Imperial Valley press., 1916-08-19
STATE HIGHWAYS ACT
OF 1918.

~ = - AAANAA w "A L ~ nv
OF 1915.
Notice is hereby given that Mt the
general election to be held on Tues
lay. the 7th day Of November, 1916,
here will be submitted to the people
IF 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-
struct1on, 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 nance , and control of a system of
torn1a; specifying the work, fixing
the payments to be made by coun-
tles tor moneys expended therein;
providing for the issuance and sale
or state bonds to create fund for
the construction and acquisition of
such system; creating sinking fund
for the payment of said bonds; and
act to vote of the people," approved
March 22, 1909, and approved, rati-
fled and adopted by the people of
the state of California at the general
cited as the state Highways Act"
and certain extensions therefrom;
specifying the work, fixing the paw
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 certain extensions
therefrom; creating revolving fund
to be used by the state department
of engineering for the purposes of
this act; creating a 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 a sys-
tenn of state highways by an act en-
titled AN act authorizing the construc-
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 a fund
for the construction and acquisition
of such system; creating a sinking fund
providing for the submission of this
act to vote of the people," approved
March %, 1909, and approved, ratified
and adopted by the peo"le of the State
held in the month Of November. A. D.
1910, and known and cited as the state
Act" bein,c inadequate to
fully carry out the OBJ 'ects of said act.
tenn prescribed by said estate Hi igh-
ways Act" and certain extensions
therefrom hereinafter specified shall
be constructed, improved and acquired
md in, he wi Cd IHy1 To-
by the department of engineering of
said state at a cost not to exceed fif-
teen million dollars. For the purpose
for tine of
acquisition necessary for ana IN com
pleting said system of said highways
and supplementing the fund created
State Of California is hereby author
lied 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. as
provided in Section II of this act. the
treasurer of the state shall prepare fif-
State of California in the denomina-
ton of one thousand dollars each, to
be numbered from 1 to $4,000 inc!u-
sive, and to bear the date of the third
said bonds shall not exceed the sum
of fifteen million dollars and they
shall bear interest at the rate of four
and one-half per cent per annum from
bonds and the interest thereon shall
he payable in gold coin of the United
states of the present standard of value
either. at the office of the treasurer re
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 aud in the manner following. to
five of said bonds shall be due and
payable on the third day of July, 1928.
and three hundred seventy-five of said
bonds in consecutive numerical order
shall be due and PAYABLE on the third
day of July in each and every year
until and including the third
day of July. 1862. The, interest aecru-
sold shall be payable either at the Of
flee of the treasurer of the state or
at said fiscal agency as the holder
ary aIys and the third day of july of each
and every year after the sale of the
same. The interest on all bonds issued
and sold shall cease on the day or
their maturity be paid as herein pro-
vided and Cancelled by the treasurer
of said state. All bonds remaining IN
thereof be by the treasurer OF the
state Cancelled and destroyed All bonds
issued pursuant to the provisions or
this act shall be signed by the COVER
nor of this state, countersigned Dy
the state controller and endorsed by
the state treasurer, and the SAID bonds
shall be so signed, counterslgned ana
endorsed by the officers who are IN
office on the third day or July, lsil T.
and each of said bonds shall nave the
great seal of the state or Cailiornsa
Impressed thereon. The said bonds
signed, countersigned, endorsed ana
sealed as herein provided, when soIu;
shall be and constitute a valid ana
binding obligation upon the state oI
though the sale Thereon De
made at a date or dates after lhe per
son so signing. countersigninS ana en- ,
dorsing, or either of them, shali have
ceased to be the incumbents OF saio
office or offices. .s
sec 2. Appended to each or sano
bonds there shall be interest coupons
so attached that the same may pc ue-
tached without injury to or mutilatioIm
of said bond. The said coupons sha,
be cons ecutively numbered ana sna'l =
bear the autographed signature or une
state treasurer who shall be IN oriIGs
on the third day of July, l9lt: No
interest shall be paid on any or saio
bonds 70. such time as may intervene
b between the date of said bond ana Ihe
date of sale thereof. unless such &C
crued interest shall have b"en' pY tno
nurchaser of said bond, paid TO Tn
state at the time of such SAFE.
Sec. 8. The Legislature shall proVlue
hv aDDropriation sufficient money TO
= ofroy oil eynerseS that snail be IN