The San Francisco call., 1910-08-15
ASSEMBLY BILL NO. 900

dSSeQ lne Assembly, March i. A. ID. 1909
Clio Lloyd. Chief Clerk of the Assembly.
Lewis A. ,Hilhorn, Secretary of the Senate .O00
This bill was received by the Governor, this
20 day of March. A. D. 1909 at 12 O'Clock
M, E. c. Cooper, Private Secretary of the Coy
Chapter 3s3. An act authorizing the con
struction. acquisition. maintenance and control
of system of state highways in the State of
California; specifying the work. fixing the pay
ments TO be made by counties for moneys ex-
pended therein; providing for the issuance and
struetion and acquisition of such system; ere
ating sinking fund for the payment of said
bonds; and providing for the submission of this
act to vote of the people.
The people of the State of California, repre-
sented in senate and assembly, do enact as
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 a cost net 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 provided by
this act in the sum of eighteen million dollars.
Immediately after the issuance of the proca
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, to be numbered from
TO $4,000, 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 manner 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
third day of July. 1861. The interest accruing
on all Of said bonds that shall be sold shall
be payable at the office of the treasurer of the
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 the day of their
maturity and the said bonds issued and sold
shall on the day of their maturity be paid as
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
this act shall be signed by the governor of this
state, countersigned by the state controller and
bonds shall be 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.
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shall be interest coupons attached that the
same may be detached without injury to or
mutlation of said bond. The said coupons shall
be consecutfyely numbered and shall bear the
autographed signature of the state treasurer
who shall be in office on the third day of July
1911. No interest shall be paid any of said
bonds for such time 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. 8. There shall be provided in the general
q
expenses that shall be incurred by the state
treasurer in the preparation of said bonds and
in the advertising of the sale thereof as in this
act provided
Sec. 4. When the bonds authorized by this act
to be issued shall have been signed counter
signed. endorsed and sealed as in section one
provided. the state treasurer shall sell the same
the state shall direct, to the highest bidder for
cash. The governor of the state shall issue to
the state treasurer such direction Immediately
after being requested so to do, through and by a
resolution duly adopted and passed by a ma
jority vote of the advisory board of the depart
ment of engineering Said resolution shall
specify the amount of money which in the
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 such
number of said bonds 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 hid
which is less than the par value of the bond plrs
the interest which has accrued thereon between
the date of sale and the last preceding interest
maturity date. The state treasurer may at the
time and place fixed by him for said sale con-
tinue such sale TO the whole or any part of
may at the time of such continuance designate.
Before offering any of said bonds for sale the
said treasurer shall detach therefrom ali cou-
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
in the city and county Of San Francisco and in
one newspaper published in the city of Oakland,
and in one newspaper published in the city Of
Los Angeles and In one newspaper published In