The San Francisco call., 1910-08-29
ASSEMBLY RIIL. NO. 900

Passed the Assembly, March 4, A. d. 1909,
Passed the Senate, March II, A. D. 1909,
Lewis A. Hilborn. Secretary of the Senate
% This bill was received BY the Governor; this
ernor
Chapter 3sS. An act authorizing the con
structfon, 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 ex-
pended therein; providing for the issuance and
sale OF state bonds to create fund for the con-
ating sinking fund for the payment of said
bonds; and providing for the submission Of this
act the to oeo0e gots of Of the the gtaPe Of
sented in senate and assembly, do enact as
for the State of California shall be constructed
and acquired and in the manner provided by
state at cost net to exceed eighteen million
dollars. For the purpose Of providing for the
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 of eighteen million dollars.
Immediately after the issuance of the procls-
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 l
the third day of July, 1911. The total issue of
said bonds shall not exceed the sum of eighteen
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 on the third day of July. in each and
third day of July, 1861. The interest accruing
on all of ha hall
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 on the day of their
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
state, countersigned by the state controller and
endorsed by the state treasurer, and the said
dorsed by the officers who in office on the
third day of July, 1911 and each of said bonds
shall have the great seal Of the State of Cali
fornia impressed thereon The said bonds
signed countersigned endorsed and sealed as
herein provided, when sold, shall be and consti-
State of California, though the sale thereof be
made at a date 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 thar the
same may be detached without injury to or
mutilation of said bond. The said coupons sha II
be eonsecutively numbered and shall bear the
autographed signature of the state treasurer
who shall be in office the third day of july
1911 No interest shall be paid on any of said
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. s. There shall be provided in the general
appropriation bill sufficient money to defray all
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.
to be issued shall have beer signed. counter.
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
the state treasurer such direction immediatelv
after being requested so TO do, through and nv q
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 hoard shall be re
CURED at such time and the governor of the
state shall direct the state treasurer TO sell such
number of said bonds may be required m
raise said amount of money and that said bonds
shall be sold in consecutive numerical order
commencing with the first four hundred tbereof
The state treasurer shall not accept auy hid
which is less than the par value of the bond plus
the interest which has accrued thereon between
the date of sale and the last preceding interest
maturity date. The state treasurer may eft 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 as he
may at the time of such continuance designate.
Before offering any OF said bonds for sale. the
said treasurer shall detach therefrom all cou-
pons which have matured or will mature before
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
Los Angeles and in one neWsnarer nnhlfshed In