Imperial Valley press., 1916-10-07

-'"'ice ~ hSrcDy gwen tuat at u
) general election to be held ON Tues
day. the eth day of November. 1911
there will be submitted to the peopl
S of che state OF California the follow i'm
Y act of the Legislature approved by tn
Governor May 20. 1915:
CHAPTER 404.
An act authorizing the ACQUISITION, cor
struction, Improvement, maintenanc
and control of the uncompleted por
! tIons OF the system of state highway
prescribed ana contemplated by a
act entitled An act authorizing tn
I construction, acquisition, malnte
nance and control OF system o
state highways in the state of Cali
fornia; specifying the work, fiNin
the payments to be made by coun
ties for moneys expended therein
providing for the issuance and sal
OF state bonds to create II fund 70
the construction, and acquisition o
Such system; creating sinking Aun'
for the payment of said bonds; an'
providing for the submission of thi
! act TO vote of the people, approved
+! March %, 1909. and approved. rati
| fled and adopted by the people o
the State of California at the genera
+ election held in the month of No
Femoer A; ID. 1910 and known ant
| cited as the state Highways Act.
and certain extensions therefrom
/ specifying the work. fixing the pay
/ mentS to be made by counties FOL
moneys expended therein; providing
! for the issuance and sale of state
I bonds to create a fund for the con
struction. improvement and acqul'
Sltion 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
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 /. The fund created for the
construction and acquisition OF sys-
tenn OF state highways by an act en-
titled An act authorizing the construc-
uon, acquisition, maintenance and con-
troll of system of state highways
in the State of California; specifyin &
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 fund
for the construction and acquisition
OF such system; creating sinking FUND
providing for the submission of this
act to a vote of the people," approved
March %, 1909, and approved, ratified d
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" beine inadequate to
fully carry out the OBJ b'ects of said act
the uncompleted portions of said sys-
tenn prescribed by said "State High
ways Act and certain extensions
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 a cost not to exceed fif-
of providing for the payment of the
cost of construction, Improvement or
a 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 tht
of sftesn mon Ro td1 doars ast IN
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 If
teen thousand suitable bonds of the
State of California in the denomina-
ton of one thousand dollars each, to
be numbered from l TO- 15;o9p in6im3 1Siud
day of July, 1917. The total issue of
said bonds shall not exceed the sum
of fifteen million dollars and the
and one-half per cent per annmm from
the date of issuance thereof. The sal
bonds and the interest thereon shali
be payable in gold coin of the United
u
either at the office of the treasurer
Of said state or, at the option of the
holder, at the fiscal agency for the
York in the State of New York, at the
times and in the manner following, 10
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 parable on the third
thereafter until and including the third
day of July, 1862. The interest accru-
inr on all of said bonds that shall bf
sold shall be payable either at the or
at said fiscal agency as the, holder
NAV elect, on the third day of Janu-
ary and the third day of july of eacf
and every year after the ,ones saie Gs issueS es
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 5aid as hn nefrea treasprer pre
Of said state. All bonds remaining un-
sold shall, at the date of the maturity
thereof be, by the treasurer or the
issued pursuant to the provisions OF
this act shall be signed by the Cover
nor of this state, countersigned py
the state controller and enaoTSeI ,S borSs Ss
shall be so signed, countersigned ano
endorsed by the officers who are In
office on the third day OF July, 1911
and each of said bonds shall have the
great seal of the State OF Caltornla
Impressed thereon. The SAID bonds
signed, countersigned. endorsed ano
sealed as herein provided, when sold;
shall be and constitute valid and
binding obligation upon the state OF
though the sale thereon be
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 saio
office or offices. .a
Sec 2. Appended to each or sald
bonds there shall be interest," coupons
so attached that the same may pc ue,
tached without injury TO or Inutiiatiori ~
of said bond. The said coupons sha,i
he consecutively numbered ana shall
hear the Autographed signature or uhe
state treasurer who shall be IN oilICe
on the third day of July, l9lL NC
interest shall be paid on any OF saIo .
bonds for such time as may intervene
between the date Of said bond ana the
date of sale thereof, unless such &C
crued interest shall have been. oy the
purchaser of said bond, PAID TO the
state at the time Of such saie.
Sec g. The legislature shall proVioe
nv appropriation sufficient money 70
defray ali expenses that snaIl pc IN
Cured by the state treasurer IN M the
preparation of said bonds ana IN tne
. advertising of the sale thereon as IN
Go when the bonds auth orlzeu