The San Francisco call., 1910-08-08
ASSEMBLY BILL No. 800

:, Passed the Assembly, March 4. A. D. 1909,
Passed the Senate. March II. a. u. 1909
Lewis A. Hllborn. Secretary of the senate.
20 day of March. A. D. 1909. at II O'Clock
m E. C. Cooper, Private Secretary of the Gov
Chapter 3s3 An act authorizing the CON
structton. acquisition. maintenance and control
OF system of state highways in the State of
ments TO be made by counties for moneys ex-
pended therein; providing for the issuance and
struction and acquisition of such system; Gre
ating a sinking fund for the payment of said
bonds; and providing for the submission of this
The people of the State of California repre-
sented in senate and assembly, do enact as
follows:
Section 1. 4 system of state highways in and
for the State of California shall be constructed
and acquired as and in the manner provided by
state at a cost not to exceed eighteen million
dollars. For the purpose of providing for the
payment Of toe cost of the construction or ac-
QUESTION of said system of said highways. the
State of California is hereby authorized to in
this act in the 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 one
thousand dollars each. to he 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 sum 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 valre 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
shall he due and payable 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
every year thereafter until and including the
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 aad the third
day Of July of each and every year after the
sale OF the same. The interest on all bouds
issued and sold shall cease on the day of their
maturity and the said bonds 50 issued aud sold
shall the day of their ma turity be paid as
herein provided and Cancelled by the treasurer
of said state. All bonds remaining Jusold shall
at the date Of the maturity thereof he by the
treasurer of the state cancelled and destroyed.
this act shall be signed by the governor of this
state. conntersigned hy the state controller and
endorsed. by the state treasurer. and the said
bonds shall be 50 signed, cocntersigned and en-,
dorsed by the officers wBo are in office on the
third day of July. 1911 and each of said bonds
shall have tho creat seal of the State of Cali
fornia impressed thereon The said bonds
signed. countcrsigned endorsed and sealed as
herein provided when sold. shall he and consti-
tute a valid and binding obligation upon tae
State of California. though the sale thereof no
| made at date or daffs after the person so
signing. countefsigninc and endorsing. or either
OF theln. shall have ceased to be the incumbents
Of said office or Offices
Sec. =. Appended 10 each of said bonds there
shall be interest coupons so attached that the
same msr be detached without injury to or
mutilaton of said bond The said coupons sha II
be .conseeufively 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 he 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. ny the purchaser of said bond paid to the
stare at the time of such sale
Sec 8. There shall be provided in the general
sufficient RI dpfr oil
expenses that shall be incurred By the state
treasurer in the preparation of said bonds and
in the advertising of the sale thereof. in this
act provided
Sec A. When the bonds authorized hy this act
to be ssued shall have been signed counter
signed. endorsed and sealed in section one
in such parcels and numbers as the governor of
the state shall direct to the highest bidder FOR
cash The governor of the state shall issue 10
the state treasurer such direction immediately
after being requested SO to do. through and nv a
! resolution duly adopted and passed by ma
iority vote of the advisory board of the depart
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 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 plus
the interest which has accrued thereon between
the date of sale and the last preceding interest
maturity date. The state treasurer may at the
| tinue such sale 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 mafured 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
nDa n rify of 0aE1a