Imperial Valley press., 1916-08-31

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
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 to vote of the people," approved
March %, 1909. and approved rati-
fled and adopted by the people of
the State of California at the general
vember. A. d. 1910, and known and
cited as the state Highways Act"
and certain extensions therefrom;
specifying the work. fixing the pay
moneys expended therein; providing
for the issuance and sale of state
bonds to create fund for the con-
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 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 /. 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 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 a sinking fund
for the payment of said bonds; and
in n a Ihy,,te +, ,te
act to vote of the people," approved
March %, 1903, 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
Highways Act" bein,o inadequate to
fully carry out the OBJ ects. of said act
the uncompl eted portions of said sys-
ways Act" and certain extensions
therefrom hereinafter specified shall
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
cost of construction improvement or
acquisition necessary for ana In com
pleting said system of said highways
by said state Highways act" the
State Of California is hereby author
lied to incur an Indebtedness in the
manner provided yr by this act in the
mmediately after the issuance of
the proclamation of the governor, as
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 enomina :
ton of one thousand dollars each, to
be numbered from 1 to $1,000 inclu-
day of July, 1917 The total issue of
said bonds shall not exceed the sum
of fifteen million dollars and they
shall bear interest at the rate Of four
the date of issuance thereof. The saif
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
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
and three hundred sevcnty-five of said
bonds in consecutive numerical order
shall be due and PAYABLE on the third
day of July in each and every year
thereafter until and including the third
day of July, 1862. The interest accru-
nr on all of said bonds that shall be
sold shall be payable either at the of
sice Of the treasurer of the state or
at said fiscal agency as the holder
may elect. on the third day of Janu-
ary and the third day of July of each
same. The interest on all bonds issued
and sold shall cease on the day of
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
-t OF capoeIa1 and DESTROYED. All bonds
issued pursuant to the provisions of
this act shall be signed by the cover
nor of this state, countersigned by
the state controller and endorsed by
the state treasurer, and the SAID bonds
shall be so signed, countersigned and
endorsed by the officers who. are in
and each of said bonds shall have the
great seal of the State of California
Impressed thereon. The said bonds
signed. countersignedi endorsed ,,,Sed saId ana
shall be and constitute a valid and
binding obligation upon the, state OF
California, though the sale thereof be
made at a date or dates afier .ne nd per ep
dorsing, or either of them, shall have
ceased to be the incumbents of said
office or offices, ,a
Sec g Appended to each of said
bonds there shall be interest coupons
SO attached that the same may be de
|tached without injury to or mutilatlon
of said bond. Inc Sdlu coupons Suh
he consecutively numbered and shall
bear the Autographed signature of the
stale treasurer who shall be in office
on the third day of July, 1917. NO
interest shall be paid on any of said
bonds for such time as may intervene
between the date of said bond and the
late of sale thereof. unless such ac-
crued interest shall have been, by the
purchaser of said bond, paid to tn
state at the time of such SAFE
Sec s. The legislature shall proVid ="
.by appropriation sufficient money t.
defray ali expenses that snail be in
9urred by tho state treasurer in tn"
preparation of said bonds and in tn
ADVERTISING of the sale thereof, as il
this act provided.
Sec. 4. When the bonds auth orize
by this act to be issued shall have bee
signed. countersigned endorsed am
scaled as in Section one provided, tn
state treasurer shall sell the same II
such parcels and numbers as the gov
ernor of the state shall direct, to tn
highest bidder for cash. The. COVER
nor of the state shall issue to the stat
treasurer such direction immedlatel
after being requested so to do. throug
and by a resolution duly adopted an
passed by a majority vote of the adviF
ory board of the Department or Eng
neering Said resolution shall specif
the amount of money which, in tb'
Judgment of said advisory board, sha
be required at such time. and the gov
ernor Of the state shall direct the stat
treasurer to sell such number of SAL
,~.,x' ha reuuired to raise said