such officer or officers shall pay the amount of such
taxes so levied for the principal of said bonds into
the Treasury of the State, as State taxes are now or
may hereafter be required by law to be paid, and the
bonds of such collector or collectors, or other officer
or officers shall he liable for the payment of the same.
SEC. 5. And be it enacted. That the said bonds, so
to be issued, shall be received by the said company
at the par value thereof in payment of the stock so
to be subscribed for; provided that one-fourth only
of the amount of said bonds shall be delivered to
said company as soon as one-half of the length of
the line of said railroad, lying within the limits of
the said county, shall have been graded; an other
fourth thereof when the whole of the said road,
within the limits of said county shall have been fully
graded; an other fourth thereof, when one-half of
the road, lying within the limits of said county, shall
have been fully built and constructed, and the re-
maining fourth of said bonds shall be delivered to
the said company when the said railroad shall he
fully built and constructed, and in running order,
and that the said bonds shall not be issued in any
greater instalments, nor at any earlier periods, than
as above provided for.
SEC. 6. And be it enacted. That the County Commis-
sioners of the said county be and they are hereby
authorized to sell or pledge the shares of stock
which may be so subscribed for, and apply the pro-
ceeds to the payment of the said bonds or the interest
thereon.
SEC. 7. And be it enacted. That until the payment
of the said bonds in full, both principal and interest,
all dividends upon the said stock, so to be subscribed
for, shall be paid by the said company into the State
treasury, to be added to the said sinking fund, so
long as the said stock shall continue to be owned and
held by the said County Commissioners.
SEC. 8. And be it enacted. That the County Commis-
sioners of the said county, or a majority of them, are
hereby empowered to vote the stock, so to be sub-
scribed for, at any meeting of the stockholders of
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Bonds to lie
received at
par value.
Proviso.
Authorized
to sell stock.'
Dividends to
be paid into
State Trea-
sury.
County Com-
missioners to
vote the
stock.
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