company for the bonds so delivered by them, setting forth the numbers, dates and amount of the bonds so delivered, and report the same to the Board of Supervisors.

SEC. 8. Coupons for the interest shall be attached to each Coupons. bond, so that the coupons may be removed without mutilation to the bonds. Said coupons shall be signed by the said Loan Commissioners. When any interest is 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, and deliver the same to the County Clerk of said county, taking his receipt therefor, whose duty shall be to file the same in his office and make a report thereof at the next meeting of the Board of Supervisors.

how levied.

SEC. 9. It shall be the duty of the said Board of Supervisors, previous to the making out of the duplicate of the general assessment list for said county in each year, to levy a tax, to be styled Interest Tax 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 duplicate of the general assessment list for said county in the year eighteen hundred and sixty-eight, and for every year thereafter until the said Board of Supervisors shall, should it be necessary, levy a tax equal in Tax for Loan amount to one-tenth part of the whole amount of said bonds, for the purpose of raising a fund for the liquidation of 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 in to the County Treasurer, who shall account for and deliver the same over to the said Loan Commissioners, to be by them applied: First-The Interest Tax, to the payment of the interest falling How applied due on said bonds;

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

SEC. 10. If there should 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 Loan Commissioners shall pass over such surplus into the said Loan Fund.

Fund.

SEC. 11. It shall be the duty of the said Loan Commissioners Payment of to make arrangements for the payment of the interest on said interest. bonds when the same falls due, at least thirty days before the time of payment; and in the event said Interest Fund is inadequate, the said Treasurer shall draw on the Common or General Fund for such purposes, and deliver the same to the said Commissioners; and in the event that these funds prove inadequate, the said Commissioners are hereby 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 of Los Angeles.

redemption

SEC. 12. Whenever at any time there shall be in the said when to Loan Fund a sum of money amounting to three thousand dollars advertise for or upwards, the said Commissioners shall advertise in a public of bonds. newspaper published in said county, and also a newspaper published in San Francisco, for the space of four weeks, for sealed

proposals for the redemption of said bonds; and ten days after the expiration of the time for such publication the Commissioners shall open the sealed proposals, and shall pay and liquidate, so far as the Loan Fund then on hand shall extend, such bonds presented under such 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; provided, should there Bonds when be no proposals made for less than par value, then the payment not to draw of said Loan Fund then on hand shall be made on said bonds

interest.

Moneys on

hand to be

paid to Gen

eral Fund.

Bonds how cancelled.

Interest Tax and Loan

Fund account.

Commission

and compen

according to the number of their issue, of which said Commissioners shall give four weeks notice of the number of the bonds to be so paid, after which time such bonds shall cease to draw interest; and provided, whenever there may be sufficient moneys in such Loan Fund for the extinguishment of the bonds issued under this Act, it shall be the duty of said Commissioners to advertise in like manner, for the space of four weeks, for the redemption of all outstanding bonds issued under this Act, after which time said bonds shall cease to draw interest. Any money remaining in said Sinking Fund after the redemption of said bonds shall be by the said Commissioners paid over to the County Treasurer, to be by him paid into the General Fund of Los Angeles County.

SEC. 13. Whenever any bonds shall have been paid and redeemed by the said Commissioners, they shall mark the same "cancelled," over their own signatures as Commissioners, and immediately deliver the same to the County Clerk, taking his receipt therefor; and the County Clerk, upon the receipt of such cancelled bonds, shall file the same in his office.

SEC. 14. The County Clerk shall open with the said Loan Commissioners an "Interest Tax Account," and a "Loan Fund Account," and shall balance the same quarterly, on the first Monday of April, July, October and January of each year.

SEC. 15. The said Commissioners, and all other officers herein ers'liabilities specified, for the performance of their duties under the provissation. ions of this Act, shall in all things herein required of them 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, when 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 sum of such bonds to each Commissioner shall not exceed the sum of 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 the said Board of Supervisors and filed in the office of the Clerk of said county.

Rights as subscriber.

SEC. 16. The Board of Supervisors shall have all the rights and powers appertaining to any other subscriber to such capital Dividends. stock, and shall receive all 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 nine 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 paid into the General Fund of said county.

How applied

votes as

transferring

SEC. 17. The said Board of Supervisors shall have authority Casting the to authorize a committee of any one or more of their number, stockholders 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 Selling and said capital stock, or any part thereof, so taken by them under stock. the provisions of this Act, whenever upon 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 thereon shall approve of such sale.

subscription.

SEC. 18. The subscription of stock authorized by virtue of Conditions of the provisions of this Act shall be made by said Board of Supervisors on the books of said company upon the express condition that the said county shall not be liable for any of the debts or liabilities of said company beyond the amount so subscribed; and this provision, as to the liability of said county, shall be a part of, and expressly stipulated in, all contracts made by said company for the construction and equipment of said road; and in case the said company shall fail or refuse to make such stipu lation 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.

be void.

Right to

SEC. 19. If such railroad company shall not, within three Act when to years after the passage of this Act, petition the said Board of Supervisors for the subscription contemplated by this Act, then this Act shall be null and void and of no effect. Be it further enacted, that said railroad company shall have the right to assign the said stock and bonds to be issued under this Act to assign to. the Atlantic and Pacific Railroad Company upon the condition that said company connect their said road with the City of Los Angeles, or with any other Atlantic and Pacific railroad company which shall so connect with the City of Los Angeles, and to combine and unite with said company upon such terms as shall be agreed upon by said companies.

other com

SEC. 20. The Directors of said railroad shall have power to Unite with unite and combine with any railroad extending to, or to extend pany. to San Bernardino, on the Colorado River, on such terms as they may see fit.

how applied.

SEC. 21. The dividends and profits arising from said road to Dividends the County of Los Angeles, as stockholders, shall be devoted to the payment of said bonds, and first to the accruing interest thereon; and if the same are sufficient to pay the interest on

said bonds, no tax shall be levied on the taxpayers of the County of Los Angeles for that purpose.

SEC. 22. This Act shall take effect and be in force from and after its passage.

Order special election.

Notice.

Ballots.

Returns.

CHAPTER XXV.

An Act to authorize the Mayor and Common Council of the City of Los Angeles to take and subscribe seventy-five thousand dollars to the capital stock of the Los Angeles and San Pedro Railroad Company, in the County of Los Angeles, and to provide for the payment of the same, and other matters relating thereto.

[Approved February 1, 1868.]

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

SECTION 1. Whenever a petition from the Board of Directors of the Los Angeles and San Pedro Railroad Company, organized for the purpose of constructing a railroad, by which a railroad connection shall be formed between the City of Los Angeles and the Bay of San Pedro, in the County of Los Angeles, shall be presented to the Mayor and Common Council of the City of Los Angeles, petitioning the said city to take and subscribe the sum of seventy-five thousand dollars to the capital stock of said railroad company, the said Mayor and Common Council shall, on the same day of the filing of said petition, order a special election to be held at the Mayor's office, in the City of Los Angeles, on the fifteenth day thereafter, for the purpose of submitting said proposition to the qualified voters of said city.

SEC. 2. It shall be the duty of said Mayor and Common. Council of said city to cause a notice of at least ten days to be published in some newspaper printed and published in said city, stating the proposition to be submitted to said electors, and the time, manner and place of holding said election and voting on said proposition. It shall be the duty of said Mayor and Common Council to cause ballots to be prepared, with the words "Subscription of seventy-five thousand dollars, in gold coin of the United States of America, to the Los Angeles and San Pedro Railroad Company," to be printed or written thereon; and every ballot in favor of said proposition, shall have the word "Yes" printed or written thereon, and every ballot against proposition shall have the word "No" printed or written thereon. Sealed returns shall be made of the vote cast on said proposition to the Clerk of the Common Council of said city within three days after the day of such election, on which said third day the same shall be opened and counted by the said Mayor and Common Council, and the result thereof declared by them.

SEC. 3. For the purpose of taking and counting the vote on the subscription to the Los Angeles and San Pedro Railroad

election.

Company, as provided for by this Act, the Mayor and Common Officers of Council of the City of Los Angeles-a majority of whom shall constitute a quorum for the transaction of business-shall, for all the purposes of this Act, be a Board of Registration, as also Judges of Election, with authority to appoint a Clerk of Election; and the said Board of Registration, within five days after Registration the order of election, as herein provided, is made, shall cause to be entered on a poll list, in the form prescribed by the Registry Act, the names of the legally qualified electors who are known to them, and who for thirty days next preceding said election have resided within the corporate limits of the City of Los Angeles, and whose names are recorded in the Great Register of the County of Los Angeles, a copy of which said poll list shall be posted up in the office of the Mayor eight days prior to said election; and the said Board of Registration shall, on the fourth day prior to such election, hold a meeting, having first given two days notice thereof by posting the same in writing in three public places in said City of Los Angeles, at which said meeting they shall revise the said poll list of the said City of Los Angeles, rejecting therefrom the names of all persons improperly enrolled thereon, and enrolling the names of all qualified electors presenting themselves for enrolment who have resided within the said city limits for a period of thirty days next preceding said election, and whose names have been entered on the Great Register for the County of Los Angeles.

Duties of

SEC. 4. The election to be held by virtue and in pursuance of this Act shall be by ballot as hereinbefore provided for, and officers. shall be held by the Judges of Election as provided for in the next preceding section, at the place and on the day prescribed in the first section of this Act, they the said Judges of Election being invested with the same duties and powers as to taking oath of office, opening and closing the polls, administration of oaths, receiving and rejecting votes, custody of ballot box, making list of voters and tally paper, which are prescribed by the Election Laws now in force in this State in reference to Judges of Election; provided, however, that after the counting of the said ballots the Judges of Election shall, in writing, certify to the correctness of the poll list and tallies, stating the number of votes cast "Yes," and the number of votes cast "No," and shall, within three days after the date of said election, seal up said ballots, poll list and tallies, and mark the package with the words" Election returns," and deliver the same to the Clerk of the Common Council of the City of Los Angeles; provided further, that no other act or duty in the conducting and return of said election there, as above specified, shall be required of the said Judges of Election; and provided further, that the provisions of the Act known as the Registry Act, except so far as herein expressly adopted, shall not apply to the election or the proceedings therewith connected herein provided for, but the same shall be held in the manner herein provided for, and being so held the same shall be valid and binding, to all intents and purposes, the said Registry Act and all other Acts and parts of Acts to the contrary notwithstanding.

SEC. 5. If at said election a majority of the electors of said