Amador ledger., 1910-10-14

interest on all bonds Issued and sold shall ceaso
| on ihe day OF their maturity and tho snfd bonds
so issued and sold shnil On he
| day OF theif maturity be paid as
/ herein provided and cancelled BY tho treasurer
/ OF said state All bonds romai ming unsold shall,
at the date Of tho maturity thereof be by tho
| treasurer OF the state Cancelled and DESTROYED
| All bonds issuel pursuant 10 the provisions Of
this act shall be signed by tho governor of this
! state. .countersgned by the state controller and
| endorsed by the state treasurer. and tho snid
| bonds shall be so signed cOuntersigned and en-
! dOrsed by the Oticers who are In Office or the
| third day OF July, 1911 and each Of said bonds
shall have the great seal Of the State OF Califor.
mia impressed thereon The said bonds signed,
| countersigned, endorsed and scaled as herein
| provided, when sold shall be and cons itute a
valid and binding obligation upon the state Of
| California though the sale thereof be made at a
date or dates after the person so signing counter
signing and endorsing or either OF them shall
have ceased to be the lncumbents 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
mutilatlon OF said bond. The said coupons
shall be consecutiveiy numbered and shall near
the autographed signature of the state treasurer
who shall be in of1lce 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 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 sufficient money TO defray all
expenses that shall be incurred In the ndVcr' is
Ing OF the sale thereof, as in tn act provided.
SEC. When the bonds authorized by this
act TO be issued shall have been signed CO1Inter-
signed, endorsed and sealed as i'm section one
provided, the state treasurer shall sell the same
In such parcels and numbers 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 tn do, through and by
resolution duly adopted and passed by major
ity vote of the advisory board OF the de partnent
nUtDp1I1nU
the amount Of money which. in The Judgment Of
said advisory board shall be required at such
time and the governor of the state shall direct
the state treasurer to sell such numb of said
bonds as may be required to raise said amount
of money and that said bonds shall be sold i'm
consecutive numerical order commencing with
the first four hundred thereof The state trens-
urer shall not accept amy bid which is less th an
par value of the bond plus the interest which
has accrued thereon between the date of sale
and the last preceding interest maturity daie
The state treasurer may at tho time and place
fixed by him for said sole continue such sale as
to the whole or any pant of the bonds offered to
such time and place as he may mt the time OF
such continuance designate Before offering
any OF said bonds for sale, the said treasurer
shall detach therofrom all coupons which have
matured or will mature before the date fixed for
such sale The state treasurer shall give notice
0f the time and place Of sale by publication ina
two newspapers published in the city and county
OF San Francisco and in one newspaper publish
ed in the city of Oakland, in one newspaper pub
lished in the city Of Los n COLES and in one
once a week Tor four weeks next preceding the
date fixed for such sale. In addition to the
notice last above provided for, the state treasur
er may give such further notice as he may deem
adyis bic but tho expenses and cost OF such adj
ditiona notfca shall not exceed the sum of five
hundred dollars for each sale so advertised.
There Is hereby created in and for the state
treasury II fund to be known and designated as
the "State Highway Fund" and Immediately
after such sale of bonds the treasurer of the
state shall pay into the state treasury and cause
to be placed in said state highway fund tho total
amount received for said bonds, except such
amount as may have been paid as accrued In
tereSt thereon. The amount that shall have
been paid at such sale as accrued interest on the
bonds sold shall be by the treasurer of the state,
tmmedta ely after such sale, paid into the treas
ury OF the state 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 exc uSively for the acquisition Of rights
OF way for and the acquisition and construction
OF sal system of state highways. The route or
routes Of said state highways shall bs selected
by the department of engineering, ana said route
shall b. so selected and said highways so laid
out and constructed or acquired as 10 constitute
a continuous and connected state highway sys-
tom running north and south through the state
traversing 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 counties through
which it passes and Joining the center OF popu-
lation, together with such branch roads as may
be necessary to connect herewith The several
county seats lying east and west Of such state
highway
Moneys shall be drawn from said state high
way fund for the purposes Of this act upon war
rants duly drawn by the controller OF the state
upoD demands made by the department OF en-
cheering and audited by the state board OF ex-
aniners.
Sec D. There is hereby appropriated from the
general fund in the state treasury such sum
annually as will be necessary to pay the prin-
cpal OF and the interest on the bonds, issued
and sold pursuant to the provisions Of this act,
as said principal and interest becomes due and
payable.
There shall be collected annually in the
same ma nner and at the same time as other
state revenue is collected such sum in addi-
tiOn TO the ordinary revenues Of the state, as
shall be required TO pay the principal and in
teress on said bonds rs herein provided, and
IL is hereby made ting duty OF all officers
charged by law with any duty in regard to
the collection of said revenue, TO do and per-
form each and every net which shall he nee
cssary to collect such additional sum
The treasurer OF the state shall, on the first
day Of ofJanuary. 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 ana sinking
fund such an amount OF. .the money by this
act 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 shall have become
due in accordance with the provisions of this
act.
There is hereby created in the state ireas-
ury Il fund TO be known and designated as
the " State Highway and Sinking Fund
The treasurer of the state shall on he first
day of July Of the year 1917, and ON the first
day ofJuiN of each and every year thereafter
In which a parcel Of the bonds suld pursuant
70 the provisions of this act shall become
due, transfer from til. general fund 1f the
state tIetSuIN to the said stnte highway sink
ing fund such an amount of the moneys APP
prlaled by this act as may be required to
pay he principal of the bonds so becoming
due and payable in such years.
Sec. e The principal Of all OF said bonds
sold shall he paid at the time the same be
come due from the state highway sinking
fund, and the interest on all bonds sold
shall he paid at the time said interest be
comes due liom the interest and sinking
iund. Both interest and principal shah be so
,niI warrants I1lA' 1rlytft hxr hp "a