Imperial Valley press., 1916-08-05
STATE HIGHWAYS ACT
OF 1915.


OF 1915.
Notice IL hereby given that nj the
general election to be held on Tues
day, the 7th 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, maintc-
nance ana control of system of
state highways, in the State OF Cali
fornia; specifying the work, fixing
ties for moneys expended therein:
providing for the issuance and sale
or state bonds to create a fund for
the construction and ACQUISITION of
such system; creating a sinking fund
for the payment of said bonds; and
providing for the submission of this
act 10 vote of the people," approved
March %, 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
NtmOtI, IA ~. JJIu, ana KNOWN ana
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 fund for the con-
struction, Improvement and acqui-
sition of the uncomplc cted portions of
therefrom; creating 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 vote of the people.
The people of the State of California
do enact as follows:
Section 1. The fund created for the
construction and acquisition of a sys-
TEN of state highways by an act en-
titled IAN act authorizing the construc-
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
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 %, 1909, and approved, ratified
and "a adopted by the peonlf of the stat state e
held in the month of November. A. ID.
1910, and known and cited as the state
Highways Act" beine inadequate to
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 flf-
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 supplementing the fund created
by said state Highways act" the
State Of California is hereby author
lied to incur an Indebtedness in the
sum of fifteen million dollars.
linn ediately after the issuance of
the procla nation of the governor, as
provided in Section II of this act. the
treasurer of the state shall prepare ff-
teen, thousand suitable bonds OF thc
state of California in the den om'na =
tion of one thousand dollars each, to
be numbered from to 1900 inciu,
sive, and TO bear thosdate Of the third
day of July, 1917. The total issue of
said bonds shall not exceed the sum
shall bear interest at the rate Of four
and one-half per cent per annum from
the date of issuance therEot. The Sain
bonds and the interest thereon shal
Re 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 ana
nayable on the third day of July, 1873
and three hundred seventy five OF sal
bonds in consecutive numerlcai oroer
shall be due and p3"able on the tnird
day of July in each and every year year
Thereafter until and including the thlrd
dav of July. 1862. The interest accru- :
n~ on all of said bonds 'naI sn%ho' % nr. Te
rice Of the treasurer of the state or
AT said fiscal agency as the holder
NAV elect. on the third day or Janu-
arv and the third day OF july OF eaGn G y
and every year after the sale of the
same. The interest on all bonds lss"e4
,aud sold shall cease on me Gay 20 on
their maturity and the sag poia haT Of
ssuad and sold shall on the gay OF
thetr maturity be paid as herein pro
vided and Cancelled by the treasurei re
of said state. All bonds remain'nE w :,
tbrreof be by the treasurer or me
.ta,c .n,tep canceled and destroyed. Al bonds
issued pursuant to the provisions Ul
This act shall be signed ny Ins Nv
Inv
thn state controller and endorsed Is Hs
the state treasurer, and the Saiu 20" ~,
ehau he so signed. counterSiSheu "Hu y;
endorsed by the officers VINO arr to,7 ~
tfice on the third day or july. ~ ~ -
and eoCh of said bonds shall naTe tie
&c areat seal of the State OF Cai'lol'dda ,da
Snrcssed SrTat se thereon. The SAID bonds
;arped countersiSned, endorseu ia anr
"noIed as herein provided, VIII 'o ,I
@haii be and constitute Vai,n " nf
h'~ding obligation upon inc aor SuaoT hc
Caiifornia, though the Sale .ntI ,n eo, nor. y.
,,,,dn na,, at n date or dates after INC pen
son so signing, counterslgh'nE niI have
dorsinr. or either of them sna,,s "a .a III
NoaSnd TO be the incumbcn'S VI saw
,tfice or offices. h of said
sec 2. Appended to , caon c,,,non,
sn attachcd that the same may uo ion
cached without injury to or us nau. Shall
nS .,id bond The said coupphII sh"ii
10 consecutivcly numbered "n" f IN q
bear The autographed slEhatuin nffice
tatc treasurer who shall Dc tn No
~ the third day of July, 'nf said
;,,ernst Hu shall be paid on any arTenc ., a
honds for such time as may and tbe
,,otween The date of said bona All" a"e ac
Gete Of sale thereof, unless S"I" ~" iho
r,,od interest shall have D'e,' W. th,
nurchoser of said bond, pau ~
ptn, p"i Of the time of such Sair ,.;,,o
SiHt' mi, lopislatIlrP Snall PioN'N