Amador ledger. (Jackson, Amador County, Calif.) 1875-19??, 1910-09-09


on the day Of their maturity and the said bonds
so issued and sold shall on the
day OF their maturity be paid as
herein provided and Cancelled by the treasurer
81 said state MI bonds remaining unsold shall
at the date " the maturity thereof be by tho
treasurer Of the state canoe ed and DESTROYED
All bonds issuei pursuant to the provisions Of
this act shall be signed by the governor of this
state. countersigoed by the state controller and
endorsed by the state treasurer. and the said
bonds shall be so signed cpuntersigned and en-
dorsed by the otcers who are in Office or the
third day OF July, 1911 and each Of sail bonds
shall have The great seal Of the state OF Califor
MIA impressed thereon The said bonds signed
countersgned, endorsed and sealed as herein
trovded when sold shall he and cons itute n
valid and binding obligation upon the state Of
California, though the sale thereof be made nc n
date or dates after the person so signing counter
signing and endorsing. or either of them, shall
have ceased to be the incumbents OF said office
or offices.
SEQ g. Appended to eaoh OF said bonds there
shall be interest coupons so attached that he
came may be detached wi hout injury 10 or
mutilatlDn OF sail bond. The said commons
shall he consecutiveiy numbered and shall uear
the Autographed signature OF the state treasurer
who shall be in ofilce on 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 bOud 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 in the general
appropriation bill sufficient money to defray all
expenses that shall be incurred in tho adver is
ing OF the sale thereof, rs In tn 8 act pr vided
SEC. When tho bonds authorized by this
act to be issued shall have been stgng /, counter
signed, endorsed and sealed rs in section one
provided, the state treasurer shall sell the same
I'm such parcels and numbers ns the governor OF
the state shall direct, TO the highest bidder for
cash. The governor If TIE state shall issue to
the state treasurer such direction Immediately
after being requested so IT, do through and by
resolution duly adopted and passed by major
ity vote Of the advisory board OF the de partment
of engineering said resolution shall specify
the amount OF money which in The Judgment Of
said advisory board shall be required Mt such
time and the governor of the state shall direct
the state treasurer TO sell such mum Der of said
bonds as may be required to raise said amount
of money and that said bonds shall be sold in
cOnSe ,utive numerical order commencing with
the first four hundred thereof The state treas
urer shall not accept any bid which is less IT,
par value of the bond plus the interest which
has accrued thereon between the date of snle
and the last preceding interest maturity date
Tho state treasurer may at tho time and place
fixed by him for said sale continue suCn saie as
to the whole or any part of the bonds offered To
such time and place as he may at the time of
such continuance designate Before onering
any of said bonds for sale the I'D treasurer
shall detlch therefrOm all COUPONS which have
matured or Will mature before the date fixed for
such sale The stnte treasurer shall give notice
Of the time ana place of saic by publication in
two newspapers published IN thecity and county
Of san Francisco and in ono newspaper publish
ed in the city .! Oakland, in one newspaper pub
lished in tue city OF Los y geos ana in one
newspaper published in the city OF Sacramento
ono n week tor four weeks next preceding the
date fixed for such sale In addition 10 the
notice last above provided for. the state treasur-
or may give such further notice as he may deem
advis III e. but tho expenses and cost of such nd
dttionai motto shall not exceed the sum of five
hundred dollars for lch sale SO nd vertised
There is hereby created in and for the state
treasury u fund to be known and designated
the "otate Highway Fund" and Immediately
after such sale of bonds the treasurer of the
stat shall pay into the state treasury and cause
70 be placed in said state highway fund the total
amount received for said bonds except such
amount as may have been paid as accrued in
lerest thereon. The amount that shall have
been paid at such sale a. accrued interest on the
bonds sold shall be by the treasurer OF the state,
tmmedta ely after such sale, paid into the treas
ury OF the state and placed in the interest and
sinking fund
TIE moneys placed in the state highway fund,
pursuant to the provisions of this section, shall
be used exclusively for the acquisition of rights
of way for and the acquisition and construction
of sal system of state highways The route or
routes OF SAID state highways shall be selected
by the department of engineering. ana said route
shall b. so selected and said highways so laid
out and constructed or acquired as To constitute
continuous and connected state highway SyS-
lem running north and south through the S ate,
traversng the Sacramento and San Joaquin
valleys and along the Pacific coast by the most
direct and practicable routes, connecting the
county seats of the several counties through
which it passes and Joining the c5nter' OF popu
la;ion. together with such branch roads as may
DO necessary 10 connect InefeNlln tile SeNeIul
county seats lying east and west Of such state
highway
Moneys shall be drawn from said state high
way fund for the purposes Of this act upon war
rants duly drawn by the controller of tho state
upon demands made by the department OF en-
cheering and audited by the state board Of eX-
aminerS.
Sec s. There is hereby appropriated from the
general fund in the state treasury such sum
annually will be necessary to pay the prin-
cpa OF and the interest on the bonds. issued
"a Gn1n tn a TrOy nf npt
as said principal and interest becomes due and
payable.
There shall be collected annually in the
same manner and at the same time as other
state revenue is collected such sum in addi-
ton to the ordinary revenues of the state, as
shall be required to pay the principal and in
terest on said bonds ms herein provided, and
it is hereby made ting duty of all officers
charged by law with any duty in regard to
the collection of said revenue, to do and per-
form each ana every ret which shall be nee
cssary to collect such additional sum
The treasurer of the state shall, on the first
day of January, 1872, and on the first day of
each July and the first day of each January
thereafter transfer from the general fund of
the state treasury to the interest and sinking
fund such an amount of the money by this
act appropriated as shall be required 10 pay
the Interest on the bonds heretofore sold.
until the interest on all of said bonds so sold
shalt have been paid or Sh all have become
due in accordance win the provisions of this
act.
There is hereby created in the state treas
ury II fund TO be known and designated as
the " State Highway and Sinking Fund"
ThP treasurer of the state shall on the first
day of July of the year 1917, and on the first
day of July of each and every year thereafter
in which parcel of the bonds sold pursuant
to the provisions of this act shall become
due, transfer from tn. general fund Of the
state treasury to the said state highway sink
ing fund such an amount Of the moneys APP
pratcd by this act us may be required TO
pay he principal Of the bonds SO becoming
due and payable in such years.
Sec. o. Tn" principal of all of said bonds
sold shall he paid at the time the same be
come due from the state highway sinking
fund, ana The interest on all bonds sold
shall be paid at the time said interest be.
comes due from the interest and sinking
fund. Both interest ana principal shall be 50
paid upon warrants duly drawn by the con-