Amador ledger., 1910-07-29

so issued and sold shall on the
day OF their maturity be paid as
hercin provided and cancelled by the treasurer
of said statt ~ bonds remaining unsold shall,
at the date OF the maturity thereof be by tho
treasurer Of the 81 g Cancelled and DESTROYED
All bonds ISSUE pursuant to the provisions Of
this act shall be signed by the governor OF this
state countersigued by the state controller and
endorsed by the state treasurer. and tho snid
bonds shall be so signed, countersigned and en-
dorsed 10y the oHcers who are in Ofice or the
third day of July 1911, and each Of said bonds
shall have he great seal OF the state OF Califor
mia impressed thereon Tie said bonds signed,
countersigned. endorsed and scaled as herein
provided. when sold shall he and cons itute
valid and binding Obligation up1n the STATE OF
California, though the sale thereof he made at n
date or datcs after the personso signing counter
signing and endorsing or either of them, shall
have ceased 60 be the incumbents Of said Office
or offices.
SEC o Appended to each OF said bonds there
shall be interest coupons so attached that The
same may be detached wi hout injury TO or
mutatiOn Of saii bond. The snid coupons
shall be consecutlyeiy numbered and shall bear
the autographed signature OF the state treasurer
who shall be In once on the third 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 beon,
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 I'm the adver is-
ing Of the sale thereof, as In tn 8 act provided.
SEC When the bonds authorized by this
act to be issued shall have been signcl counter
signed, endorsed and sealed as in section one
provided. the state treasurer shall sell the same
in such parcels and numbers rs the governor Of
the state shall direct TO the highest bidder for
cash. The governor 'uf the state shall issue to
the state treasurer such direction Immediately
after being requested so tD do, through and by
resolution duly adopted and passed by q major
tty vote of the advisory board Of the department
of engineering said resolution shall specify
the amount OF money which. in the tudgment of
said advisory board shall bo required mt such
time and the governor Of the state shall direct
the state treasurer TO sell such number of ssld
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 hundre0 thereof The state treas
urer shall not accept any bid which is less tfan
par value of the bond plus the interest which
has accrued thereon be5ween the date of sale
and the last preceding interest maturity date.
The state treasurer may at tho time and place
fixed by him for said sale continue such sale as
TO the wholeor any part og the bonds offered to
such time and place rs he may mt the time OF
such continuance designate Before offering
any of said bonds for salc, the said treasurer
shall detach therefrom all cottnons which have
mabured or will mature before the date fixed for
such sale The state tteasllreY shall give notice
of the time and place or sale by publication in
two newspapers published IN the city and county
OF San Francisco and in one new Spapar publish
ed in the city'of Oakland, in one newspaper pub
lished in the CITY of Los \, gel e5 and in one
newspaper published in the city of Sacramento
once a Wt0K IOf IOuf WEEKS next proceeding JIle
date fixed for such sale. In addition to the
notice last above provided for, me state treasur
er may give such further notice he may deem
advisl q, but the eXp Xpenses and cost of such ad
ditonal notic' shall not exceed the sum Of five
hundred dollars for each sale so advertised
There Is hereby created in aad for the state
treasury IA fund to be known anU designated as
the state Highway Fund" and Immediately
after such sale of bonds the treasurer Of the
state shah pay into the state treasury and cause
to be pblced in said state highway fund the total
at,1f.t gfNfnH
amount as may have been paid as accrued in
crest thereon. The amount that shall have
been paih at such sale aS accrued interest on the
bonds sold shall be by the treasurer OF the state
immedia ely after such sale, paid. into the treas
ury of the stale 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 f0r and the acquisition and construction
of sal system of state highways The route or
routes OF said state highways shall be selected
by the department of engineering and said route
shall b. so selected and said highways 50 laid
out and constructed or acquired as 10 constitute
a continUous and connected state highway sys-
TEN running north and south through the late,
tfaverSing 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 c0unties through
which itHpasses and Joining the centerS of popu-
lation. tOge ther with such branch roads as may
be necessary to connect herewith the several
county seats lying east and wsst of such state
highway
Moneys shall be drawn fromi 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-
miners.
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. 3"
There shall be collected annually in the
same manner and at the same time as other
state revenue is collected such sum in addi-
ton TO the ordinary revenues of the state, as
shall be required to paythe principal and in
erest on said bonds MS herein provided, and
it is hereby made ting duty OF all Officers
charged by law with any duty in regard to
the col ection 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 of
each July and the first day of each January
thereafter transfer from the general fund of
the state treasury to the interest and sinking
fund such an amount of the money by this
acl appropriated as shall be required to pay
the interest on the bonds heretofore sold,
until the interest on all Of said bonds so sold
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 Il fund to be known ana designated as
|
| The treasurer of the state shall on the first
day OF Jnly ofthe year 1917, and on the first
day of July OF each andevery year thereafter
! in which ~ parcel az the bonds sold pursuant
to the provisions of this act shall become
due, transfer from TIL. general fund Of the
state treasury TO the said state highway sink
| ing fund such an amount of the moneys ap
priated - ths act as may be required to
| pay he prin ipal Of the bonds so becoming
due and payable in such years.
Sec. g. The principal Of all OF said bonus
sold shall he paid at the time the same be
come due from the state highway sinking
fund, and the interest on all bonds sole
shall be paid at the time said interest be
comes due from the interest and sinking
fund. Both interest and principal shall be SC
paid upon warrants duly drawn by the con
troler of the state upon demands audited b!
the state board OF examiners, and the faitl
of the state Of California Is here pledged TO
the payment of said bonds so SOLD and the III
terest accruing thereon.
See. 7. The state controller and state treas
urer shall keep full and particular accOun
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