Amador ledger., 1910-09-30

interest on all bonds Issued and sold shall cease
on the day OF their maturity and the said bonds
so issued and sold shnn on the
day Of their maturity be paid as
herein provided and cancelled BY the treasurer
OF said state All bonds renal ming unsold shall,
at the date Of the maturity thereof be by the
treasurer Of the stale Cancelled and DESTROY ed
All bonds issued pursuant 10 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 he so signed, cOuntersigned and en-
dorsed by the olcers who are I'm ofnce or the
third day Of July, 1911, and each Of said bonds
shall have the great seal of the State Of Califor-
MIA impressed thereon The said bonds signed,
countersigned, endorsed and sealed as herein
provided, when sold. shall he and constitute n
valid and binding obligation upon the state Of
California, though the sale thereof be made Mt a
date dates after the person so signing counter
signing and endorsing. or either OF them, shall
have ceased to be the incumbents of said office
or Offices.
SEQ O. Appended to each OF said bonds there
shall be interest coupons so att ached that the
same may be detached without injury to or
mutllauOn Of said bond. The said coupons
shall be consecutlveiy numbered and shall bear
the autographed signature OF the state treasurer
who shall be I'm oflice on 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 g. There shall be provided In the general
appropriation bill sufficient money TO defray all
expenses that shall be incurred in the adveriis-
ing Of the sale thereof as in tn is act provided.
SEC. When the bonds authorized by this
act TO be issued shall have been signed, counter
signed, endorsed and sealed 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
cash. The governor OF the state shall issue to
the state treasurer such direction Immediately
after being requested so to do, through and by a
resolution duly adopted and passed by major
ity vote OF the advisory board OF the department
OF engineering Said resolution shall specify
the amount Of money which. in the judgment Of
said advisory board shall be required at such
time and the governor OF the state shall direct
the state treasurer to sell such numbe 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 The state treas
urer shall not accept any bid which is less than
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 time and place
fixed by him for said sale continue 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 coupons which have
matured or will mature before the date fixed for
such sale. The state treasurer 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 publish
ed in the city of Oakland, in one newspaper pub
lfshed in the city of Los Angeles and in one
newspaper published in the city of Sacramento
once a week for four weeks next proceeding the
date fixed for such sale. In addition to the
notice last above provided for, the state treasur-
or may give such further notice as he may deem
advisable, but tho expenses and cost OF such ad-
dftionai notice shall not exceed the sum Of five
hundred dollars for each sale so advertised.
There is hereby created in and for the state
treasury fund to be known and designated as
the Estate Highway Fund.- and Immediately
after such sale Of bonds the treasurer Of the
state shall pay into the state treasury and cause
to be placed in said state highway fund the total
amount received for said bonds, except such
amount as may have been paid as accrued in
terest thereon The amount that shall have
been paid at such sale as accrued interest on the
bonds sold shall be by the treasurer Of the state,
fmmedia ely after such sale, paid into the treas
ury of the state and placed in the interest and
sinking fund.
The moneys placed in the state highway fund,
pursuant to the provisions of this section, shall
be used exclusively for the acquisition of rights
OF way for and the acquisition and construction
of said system OF state highways. The route or
routes OF said state highways shall be selected
by the department OF engineering, and said route
shall be so selected and said highways 80 laid
out and constructed or acquired as to constitute
a continuous and connected state highway sys-
tenn running north and south through the slate
traversing the Sacramento and San Joaquin
valleys and along the Pacific coast by the most
direct and practicable routes, connecting the
county seats Of the several counties through
which 1t passes and joining the centers of popu.
latfon. together with such branch roads as may
be necessary to connect Herewith the several
county seats lying east and west OF such state
highway.
Moneys shall be drawn from said state high.
way fund for the purposes of this act upon war.
rants duly drawn by the controller of the state
upon demands made by the department OF en-
gineering and audited by the state board of ex
aminerS.
Sec 5. There is hereby appropriated from the
general fund in the state treasury such sum
annually as will be necessary to pay the prin.
cipal OF and the interest on the bonds issued
and sold pursuant to the provisions of this act
as said principal and interest becomes due and
payable.
There shall be collected annually in the
same manner and at the same time as Other
state revenue is collected such sum in addi
ton to the ordinary revenues of the state, as
shall be required to pay the principal and in.
tereSt on said bonds as herein provided, and
it is hereby made ting duty of all officers
charged by law with any duty in regard tC
the collection of said revenue, to do and per
form each and every act which shall be nee
esSary to collect such additional sum
The treasurer of the state shall, on the first
day of January, 1912, and on the first day o.
each July and the first day of each January
thereafter transfer from the general fund o
the state treasury to the interest and sinking
fund such an amount of the money by this
act appropriated as shall be required TO PAY
the interest on the bonds heretofore sold
until the interest on all of said bonds so solo
shall have been paid or Sh all have become
due in accordance with the provisions of this
act.
There is hereby created in the state treas
ury Il fund TO be known and designated as
the State Highway and Sinking Fund.
The treasurer OF the state shall on the frs
day of July the year 1917 and on the frs
day Of July OF each and every year thereafter
in which IL parcel of the bonds sold pursuant
to the provisions of this act shall become
due, transfer from tn. general fund of tho
state treasury to the said state highway sink
ing fund such an amount of the moneys ap
priated by this act as may be required Il
pay The principal of the bonds SO becoming
due and payable in such years.
See. 6. The principal of all of said bonds
sold shall be paid mt the time the same be
come due from the state highway sinking
fund.- and the interest on all bonds sole
shall be paid at the time said interest be
I.I,r