The San Francisco call., 1910-09-05
ASSEMBLY BILL NO. 900

Passed the Assembly. March 4. a. D. 1903,
Clio Lloyd, Chief Clerk of the Assembly
Lewis A Hilborn. Secretary of the senate
9o ms Is bli was received by the Governor. this
ernor
Chapter 3S3. An act authorizing the con
slructlon, acquisition, maintenance and control
Of a system of state highways in the State Of
CaIIornla; specifying the work, fixing the pay
ments to be made by counties for moneys ex-
pended therein; providing for the issuance and
safe OF state bonds TO create fund for the con-
struction and acquisition of such system; ere
ating a sinking fund for the payment of said
bonGs; and providing for the submission of this
act tto vote of the people
The people of the State of California, repre-
follows:
Section 1. 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 net to exceed eighteen million
dollars. For the purpose of providing for the
payment of the cost of the construction
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 ia 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 snail pre-
pare eighteen thousand suitable bonds of the
State OF California in the denomination of one
thousand dollars each to be numbered from /
the third day of July, 1911. The total issue of
said bonds shall not exceed the sum of eighteen
q
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, 1851 The interest accruing
on all Of said bonds that shall be sold shall
be payable at the office of the treasurer of the
state 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
maturity and the said bonds so issued and sold
herein provided and Cancelled by fhe treasnrer p1 %
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
state, countersigned by the state controller and
bonds shall be so signed, countersigned and en-
dorsed by the officers who are in office on the
shall have the great seal of the State of Cali
fornia impressed thereon. The said bonds
herein provided when sold. shall be and consti-
tute valid and binding obligation upon the
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 the
mutlation of said bond The said coupons shall
be consecutively numbered and shall bear the
Autographed signature of the state treasurer
who shall be in office on the third day of JuIy
leI1 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
Sec. 3. There shall be provided in the general
appropriation bill sufncient money to defray all
expenses that shall be incurred by the state
treasurer in the preparation of said bonds and
act provided
Sec. 4. When the bonds authorized by this act
to be issued shall have been signed counter
signed endorsed and sealed 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 issne to
the state treasurer such direction immediateIv
after being requested so to do, through and hv
resolution duly adopted and passed by a ma
iority vote of the advisory board of the depart-
ment of engineering. Said resolution shall
judgment of said advisory board shall be re-
Quired at such time and the governor of the
State shall direct the state treasurer to sell snch
number of said bonds may be required to
raise said amount of money and that said hondS
commencing with the first four hundred tbereof
The state treasurer shall not accept any hid
which is less than the par value of the bond nIus
the interest which has accrued thereon between
the date of sale and the last preceding interest,"
maturity date. The state treasurer may at fbe
time and place fixed by him for said sale CON
tinue such sale as to the whole or any mart ~
the bonds offered to such time and place as ba
NAV at the time of such continuance desien.to
Before Offering any of said bonds for sa1e 49,
said treasurer shall detach therefrom all con-
pons which have matured or 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