Imperial Valley press., 1916-08-26
STATE HIGHWAYS ACT
OF 1918.

vi xO1Os
Notice is hereby given that at the
general election to be held ON Tues
lay, the 9Th day of November, 1916,
here will be submitted to the people
If the State of California the following
lct 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 system of
state highways in the State of Cali
fornla; 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 a sinking fund
for the payment of said bonds; and
providing for the submission of this
act to vote Of the people" approved
fled and adopted by the people of
the State of California at the general
election held in the month of No
vember, A. ID. 1910, and known and
u,
and certain extensions therefrom ;
specifying the work, fixing the pay
ments to be made by counties for
moneys expended therein; providing
bonds to create fund for the con-
struction, improvement and acqui-
SltiOn of the uncOmpletcd 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
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
construction and acquisition of a sys-
TEN OF state highways by an act en-
titled "An act authorizing the construc-
ton, acquisition, maintenance and CON
troi of system of state highways
in the State of California; specifying &
the work, fixing the payments to be
made by counties for moneys expended
herein; providing for the issuance and
sale of state bonds to create a fund
for the construction and acquisition
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, ratified
Z
of California at the General election
h eld in the month of November. A. D.
1910, and known and cited as the state
Act" beine inadequate to
fully carry out the oh 'ects of said act
the uncompleted portions of said .sys-
tenn prescribed by said state High
ways Act and certain extensions
! therefrom hereinafter e specified shal,
as and in the manner provided by law
by the department of engineering OF
said state at cost not to exceed fif-
teen million dollars. For the purp ose
cost of construction, Improvement OF
acquisition necessary for ana IN com
pleting said system of said highways
and supplementing the fund created
state Of California is hereby author
lied to incur an indebt edness in the
manner provided by 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 denomina'
ton of one thousand dollars each, tC
be numbered from l to $1,000 inciu.
day of July, 1917. The total issue OF
said bonds shall not exceed the sun
of fifteen million dollars and the,
shall bear interest at the rate Of foul
the date of issuance thereof. The sai'
bonds and the interest thereon shal
he payable in gold coin of the Unitet
states of the present standard of value
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
wit: The first three hundred seventy
five of said bonds shall be due ant
payable on the third day Of July, 1928
and three hundred seventy-five of sale
shall be due and PAYABLE on the thiro
day of July in each and every yeai
until and including the thirt
day of July. 1862. The interest aGcru
sold shall be payable either at the of
flee of the treasurer of the state oil
at said fiscal agency as the holder
may elect. on the third day of Janu.
and every year after the sale OF the
same. The interest on all bonds ISSUED
and sold shall cease on the day OF
tn cir maturity and the said bonds sc
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 maturitN
thereof be by the treasurer. of Tho
state Cancelled and destroyed. All bond.
issued pursuant to the PROVISIONS OF
this act shall be signed Dy tne COVER
nor of this state, countersigned DS
the state controller and endorsed DS
the state treasurer. and the SAID bonds
shall be so signed, countersigned ano
endorsed by the officers who are II
office on the third day or July. 1917
and each of said bonds shall have the
great seal of the State OF Calitornla
Impressed thereon. The said bonds
signed, countersigned. endorsed anS
sealed as herein provided, when sofa
shall be and constitute a valid ano
binding obligation upon the state OF
though the sale thereon DC
made at a date or dates after the per
son so signing. countersigning ana en-
dorsing, or either of them snail nay,
ceased to be the incumbents OF saio
office or offices.
Sec 2. Appended to each or saIo
bonds there shall be interest coupons
so attached that the same may pc de'
tached without injury to or mutiiatlo,
of said bond. The said coupons sha
he consecutively numbered ana Snai
hear the Autographed signature or tpt
state treasurer who shall be IN otfice
on the third day of July, 19Il: nc
interest shall be paid on any or salo
bonds for such time as may lnIerVen'
between the date of said bond ana the
Gate of sale thereof unless SuH"
crued interest shall have been, by the
purchaser of said bond, paid TO TN
State at the time of such saie.
Sec. 3. The legislature shall proviu'
nv appropriation sufficient moneN &c
defrav all expenses that snail be IN
cured by the state treasurer IN me