The San Francisco call., 1910-09-26
AsSrNBT,y RIIJ. No aoo


Passed the Assembly, March 4, A. D. 1909,
Clio Lloyd, Chief Clerk of the Assembly.
Lewis abofn seeseafS MsafS Of the senate 1909
80 This bill was received by the Governor, this
ernor.
Chapter 3s3 An act authorizing the con-
struct1on. acquisition, maintenance and control
of a system of state highways in the State of
California; specifying the work, fixing the pay
ments to be made By counties for moneys
sale Of state bonds to create fund for the con-
struction and acquisition of such system; ere
attng 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
Section l. system of state highways in and
and acquired as and in the manner provided by
state at a cost not TO exceed eighteen million
dollars For the purpose of providing for the
payment of the cost Of the construction or ac-
quisition 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 Of the governor, 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, be numbered from 1
tie third day of July, 1911. The total issue of
said bonds shall not exceed the sum of eighteen
million dollars and they shall bear interest at
the rate of four per cent per annum from the
the interest thereon shall be payable in gold
coin of the United States of the present standard
state at the times and in the manner following,
to wit: The first four hundred of said bonds
uy 1917 and four Sundred Of said bonds IN IN
consecutive numerical order shall be due and
payable on the THIRD day Of July in and
third day of July, 1861. The interest accruing
on all of said bonds that shall be sold shall
state on the third day of January and the third
day Of July of each and every year after the
sale of the same. The interest all bonds
issued and sold shall cease on the day of their
ma turity 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
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
endorsed by the state treasurer, and the said
bonds shall be so signed, countersigned and en-
third day of July, 1911 and each of said bonds
shall have the great seal of the State of Cali
signed, countersigned endorsed and sealed as
herein provided, when sold, shall be and consti-
State of California, though the sale thereof be
made at 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.
Sec. 2. Appended TO each of said bonds there
shall be interest coupons so attached that ths
same may be detached without injury fo or
mutilation of said bond. The said coupons shall
be consecutively numbered and shall bear the
who shall be in office on the third day of Jnlv
1911 No interest shall be paid on any of said
the date of said bond and the day Of ssIa Ia
thereof, unless such accrued interest shall have
been by t.e purchaser & Of SAID SAID bond paid to the
Sec. g. There snail be provided in the general
appropriation bill sufficient money to defray ali
tressurer in the preparation of said bonds @ state ate
in the advertising of the sale thereof as in this
Sec. 4 when the bonds authorized by this oct
to be issued shall have been signed. eonntar at
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 ~
the state treasurer such direction immediateiv
after being requested SO TO do, through and nv :
jority vote of the advisory board of the depart-
ment Of engineering. Said resolution Shall
Judgment of said advisory board shall he rue rue
buried at such time and the governor of tha
State shall direct the state treasurer to sell such
number of said bonds as may be required to
raise said amount of money aud that said bonds
shall be. sold in consecutive numerical order
The state treasurer shall not accent any hid
which Is less than the par value of the bond plus
the date of sale and the last preceding inferas-
maturity date. The state treasurer may ar the
time and place fixed by him for said sale CON
tinue such sale as to the whole or any part of
the bonds offered to such time and place az ba
may at the time Of such continuance designate !
Before Offering any OF said bonds for sale thea
said treasurer shall detach therefrom ali con-
pons which have matured or will mature before
urer shall give notice of the time and Mace Of
sale by publication in two newspapers published
one newspaper published in the city of OAKLAND a.
and In one newspaper published in the city of