan Commissioners." When any interest shall be paid upon a bond issued under the provisions of this Act, the County Treasurer shall receive the detached coupons for the interest then due, and deliver the same to the 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.

expending

SEC. 8. The bonds issued from time to time in payment of Manner of such stock subscription, by virtue of the provisions of this Act, funds. and at least an equal amount of any other funds that may be obtained by said company from other stockholders, or otherwise, or that may be furnished and supplied by the contractor or contractors who may be engaged in the construction of said road for said company, shall be expended from time to time, as the said bonds are required to be issued, in the actual construction of said company's road. It shall be the duty of the Secretary and Chief Engineer of said company, from time to time, as the said bonds are required to be issued, to make reports under oath, in writing, and lay the same before the said Board of Supervisors, of the progress of the work, and the amount thereof done and performed, as near as the same can be ascertained, on Supervisors said road. And if, after the issuance of such bonds in payment withof ten per cent on such subscription, there should be at any ment." time any failure or refusal in the expenditure of said bonds in the mode and manner provided by this section in the construction of said road, then and in that event the said Board of Supervisors may, at their option, withhold any further payment on such subscription, and shall not thereafter be liable to any future calls for assessments thereon; and if so declared by said Board of Supervisors, the said subscription shall be held void

may hold pay

Interest tax.

and of no effect, and the said company shall be liable to said county for any amounts that may have been previously paid on such subscription at the time of such failure or refusal, recoverable at law in any Court having jurisdiction.

SEC. 9. It shall be the duty of said Board of Supervisors, previous to the making out of the general assessment list for said county in each year, to levy a tax, to be styled an "Interest Tax," sufficient to raise the amount of interest required to be paid each year on said bonds issued hereunder; and previous to the making out of the general assessment list of said county in the year eighteen hundred and seventy-two, and for every year thereafter until the said bonds issued under this Act shall be paid and liquidated, the said Board of Supervisors shall, should it be necessary, levy a tax, not exceeding twenty-five cents on the one hundred dollars worth of taxable property of said county, for the purpose of raising a Fund for the liquidation of Loan Fund. said bonds, which shall be styled a "Loan Fund." The said taxes shall be levied and collected in the same manner as the general taxes for county purposes, and when collected, shall be paid unto the County Treasurer, who shall account for and deliver the same over to the said "Loan Commissioners," to be by them applied:

Payment of bonds and interest.

Surplus in
Interest
Fund.

Payment of interest.

Surplus in

and redemp

First The Interest Tax, to the payment of the interest falling due on said bonds.

Second-The "Loan Fund," to the redemption of said bonds, as hereinafter provided.

SEC. 10. If there shall be collected as such interest tax, in any one year, a sum greater than is required to pay the annual interest on said bonds issued hereunder, then the said "Loan Commissioners" shall pass over such surplus into the said "Loan Fund."

SEC. 11. It shall be the duty of said "Loan Commissioners" to make arrangements for the payment of the interest on said bonds when the same shall fall 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 the said county for such purpose, and deliver the same to said Commissioners; and in the event that those Funds prove 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 said county.

SEC. 12. Whenever at any time there shall be in said “Loan Loan Fund, Fund" a sum of money amounting to four thousand dollars or tion of bonds upwards, the said Commissioners shall advertise in a public newspaper published in said county, for a space of four weeks, for scaled 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 "Loan 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 "Loan

Fund" on hand shall be made on said bonds according to the number of their issue, of which the said Commissioners shall give four weeks notice of the number of the bonds to be paid, after which time such bonds shall cease to draw interest; and, provided, whenever there may be sufficient moneys in such Proviso. Loan Fund" for the extinguishment of the bonds 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 under this Act, after which time said bonds shall cease to draw interest. Any moneys remaining in said "Loan Fund," after the redemption of said bonds, shall be by the said Commissioners paid over to the County Treasurer, to be by him held subject to the order of said Board of Supervisors.

of bonds.

SEC. 13. Whenever any bonds shall have been paid and re- Cancellation deemed by the said Commissioners, they shall mark the same "cancelled" over their signatures as Commissioners, 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.

officers, and

SEC. 14. The County Clerk shall open with the said Commis- Duty of sioners an "Interest Tax Account" and a "Loan Fund Account," Clerk. County and shall balance and settle the same quarterly, on the first Mondays of April, July, October, and January, of each year. SEC. 15. The said Commissioners, and all other officers herein Liabilities of specified, for the performance of their duties under the pro- their com visions of this Act, shall in all things herein required of them, pensation. be subject to all the liabilities and penalties to which they are subjected in the performance of any other of the duties of their respective offices; and they shall, where the fees or salary is not fixed by law for the services herein required, be allowed by the 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 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 person, 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.