The San Francisco call., 1910-08-22
ASSEMBLY BILL. no. aan

clio Lloyd chief Clerk Of the Assembly -''''
Passed the Senate March II. A d. 1909,
Lewis A. Hilborn, Secretary of the Senate.
% This bill was received by the Governor, this
70 day of March A D. 1909. at II O'Clock
ernor.
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
sale of state bonds to create fund for the con-
struction and acquisition of such system; Gre
atlng sinking fund for the payment of said
bonds; and providing for the submission of this
act TT TO vote Of the people
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
state at cost net to exceed eighteen million
payment of the cost of the construction or ac-
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 il the of eighteen million dollars
nation OF the governor, as provided in section II
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
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 the third day Of
July, 1917, and four hundred of said bonds In
consecutive numerical order shall be due and
year ea ereaer until anI penn m enGh b
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 on all bonds
issued and sold shall cease on the day of their
maturity and the said bonds so issued and sold
shall on the day of their maturity be paid as
herein provided and Cancelled by the treasurer
of said state. All bonds remaining unsold sha H.
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
endorsed by the state treasurer, and the said
bonds shall be so signed, countersgned and en-
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 copst-
tute a valid and binding obligation upon the
State of California, though the sale thereof be
made at date or dates after the person so
signing countersgning 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 that the
mutilation of said bond. The said coupons shall
be consecutively numbered and shall bear the
who shall be in Office 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 genara1
appropriation bill sufficient money to defray ali
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
10 be issued shall have been signed. counter
signed, endorsed and sealed as in section one
in such parcels and numbers the governor of
the state shall direct, to the highest bidder for
cash The governor of the state shall Issue 70
the state treasurer such direction immediateiv
after being requested so to do, through and by
jority vote of the advisory board of the depart
ment of engineering. Said resolution shall
specify the amount Of money which: in the
ouired at such time and the governor of the
state shall direct the state treasurer to sell such
number of said 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 hundred thereof.
which is less than the par value of the bond plus
the Which ns has sns t thereon between
maturity date. The state treasurer may AT fbe
time and place fixed by him for said sale con-
tinue such sale as to the whole 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 viii mature before
the date fixed for such sale. The state treas
urer shall give notice of the time and place OF
sale by publication in two newspapers published
In the city and county of San Francisco and in
newspaper published in the city of Oakland
and IN one newspaper published In the city of
Los Angeles and In one newspaper published in