The San Francisco call., 1910-09-12
ASSEMBLY, BILL No aan

Passed the Assembly, March 4, A. D. 1909,
Clio Lloyd. Chief Clerk of the Assembly.
Lewis 4. Hilborn, Secretary of the Senate
- Ihls bill was received by the Governor, this
70 day of March, A. D. 1909, at u O'Clock
N. E. c. Cooper, Private Secretary of the Gov
ernor.
Chapter SsS An act authorizing the con
struction acquisition, maintenance and control
Of system of state highways in the State of
Canfornia specifying the work, fixing the pay
pended therein; providing for the issuance and
sale of state bonds to create a fund for the con-
struction and acquisition of such system ere
bonds; and providing for the submission of this
act TO a vote of the people.
The people of the State of California repre-
sented in senate and assembly, do enact as
follows:
Section 1. A system of state highways in and
for the State of California shall be constructed
and acquired 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-
quisition of said system of said highways, the
State of California is hereby authorized TO in
eur an indebtedness in the provided by
this act ia 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-
pare eighteen thousand suitable bonds of the
State of California in the denomination of
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
payable on the eh 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 on 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
herein provided and Cancelled by the treasurer
At the date of the maturity thereon he bT 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
bonds shall be so signed, countersigned 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 consti-
tute a valid and binding obligation upon the
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 that the
mutilation of said bond. The said coupons shall
be consecutively numbered and shall bear the
who shall be in office on the third day of JuIy
1911 No interest shall be paid on any of said
Poaos fe date of said bond and the dsy f s
thereof unless such accrued interest shall have
been, by the purchaser Of said bond, paid to the
state at the time OF such sale.
Gao 2 There snail be proyided in tba ,.,a-.1
annropriation bill sufficient money to defrsv ali
ePpenses that shall be incurred by the state ,,
in the advertising OF the sale thereof, in this
act provided
Sec A. 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
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 to
the state treasurer snch direction immediately
after being requested so to do, through and by a
resolution duly adopted and passed by a ma
iority vote of the advisory board of the deparf
iment of engineering Said resolution Shall
specify the amount Of money which, in the
judgment of said advisory board shall be re-
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 honds
shall be sold in consecutive numerical order
commencing with the first four hundred thereof
which is less than the par value of the bond nlns
the interest which has accrued thereon between
the date OF safe anu the last preceding interest
maturity date. The state treasurer may at tbe
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 fhe
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
sale by publication in two newspapers published
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