Imperial Valley press., 1916-08-29

HIGHWAYS ACT
OF 1915.
Notice Is hereby given that Mt the
eneral election to be held on Tues
ay. the 7th day of November, 1916,
here will be submitted to the people
I the state Of California the following
ct OF the Legislature approved by the
;ovcrnOr May 20. 1915:
CHAPTER 4o4.
IN act authorizing the acquisition, con-
struction, Improvement, maintenance
and control of the uncompleted por-
prescribed and contemplated by an
act entitled can act authorizing the
construction, acquisition, mainte-
nance and control of a system of
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 a 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 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
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
therefrom; 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 vote of the people.
The people of the State of California
do enact as follows:
Section 1. The fund created for the
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; specifying 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 a sinking fund
for the payment of said bonds; and
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
of California at the General election
held in the month of November. A. d.
1910, and known and cited as the state
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
be constructed. improved and acquired
as and in the manner provided by law
by the department of engineering OF
said state at a cost not to exceed fiji
of providing for the payment of the
cost of construction, Improvement or
acquisition necessary for ana IN com
pleting said system of said highways
by said state Highways act" the
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, az
provided in Section IL 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 inclu
sive, and to bear the date of the thirt
said bonds shall not exceed the sun
of fifteen million dollars and the,
shall bear interest at the rate Of foul
and one-half per cent per annmm IRON
bonds and the interest thereon shall
be payable in gold coin of the United
States of the present standard of value
either at the office of the treasurer
- n cfo TO a a n
holder, at the fiscal agency for th'
State Of California in the City of New
York in the State of New York, at thu
tines and in the tbraa
five of said bonds shall be due ant
payable on the third day Of July. 1928
and three hundred seventy-five or salt
bonds in consecutive numerical order
shall be due and PAYABLE on the thirt
day of July in each and every yeal
thereafter until and including the thirt
day of July, 1862. The interest accru
.inS on all of said bonds that shall b.
sold shall be payable either at the of
flee of the treasurer of the state ol
at said fiscal agency as the holder
may elect. on the third day of Janu
airy and the third day of July of eaci
and every year after the sale of thu
same. The interest on all bonds ISSUED
and sold shall cease or the day o
their maturity and the said bonds So
issued and sold shall on the day o
vided and Cancelled by the treasure
Of said state. All bonds remaining un
sold shall, at the date of the maturity
thereof be by the treasurer of th'
state Cancelled and destroyed. All bonds
issued pursuant to the provisions o
this act shall be signed by the COVER
nor of *his state, countersigned By
the state controller and endorsed bA
the state treasurer, and the SAID bond
shall he so signed, countersigned an'
endorsed by the officers who are Il
office on the third day of July, III
and each of said bonds shall have TN
great seal of the state OF Cailtorn,i
Impressed thereon. The said BOND
signed, countersigned, endorsed an,
sealed as herein provided, When so'o
shall be and constitute a Vand an'
binding obligation upon the Slate o
California though the sale thereoI d.
made at a date or dates after the per
son so signing, counterslgnlng ana en-
dorsins, or either of them, shalI hav'
ceased to be the incumbents OF sai'
office or offices. or s,il
Sec 2. Appended to each OF sal(
Bonds there shall be interest," coupons
so attached that the same may pc ue
tached without injury to or mutiiatloII
of said bond The said coupons sha
bc consecutively numbered and shal
be.r the Iithographed signature OF th'
State treasurer who shall be in offic'
On The third day of July. 1917 Nc
interest shall be. paid on any OF sa.t
bonds for such time s may ihteTVeth .t
botween the date of said bond ana TN
.Gste of sale thereof. unless such a'
crned interest shall have been. by the