The San Francisco call., 1910-09-19
ASSEMBLY R1II. Nn 600

Passed the Assembly, March 4, A. D. 1909,
Clio Lloyd. Chief Clerk of the Assembly.
Passed the Senate March IL A. b. 1909,
Lewis 4. Hilborn, Secretary of the Senate.
20 day of March A. D. 1909. at II o'clock
ernor.
struction, acquisition, maintenance and control
Of system of state highways In the State of
Callfornia; specifying the work, fixing the pay
ments to be made by counties for moneys ex-
pended therein; providing for the Issuance and
sale OF state bonds to create fund for the con.
structioa and acquisition of such system;
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
follows:
Section l. A system Of state highways in and
for the State of California shall be constructed
and acquired as and in the manner provided by
law by the department. OF engineering Of said
state at cost not TO exceed eighteen million
dollars. For the purpose of providing for the
payment of the cost of the construction or ac-
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 IL the sum of eighteen million dollars.
Immediately after the issuance of the procla
nation Of 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
thousand dollars each. TO be numbered from
to 1s,ooo. inclusive, and to bear the date of
the third day OF July, 1911 The total issue of
said bonds shall not exceed the of eighteen
million dollars and they shall bear interest at
the rate of four per cent per annum from the
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
Of value at the office of the treasurer of said
state at the times and in the 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 hal he eold eha
be payable at the office of the treasurer of the
state the third day of January and the third
sale Of the same. The interest on all bonds
issued and sold shall cease 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
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
dorsed by the officers who are in office on the
third day of July, 1911, and each of said bonds
fornia impressed thereon. The said bonds
signed, countersigned, endorsed and sealed as
tute a valid and binding obligation upon tbe
State of California, though the sale thereof be
made at a date or dates after the person SO
signing coUntersigning and endorsing or either
of them, shall have ceased to be the incumbents
of said office or offices.
shall be interest coupons attached that the
same may be detached without injury TO or
mutation of said bond The said coupons shall
be consecutively numbered and shall bear the
autographed signature Of the state treasureT
who shall be in office the third day of ,Inlv
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 fhe
state at the time of such sale.
Sec g. There snan be provided In the general
rfotia Snf6rtpnf e. a.
expenses that shall be incurred by the STATE
treasurer in the preparation of said bonds ana
in the advertising Of the sale thereof as in this
Sec A. When the bonds authorized by this act
to be issued shall have been signed counter
signed. endorsed and sealed as in section ono su,
proEided, the state treasurer shall sell the same
in such parcels and numbers the governor Of
the state shall direct to the highest bidder f or
the state treasurer such direction immedateiv
after being requested so to do, through and by =
iority vote of the advisory board of the denart.
menf of engineering. Said resolution shall
specify the. amount Of money which, in the
ouired at such time and the governor of the
sfate shall direct the state treasurer to sell snch
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 treasurer shall not accept any bid
which is less than the par value of the bond nIns
fbe interest which has accrued thereon befupae pas
tbe date of sale and the last preceding intera4
maturity date The state treasurer NAV af Az
tine and place fixed by him for said saa con one
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 +ha
said treasurer shall detach therefrom ali con-
pons which have matured 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
one newspaper published in the city of OAKLAND
and in one newspaper published in the city of