East Oregonian : E.O. (Pendleton, OR) 1888-current, 1919-02-22

wise provided, turn the same
over to the state treasurer who
shall enter such revenues in
the account of the State High
way Fund; provided the said
State Highway Fund shall be
expended under the jurisdic-
ton of the State Highway Com
mission.
Section 4. The State High
way Commission is hereby au-
thorized, empowered and di-
rected, during the next five
years, to sell in addition to the
bonds heretofore authorized,
the bonds of the State of Ore
gon as hereinafter provided, in
an amount sufficient to raise
enough money to meet the re-
Iquirements of this Act, not to
exceed the sum of ten million
dollars ($10,000,O00.00) pro-
lvided, that said State Highway
Commission may, from time to
time, issue said bonds in such
amount as in their judgment
the efficiency of road construc-
ton may require, and in such
denominations as may be most
marketable.
Section 5. The State High
Way Commission is hereby au-
thorized, empowered and di-
Irected to enter into such con-
tracts, appoint such officials,
and do any other act or thing
necessary to fully meet the re-
quirements of this Act.
Section 6. The Attorney
General shall. at the request of
the State Highway Commission,
prepare a form of interest bear
ing 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
1, 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 pur-
pose of carrying out the pro-
visions of this Act, in such de-
nomination as in the judgment
of the State Highway Commits
sion will be the most market
able. The bonds issued in any
year under the provisions of
this Act shall be payable one
twentieth each year, commenc-
ing with the fifth year after the
issuance thereof. One-half of
the bonds payable each year
shall be payable on the first
day of April and the other half
on the first day of October.
Said bonds shall mature within
twenty-five years from the
date of issue, and each bond
shall bear upon its face state
ment showing the date of its
maturity. Said bonds shall
bear interest at not to exceed
the rate of four and one-half
per cent per annum, payable
semi-annually on April first
and October first. Principal
and interest on said bonds shall
be payable at the office of the
State Treasurer at Salem, Ore
gon, 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
If America of the value of
weight and fineness of the
late of such bond, and shall be
n such denomination as the
otaIe highway OOlII1lllooAOH
hall elect. They shall be /
igned by the Governor, Secre-
ary of State and State Treas
lrer. Said bonds shall bear
COUPONS evidencing the inter-
st to become due thereon for
ach instalment of such inter
st. upon which shall be print
d the facsimile of the sigma
ures of said officers. Said
tate Highway Commission.
lay. at its option, cause a part
r all of said bonds to be pay
Bile to the purchaser in the of
ice of the State Treasurer and !
rovide an appropriate indorse-
lent upon each of such bonds ;;
, the effect that the same will {
e paid only to the owner ap- !
caring on the register thereof, :
nd providing a method for re- :
clustering the same as the title
lay be transferred, and it may
leo nrovide that a part or all