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

OF 1915.
Notice is hereby given that at the
general election to be held ON Tues
day, the eth day of November. I9l6.
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
ana control of the uncompleted por-
uonS of the system of state highways
prescribed and contemplated by an
act entitled An act authorizing the
construction, acquisition, malnte-
nance. and control of a system OF
state highways in the State of Cali
tornia; specifying the WORK, flxlns
the payments to be made by coun-
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 a 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,
Nember. A. ID. 1910, and known and
Clltu us lnG Sldlt III = w ftN EhNl'
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 acqul- =
sition of the uncomplcted portions OF
said system and certain extensions 30,
therefrom: creating revolving fund
to be used by the state department.
of engineering for the purposes o!
this act; creating sinking fund Tor
the payment of said bonds; and pro
viding for the submission of this act
to n 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 sys-
tenn Of state highways by an act en-
titled An act authorizing the construc-
ton, acquisition, maintenance and con-
troll of system of state highways
in the State of California;; specifyin g
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
ct to a vote of the people," approved
March %. 1909 and approved, ratified
of California at the General election
held in the month of November, A. D.
1910, and known and cited as the state
Highways Act" beino 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
teen million dollars. For the purp ose
of providing for the payment of the
cost of construction, Improvement or
acquisition necessary for ana IN com
and supplementing. the fund created
by said state Highways Act" the
State Of California is hereby author,
lied to incur an Indebtedness in th'
sum of fifteen million dollars.
Immediately after the issuance OF
the proclamation of the. governor. as
provided in Section II of this act. the
teen thousand suitable bonds of the
State of California in the den omina'
tion of one thousand dollars each, tc
be numbered from 1 to $4,000 inclu
sive and to bear the date of the thirt
day of July. 1917. The total issue ot
said bonds shall not exceed the sun
of fifteen million dollars and the'
shall bear interest a 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 UniteC
ST ates 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 TIL,
York in the state of New York. at tht
times and in the manner following, tC
wit: The first three hundred seventy
five of said bonds shall be due ant
hi I'd Il ~ V1t1N
and three hundred seventy-five of sait
bonds in consecutive mum erical order
shall be due and pa"able on the thirt
day of July IN each Id ana every ,Io ,XSai yea
day of July, 1862. The interest accru
in" 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
NAV elect. on the third day of Janu
airy and the third day of july of eacf
and every year after the sale of the
same. The interest on all bonds ISSUED
and sold shall cease on the day Of
heir maturity and the said bonds sc
issued and sold shall on the day OF
vided and cancelled by the treasurer
Of said state All bonds remaining un
sold shall, at the date of the maturitN
thereof be by the treasurer of the
issued pursuant to the provisions o.
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 bond.
shall be so signed, countersigned an6
endorsed by the officers who are II
office on the third day OF July, 1917
and each of said bonds shall. have thu
great seal of the state of California
Impressed thereon. The said bond'
signed, Countersigned, endorsed ans
sealed as herein provided, when SOLD
shall be and constitute a valid ant
binding obligation upon the, state o.
California, though the sale thereof b'
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 sale
office or offices.
sec 2. Appended to each Of sale
bonds there shall be interest coupons
% attached that the same may be de
tached without injury to or mutilatior
of said bond. The said coupons shai
be conaecutively numbered and shal
bear the autographed signature of th'
tate treasurer who shall be in office
on The third day of July, 1917. NJ
interest shall be paid on any of sale
bonds for such time as may intervene
between the date of said bond and th'
date of sale thereof. unless such, ac
erued interest shall have been. by thu
purchaser of said bond, paid to tn
Of