Imperial Valley press., 1916-08-14
STATE HIGHWAYS ACT
OF 1915.

STATE HIGHWAYS ACT
OF 1915.
Notice is hereby given that AZ tho
'cneral election t. be- held On TueS-
NY, the 7th day Of Novembss, 1916,
f the state OF Cnlifornia the foilowine
CT Of the Legislature approved BY the
GOVERNOR May 70. 1915:
CHAPTER 4o4.
IN act authorizing the acquisition, con :
structlon, improvement. maintenance
and control of the uncompleted por-
tons 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
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
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 Mo-
vember.. A: ID. 1910. and known and
cited as the state Highways Act"
and certain extensions therefrom
specifying the work: fixing the pay
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 uncomplcted 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
the payment of said bonds; and pro-
viding for the submission Of this act
to vote of the people.
rhe people of the State of California
do enact as follows:
Section l. The fund created for the
and acquisition of a sys-
EN- of state highways by an act en-
titled "An act authorizing the construc-
ion, acquisition. maintenance and con-
,roi OF system Of state highways
he work, fixing the payments to be
made by counties for mvnuys expended
herein; providing for the issuance and
sale of state bonds to create q fund
Tor the construction and acquisition
TOR the payment of said bonds; and
providing for the submission Of this
ACT to vote of the people," approved
and adopted BY the peonle Of the State
If California at the General election
held in the month of November. A. d
1910, and known and cited as the "State
Highways Act" beine inadeauate T.
the uncompleted portions of said sys-
lem prescribed by said "State High
ways Act and certain extensions
be constructed imnroved sp.Ge and aconiref na
as and in the manner provide ed 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 OF
acquisition necessary for ana IN com
pleting said system of said highways
1nd 1n sa sae Hfshways ns fand
State Of California is hereby author
zed to incur. an Indebtedness in the
manner provided by this act in the
sum of fifteen mhlion dollars. :.
the proclamation of the. governor. as
provided in Section II of this act, thu
of the state shall prepare fiji,
Leen thousand suitable bonds Of the
state of California in the denomina
ton of one thousand dollars each. tt
be numbered from l to $4,000 inclu
sive, and to bear the date of the thirt
day of July, 1917. The total issue o.
said bonds shall not exceed the sun
Of fifteen million dollars and the,
shall bear interest at the rate Of -four
and one-half per cent per annum from
The date of issuance thereof The sair
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
of said state Or. at the option of the
~ he
state Of California in the City of New
York in the State of New York. at the
times and in the manner following, to
wit: The first three hundred seventy.
five of said bonds shall be due an0
payable on the third day Of July, 1923
md 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
iay Of July, 1869. Tho interest accru.
me- on all of said bonds that shall be
sold shall be payable either ut, the Of
At said fiscal agency as the holder
nav elect. on the third day of Janu'
lry and the third day Of Jul" or each
and every year after the sale OF the
and sold shall cease on the day OF
heir maturity and the said bonds SO
ssued and sold shall on the day OF
heir maturity be paid as herein pro-
vldeQ ana CdnCcicQ ny tho ."S~A "
IF said state. All bonds remaining un-
sold shall, at the date of the maturity
thereof be by the treasurer OF tne
state Cancelled and destroyed. All bonds
ssued pursuant to the provisions OF
his act shall be signed by the Cover
nor of this state, counterstgned Dy
he state controller and endorsed pS
he state treasurer, and the said bonds
shall be so signed. countersigned and
endorsed by the officers who are ~
,ffice on the third day OF July, 1871
md each Of said bonds shall have the
treat seal Of the state of California
n,nressed thereon The SAID bonds
.;rned. countersigned. endorsed and
;eaied as herein provided, when sold
hall be and constitute a, valid ano
,Inding obligation upon the state OF
though the sale thereof DC
nade at date or dates after the per
,on so signing. countersigning ana en-
,orsiup. or either of them. shall nave
.eased to be the incumbcnts OF saio
,ffice or offices. - ..;,,
Sec 2 Appended to each OF sald
,onls there shall he interest coupons
20 attached that the same may ne He
n ched without injury to or mutliasio,,,, !,
# said bond. The said coupons ai, snai'
10 consecutively numbered ana snai ~,
,ear the Autographed signature OF inc
tate treasurer who shaii De ~ oii.So e
IN the third day Of July, 1911: ~ y
nterest shall be paid on any OF SAID
,onds for such time as may n.eLVsne ~ .
,ctween the date of said bond ana the
ate of sale thereof. unless such ac-
rmed interest shall have been, pN ine
,urchaser of said bond. paid 10 th'
49, a. tho time of such Sale.