The San Francisco call., 1910-08-01
ASSEMBLY BILL NO. 900


Passed the Assembly. March 4, A. D. 1900
| Clio Lloyd, Chief Clerk of the Assembly.
Rf ssnat MassR Of II b D. 1902
This bill was received by the Governor. this
20 day of March. A. D.. 1909. at II o'clock
m. E. c. Cooper, Private Secretary of the Gov
ernor.
Chapter 3s3. An act authorizing the con
of system Of state highways in the state of
California; specifying the work, fixing the pay
ments 10 be made by counties for moneys ex-
pended therein: providing for the issuance and
sale of state bonds 70 create fund for the con-
struction and acquisition Of such system; ere
ating a sinking fund for the payment OF said
bonds; and providing for the submission of this
act TO vote of the people
sented in senate and assembly, do enact as
follows:
Section L. system of state highways in and
for the State of California shall be constructed
and acquired and in the manner provided by
law by the department of engineering of said
state ar a cost not TO exceed eighteen million
dollars. For the purpose of providing for the
payment of the cost of the construction
QUESTION of said system of said highways the
State of California is hereby authorized TO in
cur Indebtedness in the manner provided by
this act in the sum of eighteen million dollars.
nation of the governor. as provided in section IL
Of this act. the treasurer Of the state shall pre-
State of California y the denomination of one
Thousand dollars each. TO be numbered from l
to 5000 500 in inclusive and to e bear the date Of
said bonds shall not exceed the sum of eighteen
million dollars and they shall bear interest at
date Of issuance thereof The said bonds and
the interest thereon shall be payable in gold
coin of the United States of the present standard
state AZ the times and in the manner following,
TO wit: The first four hundred of said bonds
shall be due and payable the third day of
July. 1917, and four hundred Of said bonds in
consecutive numerical order shall be due and
every year thereafter until and including the
third day of July 1861. The interest accruing
| on all of said bonds that shall be sold shall
be payable at the office of the treasurer of the
state the third day of January and the third
day of July of each and every year after the
sale of the The interest on all bonds
issued and sold shall cease the day of their
maturity and the said bonds so issued and sold
shall on the day of their maturity be paid as
of said state. All bonds remaining unsold SHALL
at the date of the maturity thereof be by the
treasurer of the state Cancelled and destroyed
All bonds issued pursuant to the provisions of
this act shall be signed by the governor of this
state, countersigned by the state controller and
endorsed by the state treasurer. and the said
bonds shall be so signed. countersgned and en-
third day of July. 1911, and each of said bonds
shall have the great seal of the State of Cali
fornia impressed thereon. The said bonds,
signed countersigned, endorsed and sealed as
herein provided. when sold, shall be and const-
tute valid and binding obligation upon the
State of California though the sale thereof be
made at a date or dates after the person so
signing, countersignng and endorsing, or either
of them, shall have ceased TO be the incumbents
Sec. 2. Appended to each of said bonds there
shall be interest coupons so attached that the
mutilation of said bond. The said coupons shall
be consecutively numbered and shall bear the
Autographed signature 81 the state treasurer
who shall be in office the third day of July
1911 No interest shall be paid on any of said
bonds for such time as may intervene between
the date of said bond and the day of sale
thereof, unless such accrued interest shall have
been, by the purchaser of said bond, paid to the
state at the time of such sale.
Sec. 3. There shall be provided the general
appropriation bill sufficient money to defray all
expenses that shall be incurred by the state
treasurer in the preparation Of said bonds and
in the advertising of the sale thereof as in this
act provided.
to be issued shall have been signed counter
signed endorsed and sealed in section one
provided. the state treasurer shall sell the same
in such parcels and numbers as the governor of
the state shall direct. to the highest bidder for
cash. The governor Of the state shall issue to
I.the state treasurer such direction Immediately
after being requested SO to do through and by a
resolution duly adopted and passed by ma
jority vote of the advisory board Of the depart;
specify the amount Of money which. in the
Judgment OF said advisory board shall be re-
sd at sacn Sract time @ ssa sna ne nc o Of the
number of said bonds as may be required to
raise said amount of money and that said bonds
commencing with the first four hundred thereof
The state treasurer shall not accept any bid
which is less than the par value of the bond plus
the date of sale and the last preceding interest
maturity date. The state treasurer may at the
time and place fixed by him for said sale CON
tinue such sale to the whole or any part of
the bonds offered to such time and place as he
Before offering any of said bonds FOR sale. : the M
said treasurer shall detach therefrom all cou-
pons which have matured or will mature before
the date fixed for such sale. The state treas
urer shall give notice of the time and place of
sale by publication in two newspapers published
IN the city and county of San francisco and in
one uer publisbed in fhe &ity of OAKLAND