Imperial Valley press., 1916-08-12
STATE HIGHWAYS ACT
OF 1915.

OA AOAOs
Notice is hereby given that mt the
general election to be held ON Tues
day, the 9Th day of Novcmbey, 1915.
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-
nance and control of system of
state highways in the State of Cali
fornia; specifying the work, fixing
the payments to be made by coun-
tles for moneys expended therein;
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
providing for the submission Of this
act to a vote of the people," approved
March %, 1909, and approved, rati-
fled and adopted by the people of
the Hta,e of Gafornia IL b at the general re
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 fund for the con-
struction, Improvement and acqui-
siton of the uncomplcted portions Of
said system and certain extensions
therefrom; creating revolving fund
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-
tenn of state highways by an act en-
ton, 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 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 to a vote of the people," approved
March %, 1909, and approved, ratified
and adopted by the peo"le of the State
iof 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 t.
fully carry out the oh 'ects of said act
the uncompleted portions of said sys-
tenn prescribed by said "Statc High
ways Act and certain extensions
be constructed, improved and acquired
as and in the manner provided by law
by the department of engineering OF
mil nj q cC
of providing for the payment of the
cost of construction, Improvement OIL
acquisition necessary for ana IN com
pleting said system of said highways
and supplementing the fund created
| by said "Statc Highways act" the
State Of California is hereby author
ized to incur an indebtedness in the
manner provided by this act in the
sum of fifteen million dollars.
Immediately after the issuance OF
the proclamation of the governor, a.
treasurer of the state shall prepare IF.
teen thousand suitable bonds of the
state of California in the denomina
ton of one thousand dollars each. te
| be numbered from l to $4,000 inc!u
| sive, and to bear the date of the thiro
day of July, 1917. The total issue OF
said bonds shall not exceed the sum
of fifteen million dollars and the,
and one-half per cent per annum from
the date of issuance thereof. The sale
bonds and the interest thereon shal
| te 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
state Of California in the City of New
York in the state of New York, at the
times and in the manner following, tt
wit The first three hundred seventy.
payable on the third day Of July, 1928
and three hundred sevcnty-five of sait
bonds in consecutive numerlcai ordel
shall be due and parable on the thirt
Iay of July in each and every yeal
thereafter until and including the thirt
day of July, 1862. The interest accru
inc on all of said bonds that shall bt
sold shall be payable either at the Of
flee of the treasurer of the state oil
at said fiscal agency as the holder
may elect. on the third day. of Janu
airy and the third day Of JUL OF eaSi SI
same. The interest on all bonds ISSUED
and sold shall cease on the day o.
| their maturity and the said bonds sc
issued and sold shail on tne Gay ro o.
vided and cancelled by the treasurer
Of said state. All bonds remaining un
sold shall, at the date of the maturiH
state cancelled and destroyed. All bona:
issued pursuant to the provisions OF
this act shall be signed by the sGVer sd h,
nor of this state, eodheers,ga.dI d enGassed BY
The state treasurer, and the SAID bond:
shall be so signed. countersighed an.
endorsed by the officers who are II
office on the third day or July. ~ ~
and each of said bonds shall haEe M
great seal of the State OF Caliiorn,,a !,
impressed thereon. The. saio ponus
signed, countersigned, endorsed n an,
sealed as herein provided, when soiu
| shall be. and constitute a valid an.
binding obligation upon the state W oi
California, though the sale thereoi Dc
made at a date or dates after the PEI
son so signing. countersigninG ana en-
dorsing, or either of them, shall nay
ceased to be the incumbents OF saio
office or offices. o;d
sec 2. Appended to each OF anS sa,V
bonds there shall be interest c2upoIS
50 attached that the same may pc u~e, ~
Itachcd without injury to or III az ~ n
of said bond. The said coupons sha,
be consecutively numbered ana Sna, J
hear the Autographed signature ol ol,s;no
state treasurer who shall be IN oii,So
on the third day of July, ~ Ill
interest shall be paid on any 81 ,,en
bonds for such time as may ,'.,et ,a III .
between the date of said bona anu W
date of sale thereof, unless s"Sn ~
rrued interest shall have been pN
purchaser of said bond, palo W
trate AT the time of such SAFE ..
Sec 3 The legislature shal proN'Voo y
by appropriation sufficient money ~. ~
Gefruw Ali expenses tnar shall pc ~
cnrred by the state treasurer IN a.
preparation of said bonds anu III in
1n. n |.