The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1917-03-01
FULL TEXT Of
NEW ROAD BILL
House Bill $50, Paving Way for Road
Paving Is Referred to the PeO-
pie for Special Vote.

An Act to provide for the construc-
tion of roads and highways in the
state of Oregon; to provide for the
issuance of bonds by the State of Ore
gon to raise money to carry out the
purposes of this Act; to authorize the
State Highway Commission to take
such action and perform such duties
as may be necessary to meet the re-
quirements of this Act; to designate
and authorize the construction of GER
tain hard-surfaced highways and GER
tain post roads and forest roads,
land to provide for other post roads
and forest roads; to provide for the
letting of contracts for the construc-
ton, paving and maintenance of
roads and highways, to make the sur
plus arising from the fees collected
under House Bill No. 500 of the pre-
sent legislative session fund under
the jurisdiction of the State Highway
Commission with which to pay inter-
est and principal on bonded indebted
ness Of the State, contracted by the
State for road purposes, and other
lawful claims incurred by said COM
mission, and to provide for modifying
the terms of House Bill No. 81 pass
ed by the 29th Legislative Assembly
of the State of Oregon, and to pro-
vide for submitting this Act to the
people, and for the calling of spe-
cial election therefor, and declaring
an emergency"
Be it Enacted by the People of the
State OF Oregon.
Section l. The State Highway
Commission is hereby authorized,
empowered and directed, during the
next five years to sell the bonds of the
State of Oregon as hereinafter pro-
vided, in an amount sufficient to raise
enough money to meet the require
ments of this Act.
Provided. that not more than
$1,000,000 in bonds shall be issued
hereunder during the year 1917.
and that not more than 100000 in
addition to any surplus unissued or
unexpended out of the $1,000, 900
authorized for the year 1917, shall
be issued during the year 1918.
Section 2. The State Highway
Commission is hereby authorized,
empowered and directed to enter in
to such contracts, appoint such off,
cials, and do any other act or thing
II necessary to fully meet the require
ments of this Act.
Section 3. The Attorney General
shall, under the direction of the State
Highway Commission, prepare a form
of interest-bearing gold bonds of the
State of Oregon, to be sold In order
to provide funds for the carrying out
of the purposes Of this Act. Said
bonds shall be numbered serially, be-
ginning at Number /, and shall be
payable in the order OF their is
suance. Said State Highway Com
mission is hereby authorized, empow-
cred and directed to issue bonds Of
the State of Oregon for the purpose
of carrying out the provisions of this
Act in an ! amount not exceeding
$4,000, 100000, of which sum, at least
100000 shall be issued in denom-
nations of $500 each or less. The
bonds issued in any year under the
provisions of this Act shall be pay
able one-twentieth each year, CON-
mencing with the sixth year after the
issuance thereof One-half of the
bonds payable each year shall be pay
able on the 1st day of April and the
other half on the 1st day of Octo-
Der. Each bond shall bear upon its
face statement showing the date of
its maturity Said bonds shall bear
interest at the rate of four per cent
per annum, payable semi-annually on
April 1st and October 1st. Principal
and interest on said bonds shall be
payable at the Office of the State
Treasurer at Salem, Oregon, and If
said State Highway Commission shall
so direct, said bonds may also pro-
vide for payment at some other place.
Said bonds shall be in form en-
bodying an absolute promise OF the
State of Oregon to pay the amount
thereof in gold coin of the United
States of America Of the value and
weight and fineness of the date of
such bond, and shall be in such de-
nominations as the State Highway
Commission shall elect They shall
be signed by the Governor, Secretary
of State and State Treasurer Said
bonds shall bear coupons evidencing
the interest to become due thereon
for each installment Of such interest,
upon which shall be printed The fac
simile Of the signature of said Off
GERS. Said Commission may at its op-
tion, cause a part or all Of said bonds