The San Francisco call., 1910-10-03
ASSEMBLY BILL NO. $50

deseo Ine Assembly, March I, A. D. 1SO9,
Clio Lloyd, Chief Clerk of the Assembly.
Passed the Senate, March H.. A. D. 1909,
Lewis A Hilborn, Secretary of the Senate.
20 day of March, A D. 1909 at II O'clock
m. E. c. Cooper, Private Secretary Of the Gov
ernor.
Chapter ssS. An act authorizing the CON
structfon, acquisition, maintenance and control
of system of state highways in the State of
ments to be made by counties for moneys ex-
pended therein; providing for the issuance and
struction and acquisition of such system. ere
ating sinking fund ror the payment OF said
act to vote of the people.
The people Of the State Of California, repre-
sented in senate and assembly, do enact as
follows:
for the State Of California shall be constructed
and acquired and in the provided by
state at cost not to exceed eighteen million
dollars. For the purpose of providing for the
QUESTION of said system of said highways the
State of California is hereby authorized to in
cur an Indebtedness in the manner provided by
this act in the sum Of eighteen million dollars.
Immediately after the issuance of the procla-
nation or the governor, as provided in section IL
of this act the treasurer of the state shall pre-
pare eighteen thousand suitable bonds of the
State of California in the denomination of one
thousand dollars each, to be numbered from l
the third day of July, 1911 The total issue of
said bonds shall not exceed the sum of eighteen
date Of issuance thereof The said bonds and
coin of the United States of the present standard
of value at the office of the treasurer of said
state at the times and il the manner following
to wit: The first four hundred of said bonds
shall be due and payable on the third day of
July, 1917, and four hundred of said bonds in
consecutive numerical order shall be due and
payable the third day of July, in each 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 on the the tre N cay nd GI and the third
sale Of the same The interest on all bonds
nstprity and the said bonds so issued and sed
shall on the day OF their maturity be paid as
herein provided and @ cancelled by the treasurer
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
bonds shall be so signed countersigned and EN- en-
dorsed by the officers who are in office on the
third day of July. 1911. Ia and d each Of said bonds
fornia impressed thereon. The said bonds
signed coq9tersigped @ TS endorsed and an sealed
tute a valid and binding obligation upon the
State of California. though the sale thereof be
signing countersfgning and endorsing, or either
of them, shall have ceased to be the incumbents
of said office or ofhces-
Sec 2. Appended TO each of said bonds there
shall be interest coupons attached that tbe
same may be detached without injury to or
mutilation of said bond. The said coupons sb. II
be consecutively numbered and shall bear the
Autographed signature Of the state treasurer
1911. No interest shall be paid on any of said
bonds for such time may intervene between
the date of said bond and the day of sale
been by the purchaser of said bond, paid to the
State at the time of such sale;
appropriation bill sufficient money to defray ali
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
Sec 4. When the bonds authorized by this act
m he 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 immediateIy
resolution duly adopted and passed by ma
jority vote of the advisory board of the depart
ment of engineering. Said resolution shall
specify the amount of money which, in the
Judgment of said advisory board shall be re-
oouired at such time and the governor of the
number of said bonds as may be required to
raise said amour amount OF money and that said bonds
commencing with the first four hundred thereof
The state treasurer shall not accept any hid
which is less than the par value of the bond plus
the interest which has accrued thereon between
the date of sale and the last preceding interest
maturity dd ac Ied bT him for sad may at the
tinue such sale to the whole or any part of
the bonds offered to such time and place. he
Before offering any Of said bonds for sale the
said treasurer shall detach therefrom all cou-
pons which have matured or will mature before
the date fixed for such sale. The state treas
shall give notice of the time and place of
sale by publica tion In two newspapers published
In the city and county Of San Francisco and in
one newspaper published In the city of Oakland
and In one newspaper published in the city of
Y n lfeho In