Imperial Valley press., 1916-09-11
STATE HIGHWAYS ACT
OF 1915.

STATE HkGHW AIS All
OF 1915.
Notice is hereby given that at the
general election 10 be held ON Tues
Iiay. the 9Th day of November. 1916.
there will be submitted to the people
pf the state of California the fOIIOwi ing
act of the Legislature approved by the
Governor May 20. 1918:
CHAPTER 404.
An act authorizing the acquisition, con-
struction, improvement laintenance
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
the payments to be made by coun
ties FOR moneys expended therein
providing for the issuance and sale
OF state bonds to create Il 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 22, 1909. and approved. rati-
fled and adopted by the people of
the state of California at the general
vember. A. ID. 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 revolving fund
to be used by the state department
of engineering for the purposes OF
this act; creating a sinking fund for
the payment of said bonds: and pro-
viding for the submission of this act
to n vote of the people.
The people of the State of California
do enact as follows:
construction and acquisition of a sys-
tenn of state hi ighWays by an act en-
titled AN act authorizing the conStruc-
ton, acquisition, maintenance and con-
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
tor the payment OF said bonds; and
for the submission of this
act tc a vote of the people," approved
March %, 1909, and approved, ratified
and adopted by the peonle of the state
of California at the General election
h eld in the month of November. A d.
1910, and known and cited as the state
Highways Act" beino inadequate to
fully carry out the OBJ 'ects of said act
tenn prescribed by said state High
ways Act and certain extensions
therefrom hereinafter specified shall
be constructed, improved and acquired
Il
by the department of engineering of
said state at a cost not to exceed fif-
teen million dollars. For the purpos Sc
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 supplementing the fund created
by said "State Highways act" tho
lied to incur an Indebtedness in tho
manner provided bv this act in the
sum of fifteen million dollars.
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 fif-
State of California in the den omina
tion of one thousand dollars each, to
be numbered from l to 5000 inciu,
sive, and to- bear the date of the third
said bonds shall not 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
the date of issuance thereof. The sal
bonds and the interest thereon shall
he 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
holder, at the fiscal agency for the
State Of California in the City of New
York in the State of New York, at the
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 pa"able on the third
ay of July in each and every year
: hereafter until and including the third
M on all of said bonds that shall be
sold shall be payable either at the Of
flee of the treasurer of the state OF
at said fiscal agency as the holder
ary and the third day of Jul" 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
their maturity and the said bonds so
issued and sold shall on the day of
tn cir 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
state Cancelled and destroyed. All bonds
issued pursuant TO the DIONlSlOnS VI
this act shall be signed by the COVER
nor Of this state, CountersiRned 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 valid and
binding obligation upon the state OF
California, though the sale thereof be
made at a date or dates after the per
son so signing. countersigning and en-
dorsing. or either of them, shall have
ceased to be the incumbents of said
office or offices.
Sec 3 Appended to each Of said
bonds there shall be interest coupons
50 attached that the same may be de-
tached without injury to or mutilation
of said bond. The said coupons shall
be cons ecutively numbered and shall
bear the autographed signature of the
state treasurer who shall be in office
on the third day of July, 1917. No
Interest shall be paid on any of said
bonds for such time as may intervene
between the date of said bond and the
date of sale thereof, unless such ac-
Crued interest shall have been, by the
purchaser of said bond paid TO tn"
state at the time of such SAFE