Imperial Valley press., 1916-08-28


general election to be held ON Tues
day, the 9Th day of November, 1916,
there will be submitted to the people
act of the Legislature approved by the
Governor May 20, 1915;
CHAPTER 4o4.
An act authorizing the acquisition, con-
struction, Improvement, maintenance
and control of the uncompleted por-
tlons OF the system of state highways
prescribed and contemplated by an
act entitled AN act authorizing the
construction, acquisition, mainte-
nance and control of a system of
state highways in the State of Cali
the payments to be made by coun-
tles Tor moneys expended therein !:
providing for the issuance and sale
OF state bonds to create fund for
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
fIed and adopted by the people of
the State of Calf fornia at the general
election election held in the month of No.
cited as the state Highways Act"
and certain extensions therefrom
specifying the work, fixing the pay
IHtUtS 70 ne IndQ0 Dy counties FOR
moneys expended therein; providing
for the issuance and sale of state
bonds to create fund for the con-
struction, Improvement and acqui-
said system and certain extensions
therefrom; creating a revolving fund
to be used by the state departm ent
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 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
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
Highways Act" beino inadequate tc
fully carry out the OBJ 'ects of said act
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 fiji
teen million dollars. For the purpose
cost of construction, Improvement ol
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 tho
Immediately after the issuance OF
the procla nation of the governor, az
provided in Section II of this act. Tho
teen thousand suitable bonds of the
state of California in the den nomina
ton of one thousand dollars each, tt
be numbered from 1 to $4,000 inclu
sive, and to bear the date of the thirt
day of July, 1917. The total issue o1
said bonds shall not exceed the sun
of fifteen million dollars and they
and one-half per cent per annum from
the date of issuance thereof. The Sai'
bonds and the interest thereon shal
be payable in gold coin of the United
either at the office of the treasurer
of said state or, at the option of the
holder, at the fiscal agency for the
state of California in the City of New
times and in the manner following, tC
wit: The first three hundred seventy
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
thereafter until and including the third
day of July, 1862. The interest accru-
ine 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-
airy and the third day of july of each
and every year after she hnnds sa,e Gs issned sad
and sold shall cease on the. day OF
their maturity and the said bonds SO
issued and sold shall on the day OF
their maturity be paid as herein pro.
vided and cancelled by the treasurer
Of said state. All bonds remaining un
sold shall, at the date of the maturity
thereof be, by the treasurer OF the me
issued pursuant to the PROVISIONS OF
this act shall be signed by the cover
nor of this state, countersigned by
the state treasurer, and the SAID bonds
shall be so signed, countersigned and
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 ana
sealed as herein provided, when solo
shall be and constitute a valid anG
binding obligation upon the state OF
California, though the sale thereon pt
made at a date or dates after the per
son so signing, countersigning ana en-
dorsing, or either of them, shall havs
ceased to be the incumbents OF salo
office or offices. ;d
Sec g Appended to each OF salo
bonds there shall be interest coupons
So alta ched that the same may be de-
tached without injury to or mutllatloi,
Of said bond. The said coupons shai.
be consecutively numbered and shai
bear the Autographed signature OF une
state treasurer who shall be IN oftiSe
on the third day of July, 1917: NO
interest shall be paid on any OF saiu u
bonds for such time as may inteINeine i {
between the date of said bond ana the
date of sale thereof. unless su"n nc
crued interest shall have been. by inc
purchaser of said bond, paid to ths
State at the time of such saie
Sec. 5. The Legislature shall provide
bv appropriation sufficient money ;tc
defray all expenses that snail pc an
Cured by. the state treasurer IN tne
nreparation of said bonds and IN inc
advertising a of the sale thereof as IN
this act provided,
Sec. A. When the bonds authorized