Amador ledger., 1910-08-19

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
by the state treasurer. and the said
bonds shall he so signed, countersigned and en-
dOrsed by the oltcers who are in Ofiice or the
third day OF July, 1911, and each OF said bonds
shall have the great seal Of the State OF Califor-
MIA impressed thereon The said bonds signed,
countersigned, endorsed and sealed as herein
provided, when sold. shall be and constitute
valid and binding obligation upon the state Of
California, though the sale thereof be made at
date or dates after the person signing counter
signing and endorsing. or either OF them, shall
have ceased TO be the incumbents of said office
or offices
SEC 2. Appended to each Of said bonds there
shall be interest coupons so attached that the
same may be detached without injury TO or
mutilation Of said bond. The said coupons
shall he consecutlveiy numbered and shall bear
the autographed signature Of the state treasurer
who shall be in ollce on the tn ird 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.
SIC 3. There shall be provided in the general
appropriation bill sufficient money to defray all
expenses that shall be incurred in the advertis-
ing of the sale thereof, as in this act provided.
SEC. When the bonds authorized by this
act to be issued shall have been signed, counter
signed. endorsed and sealed as 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
the state treasurer such direction Immediately
after being requested so to do, through and by
resolution duly adopted and passed by major
ity vote of the advisory board OF the department
of ofengineering Said resolution shall specify
the amount of money which. in the judgment of
said advisory board shall be required at such
time and the governor of the state shall direct
the state treasurer to sell such number of said
bonds as may be required to raise said amount
of money and that said bonds shall be sold in
consecutive numerical order commencing with
the first four hundred thereof The state treas
urer shall not accept any bid which is less than
par value of the bond plus the interest which
has accrued thereon between 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 continue such sale 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 Offering
any of said bonds for sale, the said treasurer
shall detach therefrom all coupons which have
matured or will mature before the date fixed for
such sale. The state treasurer 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 newspaper publish
ed in the city of Oakland, in one newspaper pub
lished in the city of Los Angeles and in one
newspaper published in the city of Sacramento
once week for four weeks next proceeding the
date fixed for such sale. In addition to the
notice last above provided for the state treasur-
er may give such further notice as he may deem
duNlSdDlt, DuL lnt 6NpeuSeS anu COSb Vi SuCI ttu-
ditional notice shall not exceed the sum of five
hundred dollars for each sale so advertised.
There is hereby created in and for the state
treasury a fund to be known and designated as
the estate Highway Fund" and Immediately
after such sale Of bonds the treasurer of the
state shall pay into the state treasury and cause
to 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
tereSt thereon. The amount that shall have
been paid at such sale as accrued interest on the
al m hn ~ n @ II y
immedia ely after such sale, paid into the treas
ury of the state and placed in the interest and
sinking fund
The 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 said system OF state highways The route or
routes of said state highways shall be selected
by the department of engineering, and said route
shall be so selected and said highways 80 laid
out and constructed or acquired as to constitute
q continuous and connected state highway sys-
TEN running north and south through the state,
traversing 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 centerS OF popu-
lation, together with such branch roads as may
be necessary to connect Herewith the several
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 the 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 as will be necessary to pay the prin.
cipal of and the interest on the bonds. issued
and sold pursuant to the provisions of this act
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
tiOn to the ordinary revenues OF the state, as
shall be required to pay the principal and in.
terest on said bonds as 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 and every act which shall be nee
essary to collect such additional sum
The treasurer of the state shall, on the first
day of January, 1912. and on the first day o
each July and the first day of each January
thereafter transfer from the general fund o.
the state treasury to the interest and sinking
fund such an amount of the money by this
act appropriated as shall be required to pay
the interest on the bonds heretofore sold
until the interest on all of said bonds so solo
shall have been paid or sh all have become
due in accordance with the provisions of this
act.
There is hereby created in the state treas
ury fund TO be known and designated al
| the " State Highway and Sinking Fund.
The treasurer of the state shall on the frs
day of July of the year 1917, and on the frs
day of July OF each and every year thereafte
| to the provisions of this act shall become
due, transfer from tn. general fund Of thu
state treasury to the said state highway sink
| ing fund such an amount of the moneys ap
priated by this act rs may be required Il
pay he principal of the bonds so becoming
due and payable in such years.
Sec. q. The principal of all of said bond
sold shall be paid at the time the same be
come due from the state highway sinking
fund, and The Interest on al bonds sole
shall be paid at the time said interest be
comes due from the interest and sinking
iund, both interest ana prineipai ShaIi a. DC 81
| troller of the state upon demands audited b,
| the state board of examiners, and the fatl
of the state OF California is here pledged 70
the payment of said bonds so sold and the In
| tereSt Accruing thereon.
Sec. 7. The state controller and state treas
urer shall keep full and particular accoun
and record of all their proceedings under thi
act, and they shall transmit to the governo
| in triplicate an abstract OF all such proceed
triplicate, one copy of each to be by The gov