Imperial Valley press., 1916-09-02
HIGHWAYS ACT
OF 1915.

Ut 1910.
Notice is hereby given thnt at the
General election to be held on Tues
here will be submitted to the people
# the State Of California the following
'ct Of the Legislature approved by the
Governor May 20. 1915:
CHAPTER 4o4.
An act authorizing the acquisition, con-
and control of the uncompleted por-
tions of the system of state highways
prescribed and contemplated by an
act entitled IAN act authorizing the
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-
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
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
election held in the month of No
vember. A. ID. 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-
sition of the uncompleted portions of
said system and PERTAIN extensions
therefrom; creating a revolving fund
to be used by the state department
of engineering for the purposes of
this act; creating 4 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 l. 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 z
the work, fixing the payments to be
made by counties for moneys expended
sare of state bonds to create fund
for xhe construction and acquisition
of suNt system; creating a sinking fund
TOR thu payment of said bonds; and
act to aAvote of the people," approved
March "a 1909. and approved, ratified
and adopt\d by the peonle of the State
of California at the General election
1910, and knAwn and cited as the state
highways An" beino inadequate to
fully carry ouN the OBJ ects of said act
the uncompletA portions of said sys-
therefrom hereinafter specified shall
be constructed. improved and acquired
and ,Ss in 1ns by Law
teen million dollars. For the purp ose
of providing for the Savment of the
cost Of
pleting said system of Nsaid highways
and supplementing the fund created
by said state Highways act" the
lied to incur an Indebtedness in the
manner provided by this\ act in the
sum of fifteen million dollArs.
Immediately. after the issuance OF
provided in Section II of th\s act. the
treasurer of the state shall pAepare fiji
teen thousand suitable bondA of the
state 9f Calforn in od,srs ahe
sive, and to bear the date of the third
day. of July, 1917. The total iAsue OF
of fifteen million dollars andy the,
shall bear interest iat the rate " -four
and one-half per cent per annumA from
the date of issuance thereof. Thd sait
ee payable in gold coin of the UAited
states of the present standard of VRlue
either at the office of the treasurer
of said state or, at the option of Ghe
State Of California i'm the City of New
York in the State Of New York. at dhC
times and in the manner following. tc
wit: The first THREE hundred seventy
five nf SniI N he Irsn atA
payable on the third day of July, 1921
and three hundred seventy five of said
bonds in consecutive numerical order
shall be due and pa~able on the third
day of July i'm each and every year
thereafter until and including the third
day of July. 1862. The interest accru'
in" on all of said bonds that shall be
sold shall be payable either at the of
at said fiscal agency as the holder
may elect. on the third day of Janu-
ary and the third day of Julv of each
and every year after the sale of the
same. The interes on all bonds issued
and sold shall cease on the day oi
their maturity and the said bonds SO
issued and sold shall on the day OF
their maturity befpaid as herein pro
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 20 the provisions of
this act shall be signed by the COVER
nor of this state, countersigned BY
the state controller and endorsed bS
the state treasured and the said bonds
shall be so signed. countersigned ano
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, countersi gned. endorsed ano
sealed as herein provided, when sold
shall be and constitute valid ana
binding obiigation npoh the state ol
California, though the sale Thereon ~
made at a date or dates after the per
dorsing, or either of them. shall hav,
ceased to be the ancumbents of said
office or offices, L -,
Sec .. Appended to each OF sato
bonds there shall DE interest coupons
so attached that The same may be de
tached without ntpry 10 or mutilatton
of said bond. The said coupons shal
he consecutiveiy numbered aud shat
hear the lithographed signature OF the
state treasurer who shall be Ia OFFICE
ON the third dav iof July. 1917. No
irterest shall be Inid on any Of SAID
bonds for such tiuls a. NAV tnterNen'
between the date - said bond aud th'
date of sale thereof. unless such r.
crued interest shall have been, by tho
of said bond, paid TO IN
tate al the time ~ such saie.
Sec. 3 The legislature shat proNid
by appropriation yurficient money "
dcfray ali eXpenscs tnat snal be ~
CURED by the state treasurer ~ ~
of said bonds and IN ~
h. Nwss1a thYVRnF a