The Hood River glacier. (Hood River, Or.) 1889-1933, 1917-03-15

money to meet the requirements of
this act.
Provided, that not more than 81, 900, :
600 in bonds shall be issued hereunder
during the year 1917, and that not
more than 81, 900, 900 in addition to any
surplus unissued or unexpended out of
the a,000,000 authorized for the year
1877 shall be issued during the year
1918.
Section 2. The State Highway Com
mission is hereby authorized, empow-
cred and directed to enter into such
contracts, appoint such officials, and
do any other act or thing necessary to
fully meet the requirements of this
act.
Section 3. The attorney general
shall, under the direction of the State
Highway Commission, prepare form
of interest-bearing gold bond 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, beginning
at Number |, and shall be payable in
the order of their issuance. Said
State Highway Commission is hereby
authorized, empowered and directed to
issue bonds of the state of Oregon for
the purpose of carrying out the provi-
sions of this act in an amount not ex-
ceeding $4,000, 900, of which sum, at
least $500, 900 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 payable
one-twentieth each year, commencing
with the sixth year after the issuance
thereof. One-half of the bonds pay
able each year shall be payable on the
1st day of April and the other half on
the lst day of October. 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 lst and October
lst. 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
provide for payment at some other
place. Said bonds shall be in a form
embodying 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 denomina-
tions as the State Highway Commits
sion 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 Install
ment of such interest, upon which
shall be printed the facsimile of the
signature of said officers. Said COM
mission may. at its option, cause a
part or all of SAID bonds to be payable
to the purchaser in the Office of the
state treasurer and provide an appro-
pirate endorsement upon each of such
bonds to the effect that the same will
be paid only to the owner appearing on
the register thereof, and providing a
method for reregistering the same as
the title may be passed. and it may
also provide that part or all of said
bonds shall be payable to bearer and
not subject to registration. Not less
than ten days before the payment of
the principal or interest falls due on
any of the bonds provided for in this
act, the State Highway Commission
shall certify to the state treasurer the
amount necessary to meet the payment
thereof. Upon receipt of such certi-
ficate by the state treasurer he shall
prepare and verify a claim for the
amount mentioned therein, attaching
thereto said certificate, and present
the same to the secretary of state,
who shall audit such claim in like
manner as other claims against the
state are audited, and pay the same
out of any moneys provided by law
for the payment thereof. The state
treasurer is authorized and directed to
make any such payments of principal
or interest on said bonds at such
places, other than at Salem, Oregon,
as the State Highway Commission may
provide, All bonds and interest cou.
pons upon payment shall be deposited
by the state treasurer with the secre.
ttary of state to be attached to the
original claim of the state treasurer
| for the payment thereof.
| Section 4. The State Highway Com