The San Francisco call., 1910-10-10
ASSEMBLY BILL NO. $50

dSSed tne Assembly, March 4, A. ID. 1SU9,
Clio Lloyd, Chief Clerk Of the Assembly.
Lewis A. Hilborn. Secretary of the Senate.
This bin was received by the Governor. this
m c. Cooper private SECRETARY @ of = the Gov Cow
ernor.
Chapter 1888. An act authorizing the con-
structon, acquisition, maintenance and control
| of q. system Of state highways in the State OF
California; specifying the work. fixing the pay
pended therein; providing for the issuance and
sale of state bonds to create fund for the con-
snsns and Of H. such system
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 1. 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
dollars. For the purpose of providing for the
payment of the cost of the construction ac-
QUESTION of said system of said highways, the
State of California is hereby authorized to in
cur indebtedness in the manner provided by
this act in the sum of eighteen million dollars
Immediately after the issuance of the procla-
nation of the governor, as provided in section IL
of this act. the treasurer Of the state shall pre-
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
said bonds shall not exceed the sum, of eighteen
million dollars and they shall bear interest at
rate Of e ee e aad bdPs n
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
| July 1917 and four hundred of said bonds in
consecutive numerical order shall be due and
every year thereafter until and including the
| third day. of July, 1861 The interest accruing
be payable at the office of the treasurer of the
state on the third day of January and the third
sale Of the same The interest on ali ALL bonds pds
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
state countersigned by the state controller and
endorsed by the state treasurer, and the said
Sorsed BY the officers who are in office on the
| third day of July, 1911 and each Of said bonds
shall have e great thereon o. 5ae Te state ss Of Call
signed countersigned endorsed and sealed as
herein provided, when . sold. shall be and consti-
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
z. dc fboro
shall be interest coupons SO attached that the
same may be detached without injury to or
mutilation OF said bond The said coupons shall
Autographed signature Of the state treasurer
who Shall be in office on the third day of July.
lgl1 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
heen by the purchaser of said bond, paid to fbe
state at the time of such sale.
Sec. g. There snail be provided in the general
-foffn mn
ePpenses that shall be Incurred by the ststa ai
treasurer In the preparation Of said bonds and
act provided
Sec. f. When the bonds authorized BY this ac,
to be issued shall have been signed counter
signed endorsed and sealed in section me
provided the ststeN treasurer shall sell the same
In such parcels and numbers as the governor Of
cash The governor of the state shall issue to to
the state treasurer such direction immediately
resoiution duly adopted and passed by ny ma q
jority vote of the advisory board of the depart
1neey OF the of money wc in shall
Judgment of said advisory board shall he re-
at such leac time and the Of the
number of said bonds may be required 70
raise said amount of money and that said bonds
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 nins
the interest which has accrued thereon betwaen e
the date of sale and the last preceding interest
time and place fixed by him for said Sale con one
tinue such sale TO the whole or any part Of
the bends offered to such such time and place he
Before Offering any of said bonds for SALE the
said treasurer shall detach therefrom all cou-
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
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 neWspaper published ~