Imperial Valley press., 1916-09-04
STATE HIGHWAYS ACT
OF 1915.

STATE HIGHWAYS ACT
OF 1915.
Notice is hereby given that mt the
lay, the 7th day of November, 1916,
Df the State of California the following
Governor Mny 20, 1915;
CHAPTER 4o4.
struction, improvement, maintenance
and control of the uncompleted por-
tions of the system of state highways
prescribed and contemplated by an
construction, acquisition, mainte-
nance and control of system of
state highways in the State of Cali
fornia; specifying, the work, fixing
ties 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 a sinking fund
for the payment of said bonds; and
providing for the submission of this
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 No
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 fund for the con-
struction, improvement and acqui-
stion of the uncompleted portions of
n
therefrOm; creating a revolving fund
to be used by the state department t
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 a vote of the people.
The people of the State of California
do enact as follows:
Section l. The fund created for the
tenn of state highways by an act en-
titled IAN act authorizing the construc-
tion, acquisition, maintenance and con-
troll of system Of state highways
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 sinking fund
for the payment of said bonds; and
providing for the submission of this
act to a vote of the people," approved
March %, 1909, and approved, ratified
and adopted by the peorle of the State
of California at the General election
held in the month of November. A. d.
1910, and known and cited as the state
Highways Act" bene inadequate to
fully carry out the ob'ects of said act
the uncompieted portions Of said sys-
ways Act" and certain extensions
therefrom 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 fiji
teen million dollars. For the purpose
of providing for the payment of the
cost of construction, Improvement or
pleting said system of said highways
and supplementing the fund created
Sy said State Highways act; the
lied to incur an Indebtedness in the
manner provided by this act in the
sum of fifteen million dollars.
the proclamation of the. governor. as
provided in Section II of this act. the
treasurer of the state shall prepare fif-
teen. thousand suitable bonds of the
ton of one thousand dollars each, to
be numbered from 1 to $4,000 inclu-
sive, and to bear the date of the third
day of July, 1917. The total issue of
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 sait
bonds and the interest thereon shall
he payable in gold coin of the United
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
~ 4 fI,A foll t,,rr f1
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 sevcnty-five of said
bonds in consecutive numerical order
shall be due and PAYABLE on the third
day of July in each and every year
thereafter until and including the third
day of July, 1862. The interest accru-
inc on all of said bonds that shall be
sold shall be payable either at the of
flee of the treasurer of the state or
at said fiscal agency as the holder
airy and the third day of Jul" of each
and every year after the sale of the
same. The interest on all bonds issued
their maturity and the said bonds SO
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 maturity
thereof be by the treasurer of the
state cancelled and destroyed. All bonds
issued pursuant to the provisions of
this act shall be signed by the cover
nor of this state, countersiSned by
the state controller and endorsed by
the state treasurer and the SAID bonds
shall be so signed, countersigncd and
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, count tersigned, endorsed ana
sealed as herein provided. when sold.
shall be and constitute a 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 sald
office or offices
Sec 2. Appended to each of said
bonds there Shall be interest coupons
so attached that he same may pc de-
.tached without injury to or mutllation
of said bond. The said coupons sha
be consecutively 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.
Tho t;p1e of SlIch SAFE