Imperial Valley press., 1916-09-08
STATE HIGHWAYS ACT
OF 1915.

Va AoASs
Notice is hereby given that at the
general election to he held ON Tues
day. the' 9Th day of November. 1916,
there will be submitted to the people
OF the state OF California the following
act of the Legislature approved by the
Governor May 20, 1915:
CHAPTER 4o4.
An act authorizing the acquisition, con-
struction, Improvement, maintenance
and control of the uncompleted por-
tions of the system of state highways
prescribed and contemplated by an
act entitled An act authorizing the
construction, ACQUISITION mainte,
state highways in the state of Cali
fornia; 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
for the payment of said bonds: and
providing for the submission of this
act to vote of the people, approved
March %, 1909, and approved, rati D..
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
struction, improvement and acqui- :
sition of the uncompleted portions of
said system and certain extensions
therefrom; creating a revolving fund
to be used by the state department
of engineering for the purposes of
this act; creating sinking fund Tor
Nf coi1 hnn
viding for the submission of this act
to a vote of the people.
The people of the State of California
do enact as follows:
Section /. The fund created for the
construction and acquisition of sys-
tenn of state highways by an act en-
titled "An act authorizing the construc-
tion, acquisition, maintenance and con-
troll OF a 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
of such system: creating sinking fund
for the payment of said bonds; and
providing for the submission of this
act to vote of the people" approved
March %, 1909, and approved, ratified
and adopted by the peo0le 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
Highways Act" being inadequate to
fully carry out the OBJ ects of said act
the uncompleted portions OF said sys-
tenn prescribed by said State High
ways Act and certain extensions
therefrom 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 cost not to exceed fif-
teen million dollars. For the purpose
of providing for the payment of the
cost of construction. Improvement or
pleting said system of said highways
and supplementing the fund created
BY said d. Stats aighways Aet the
lied to incur an Indebtedness in the
manner provided by this act in the
sum of fifteen million dollars.
hmm ediately. after the issuance of
provided in Section II of this act. the
treasurer of the state shall prepare fiji
teen thousand suitable bonds of the
tion of one Thousand dollars each. to
be numbered from 1 to $4,000 inclu-
sive, and to bear the date of the third
day, of July, 1917. The total issue of
of fifteen million dollars and thev
shall bear interest al the rate Of four
and one-half per cent per annum from
bonds and the interest thereon shall
be payable in gold coin of the United
states of the present standard of value
either at the office of the treasurer
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, 1928:
and three hundred sevcntyfive of said
Il do fttrn ri col 1nT
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-
inc 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 aeencv as the holder
may elect. on the third day of Janu-
ary 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
Of said state. All bonds remaining un-
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 Sald Donds
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 a valid and
binding obligation upon the state ol
California, though the sale thereof bf
made at a date or dates after the per
son so signing. countersigning and en-
dorsing, or either of them. shall nave
ceased to be the incumbents of said
office or offices
! Sec 2 Appended to each of saio
bonds there shall be interest coupons
| SO attached that the same may be de-
tached without injury to or mutllatlon
| Of said bond The said coupons shall
| be consecutively numbered and shal
hear the autographed signature of the
state treasurer who shall be in offlce
on the third day of July, 1917: Nc
! interest shall be paid on any of said
| bonds for such time as may intervene
! hctween the date of said bond and the
idate of sale thereof unless such ac-
Crued interest shall have been. by the
purchaser of said bond. paid to tht
/ state at the time of such safe.
| Sec. g. The Legislature shall provide
| nv appropriation sufficient money tc
defrav ali expenses that snail be in
curred nv the state treasurer in the
preparation of said bonds and in the