Imperial Valley press., 1916-09-30
STATE HIGHWAYS ACT
OF 1915.

Notice is hereby given that mt tn
general election to he held ON Tues
day. the eth day Of November, 1910
there will be submitted to the peOpl
of the state of California the fOllOwin,
act Of the Legislature approved by sh,
Governor May 20. 1915:
CHAPTER 404.
An act authorizing the acquisition, con
/ Structlon, Improvement, maintenance,
/ and control OF the uncompleted por
! lonS OF the system of state highway
prescribed and contemplated by al
act entitled AN act authorizing tn,
construction, acquisition, mainte
nance and control of a system O.
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
OF state bonds to create fund fol
the construction and acquisition ot
such system; creating sinking funG
Tor the payment of said bonds; an6
providing for the submission of this
act to vote of the people" approved
March p, 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
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 a fund for the con-
struction, improvement and acqui-
sition of the uncompleted portions of
said system and certain extensions
therefron; 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 a 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-
ton, acquisition, maintenance and con-
trol 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 sinking fund
Tor the payment of said bonds; and
act to vote of the people" approved
March %, 1909, and approved, ratified
and adopted by the. peonle of the State
of California at the General election
1910, and known and cited as the "State
Highways Act" being inadequate to
fully carry out the OBJ 'ects of said act
the uneompleted portions Of said sys-
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
said state at cost not to exceed fif-
teen million dollars. For the purpose
of providing for the payment of the
cost of construction. Improvement or
acquisition necessary for ana In COM
pleting said system of said highways
and experimenting. the fund created
State Of California is hereby author
zed to incur an Indebtedness in the
provided by this act in the
sum of fifteen million dollars.
the proclamation of the. governor. as
in Section II of this act. the
treasurer of the state shall prepare fif-
.een thousand suitable bonds of the
ton of one thousand dollars each, to
be numbered from 1 to $4,000 inclu-
sive, and to bear the date of the third
iaid iaS G bonds S, shall 1 not n 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
he date of issuance thereof The SAID
bonds and the interest thereon shall
&c payable in gold coin of the United
States of the present standard of value
either at the office of the e,on treasurer as iss
holder, at the fiscal agency for the
State Of California in the City of New
York in the state Of New York, at the
wit: The first three hundred seventy
five of said bonds shall be due and
payable on the third day Of July, 1923
and three hundred seventy-five of said
T.. ftyyn
shall be due and parable on the third
day of July in each and every year
thereafter until and including the third
day of July, 1867? The interest aGerHa u
sold shall be payable either at the Of
flee of the treasurer of the state or
at said fiscal agency as the holder
ary 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 OF OF
issued and sold shall on the day OF
their maturity be paid as herein pro-
vided and Cancelled by the treasurer
sold So shall, at the date of the maturity
thereof be by the treasurer OF the
state cancelled and destroyed. All bonds
issued pursuant to the provisions OF
nor of this state. countersigned by
the state controller and endorsed by
The state treasurer, and the said bonds
shall be so signed, countersigned ana
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, countersigned. endorsed and
sealed as herein provided. when sold;
shall be and constitute Vand anG
binding obligation upon the state OF
California, though the sale thereo1 De
made at a date or dates after the per
son so signing, countersigning and en-
dorsing. or either of them shall nave
ceased to be the incumbents OF sald
office or offices. -,
Sec 2. Appended to each OF saIu
bonds there shall be interest coupons
so attached that the same may pc oe-
tached without injury to or mutilaLo1n
of said bond. The said coupons sha,
be consecutively numbered ana snai,
bear the autographed signature OF une
state treasurer who shall pe IN o1i,Ce
on the third day Of July. 1917: N9
interest shall be paid on any OF saio
bonds for such time as may intervene
between the date of said bono ana Ihe
date of sale thereof, unless suSh & &C.
crued interest shall have been by the
purchaser of said bond, paid TO th'
State at the time of such saie.
Sec. g. The Legislature snail provldt
bv appropriation sufficient money tc
defray ali expenses that shall be IN
CURED by the state treasurer in the
preparation of said bonds ana In tnt