Imperial Valley press., 1916-10-14

geherHl election TO be held ON Tues
day, the 9Th day OF November. 1916
there will be submitted TO the peopI
OF the State of California the foilOwin;
act of the Legislature approved by thu
Governor May 20, 1915:
CHAPTER 4O4.
An act authorizing the acquisition, con
structon, Improvement, maintenance
! ana control of the uncompleted por
| uons or the system of state highway;
prescribed and contemplated by al
act entitled AN act authorizing the
construction, acquisition, mainte'
nance and control of a system OF
state highways in the state of Cali
Iornla; specifying the work, fixing
the payments to be made by coun-
ties for moneys expended therein
providing for the issuance and sale
OF state bonds to create fund for
the construction and acquisition OF
such system; creating sinking fund
Tor the payment of said bonds; and
providing for the submission of this
act to vote of the people" approved
March 22, 1909. and approved, rati-
fled and adopted by the people of
the state of California at the general
election held in the month OF No
vember, A. d. 1910, and known and
cited as the state Highways Act"
and certain extensions therefrom !;
specifying the work, fixing the pay
ments to be made by counties for
moneys expended therein; providing
for the issuance and sale of state
bonds to create a fund for the con-
structfon, improvement and acqui-
sition of the uncompleted portions of
said system and certain extensions
therefrosl; creating a revolving fund
to be used by the state department
of engineering for the purposes of
this act; creating sinking fund for
the payment of said bonds; and pro-
viding for the submission of this act
to 4 vote of the people.
The people of the State of California
do enact as follows:
Section l. The fund created for the
construction and acquisition of a sys-
tenn of state highways by an act en-
titled AN act authorizing the construc-
tion, acquisition, maintenance and con-
troll of system of state highways
in the State of California; specifying
the work, fixing the payments to be
made by counties for moneys expended
therein; providing for the issuance and
sale of state bonds to create a fund
tor the construction and acquisition
of such system; creating sinking fund
tor the payment OF said bonds; and
act to vote OF the people," approved
March %, 1909, and approved, ratified
and adopted by the peonle of the State
of CALIFORNIA at the General election
held in the month of November, A. d.
1910, and known and cited as the state
Act" being inadequate to
fully carry out the oh ects of said act
the uncompleted portions Of said sys-
ways Act" and certain extensions
hereinafter specified shall
be constructed. improved and acquired
as and in the manner provided by law
by the department of engineering of
said state at a cost not to exceed fiji
teen million dollars. For the purpose
of providing for the payment of the
cost of construction, Improvement or
acquisition necessary for ana In COM
pleting said system of said highways
and experimenting. the fund created
State Of California is hereby author
lied to incur an Indebtedness in thS
manner provided by this act in the
sum of fifteen million dollars.
provided in Section II of this act. the
treasurer of the state shall prepare fiji
teen thousand suitable bonds of the
state of California in the denomina-
ton of one thousand dollars each, to
be numbered from 1 to $4,000 inelu.,
sive, and to bear the date of the third
day of July. 1917. The total issue of
said bonds shall not exceed the sum
of fifteen million dollars and thev
shall bear interest at the rate Of four
and one-half per cent per annum from
the date of issuance thereof. The sal,
bonds and the interest thereon shall
he payable in gold coin of the United
states of the present standard of value
eitnef at Lnc Office OF lne lrSdSuT u
of said state or. at the option of the
holder, at the fiscal agency for the
State of California in the City of New
York in the State of New York. at the
times and in the manner following, to
wit: The first three hundred seventy
five of said bonds shall be due and
payable on the third day Of July, 1923.
and three hundred seventy-five of said
bonds in consecutive numerical order
shall be due and pa"able on the third
day of July in each and every year
thereafter until and including the third
day of July, 1862. The interest accru-
mo on all of said bonds that shall be
sold shall be payable either at the Of
flee of the treasurer of the state or
at said fiscal agency as the holder
may elect, on the third day of Janu-
Iary and the third day of july of each
and every year after the sale OF the
same. The interest on all bonds issued
their maturity and the said bonds SO
issued and sold shall on the day OF
their maturity be paid as herein pro
vided and Cancelled by the treasurer
sold 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
nor of this state, countersigned by
the state controller and endorsed by
the state treasurer, and the sand bonds
shall be so signed, countersigned and
endorsed by the officers who are IN
office on the third day OF July, 1917
and each of said bonds shall have the
great seal of the State of California
Impressed thereon. The SAID bonds
signed, countersigned, endorsed ano
sealed as herein provided, when sold
shall be and constitute valid and
binding obligation upon the state OF
California, though the sale thereof be
made at a date or dates after the per-
son so signing. countersigning and en-
dorsing, or either of them, shall have
ceased to be the incumbents OF said
office or offices.
Sec 2. Appended to each OF salo
bonds there shall be interest coupons
so attached that the same may be de'
tached without injury to or Inutllatlon
of said bond. The said coupons sha,i
be consecutively numbered and shai
bear the autographed signature or inc
state treasurer who shall be in office
on the third day of July, 1917: Nc
interest shall be paid on any OF saio
bonds for such time as may intervene
between the date of said bond and the
date of sale thereof, unless such ac'
crued interest shall have been, by IN
purchaser of said bond, pald TO TN
state at the time of such safe
Sec 3. The Legislature snail proVlde
bv appropriation sufficient money tt
defray ali expenses that snail be IN
CURED by the state treasurer in tht
preparation of said bonds ana IN tnl
tadvertising of the sale thereof as II
this act provided.
Sec. 4. When the bonds auth ortzet