Imperial Valley press. (El Centro, Calif.) 1907-current, 1916-10-21
TATE HIGHWAYS ACT
OF 1915.


OF 1915.
Notice is hereby given that at tn
aay. the 9Th day of November, 1911,
there will be submitted to the peOpi
of the State Of California the following
act of the Legislature approved by tn
Governor May 20. 1915,
| CHAPTER 4o4.
An act authorizing the ACQUISITION. con
slfuItIoH, Improvement, mainlenanS
anu oontroI of the uncompleted por
tons OF the system Of state highway
prescribed aud contemplated by n
act entitled An act authorizing tn,
construction, acquisition. mainte
nance and control Of a system O.
state highways in the State Of Can
fornia; specifying the work. fixini
ties fog TO BE- ssp maas By
providing for tho issuance and sal,
Of state bonds to create a fund 70.
the construction and acquisition OF
for the payment of said bonds; an,
providing for the submission Of thi.
act to vote Of the people" approves
Mar a. asos, and approved. rati
the State Of California at the GENERA
election held in tho month Of No
vembsr. A; D, 1910 and known an!
and certain extensions ther.from
specifying the work: fixing the nay
ments to be made by counties for
moneys expended therein: providins
for the issuance and sale of state
bonds to create a fund for the con
struction. improvement and acqui.
sition of the uncompleted portions O.
said system and certain extension
therefros1: creating revolving fund
to be used by the state department
Of engineering for the purposes o
this act; creating a sinking fund for
vidins for the submission Of this act
to vote Of the people.
The people Of the State Of California
do enact as follows:
section 1. Ths fund created for tn.
obstruction anu ACQUISITION OF a sys
III o. state highways ny an AT
.tIec An act aulnorizius the conslru..
IN, ACQUISITION, maintenance ana con
80. o. sSs ~ . Of stats n.snwas-
..e woTk. tlxlng the payments to b.
-.aue ny counties for moneys expended
Aersln; provlolnE tor the issuance AM
als OF state bonds to create a fun.
or tho construction and acouisitIs.
4 such system; creating q sinking fun1
or the payment of said bonds: an.
rovidlng for the submission OF thls
darch %, 1903, and approved. rattle,
md adopted by the peo~le of the Stat,
# California at the General election
$40, and known and cited as the Stat,
highways Act" beir~ inadequate t:
ully carry out the OBJ 'ects Of said a,
he uncompleted portions of said sys
Ways Act" and certain extension.
herefrom hereinafter specified shal
e constructed. improved and acquired
IS and in the manner provided by Law
hA oV4Y ant ne Ut ri
aid state at cost not to exceed fiji
cen million dollars. For the purpo s'
# providing for the payment Of The
Of foa anu m
letting said system Of said highway:
nd supplem enting. the fund created
y said. state Hishways Act" tn
1anner provided Nv this act in tn.
UNI of fifteen million dollars.
Immediately after the issuance o
rovided in Section II OF this act. ~
~ea.urer Of the state shall prepare fif
zen thousand suitable bonds OF tn
t on Of 81 oS osS5n dollars Rs
ne numbered from / to $1,000 inelu
i've, and to bear the date of the thir'
lay, Of July. 1917. The total issue o
IF fifteen million dollars and the
hall bear interest at the rate Of foul
nd one-half per cent 1er annum from
he date go Of lis s:u;nss ther1o The
e payable in gold coin of the Unite
tates OF the present standard Of valu'
ther at the office Of the. treasure
said state or. at the option Of tn
tate Of California in the City Of New
-ork in the state OF New York. at th'
mes and in the manner following, t
lit: The first three hundred seventy
five Of said bonds shall be due ant
payable on the third day Of July, 1922
nd three hundred >eventy-five OF satt
,SnG' in hnmeriis 9 3b1r1
ay of July in each and every yea
hereafter until and Including the thirt
ay OF July. 1852: The interest accru
,,ld shall be payable either at the Of
ce of the treasurer Of the state o.
said fiscal ..encv as the holde
nay elect; on, the third day Of Janu
: nd every year after the sale of tn
anne. The Interest on all bonds ISSUED
md sold shall cease on the day o
heir maturity ana the said oo dss - -
heir maturity be paid as herein pro
,ided and cancelled by the treasurer
If said state. All bonds remaining un
tate cancelled and destroyed. All bond
ssued pursuant to the provisions o
his act shall be signed by the &oVer
or Of this state, countersigned b,
ne state controller and endorsed BY
he state treasurer, and tho said bond
hall be so signed, countersixned ant
endorsed by the officers who are II
ffice on the third day OF July. 1917
md each Of said bonds shall have thu
,reat seal Of tho state of California
, impressed thereon. The said bond
isned, oountersigned, endorsed an!
called as herein provided. when sold
hall be and constitute q valid ant
binding obligation upon the state o
California, hough the sale thereon b.
made at date or dates after the per
/ son so signing, countersigning and en-
/ iorsing, or either OF them. shall hav'
/ .eased to be the incumbents or sal'
/ ,ffice or offices.
! Sec 2. Appended to each Of sai'
( ,onds there shall be interest coupons
| attached that the same may be de
/ ached without injury to or nut1latioi
( II said bond. The said coupons sha,
! cons ecutively numbered and shai
/ ear the autographed signature or IN
tate treasurer who shall be in offlc
I IN the third day of July, 1917. ~
/ interest shall be paid on any or SAL
onds for such time as may lnterVen
hetween the date of said bond and tn
| ate OF sale thereof, unless such &C
! rued interest shall have been. by N
purchaser of said bond. paid TO tn
! tate at the time Of such safe.
! Sec. 8. The legislature shall provid
~ approximation sufficient money I
defray ali expenses that snail be In
curred by the state treasurer in tn