Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-15

| less said dams are authorized by act
! of Legislature or by a decree of the
! ter public notice and hearing on petit
I ton for such authorization
! April 10.
CHAPTER 203
An Act to Provide for an Issue of
State Highway and Bridge Bonds.
Sec. /. In addition to state high
way and bridge bonds heretofore
| issued in the name and behalf of the
chapter one hundred and thirty of the
public laws of nineteen hundred and
thirteen and acts amendatory there
of and additional thereto: under chap
ter two hundred and fifty-one of the
! public laws of nineteen hundred and
nineteen, and under chapter one hum
dred and thirty-one of the public laws
of nineteen hundred and twenty-one,
and under chapter ninety-two of the
| public laws of nineteen hundred and
twenty-three. the treasurer of state
is hereby authorized. under the direc-
! ton of the governor and council, to
issue from time to time serial coupon
bonds in the name and behalf of the
| state to an amount not exceeding six
| million dollars, payable serially at the
, state treasury within fifteen years
| from date of issue. at rate of inter-
annum. interest payable semi-annu-
ally. and signed by the treasurer of
state. countersigned by the governor
| and attested by the state auditor,
with the seal of the state affixed The
| coupons attached to said bonds shall
| bear the facsimile Of the signature Of
the treasurer of state instead Of his
original signature: and such bonds
| and coupons shall be of such denomi-
! nations and form and upon such
! terms and conditions not inconsistent
| herewith as the governor and council
j shall direct. Said bonds. together
with the proceeds thereof. shall be
| designated as a part of the state
! highway and bridge loan. and shall be
| deemed a pledge of the faith and
credit of the state.
| Sec. 2. The state auditor shall keep
an account of such bonds. showing
| the number and amount OF each. the
| date of countersigning. the date when
| payable and the date Of delivery
| thereof to the treasurer OF state, VINO
| shall keep an account or each pono'
| showing the number thereof, the
amount received for the same. the
date of sale and the date when pay
able.
Sec. 8. The treasurer Of state may
| negotiate the sale of such bonds by
/ direction of the governor and coun-
| pledged or hypothecated in behalf or
| the state. or the proceeds of the
sales of such bonds. which. shall be
| held by the treasurer OF state ana
| paid by him upon warrants drawn py
| the governor and council. three mil
| lion dollars is hereby appropriated. to
! be used solely for the building OF
! state highways. three million dollars
| is hereby appropriated to be USED
solely for the building of bridges: as
/ provided by chapter three hundred
| and nineteen Of the public laws of
amended. The proceeds of said bonds
may be expended during the fiscal
! years ending June thirtieth. nineteen
! hundred and twenty-seVen. but any
/ balance uneXpended shall not lapse,
! but shall be carried forward to the
! same account to be used only for the
| construction of state highways and
bridges as provided by law.
| Sec 4. The proceeds of all bonds
| issued under the authority of this
or other similar acts. for highway and
| bridge purposes. shall at all times
| be kept distinct from other moneys
Of the state. and shall not be draw
! upon or be available for any other
purpose. So much of the same as
| from time to time may not be needed
! for current expenditures shall be
| placed at interest. and the income de-
rived therefrom shall be devoted to
! the payment of accruing interest on
state highway and bridge bonds. and
! the treasurer of state shall include
! in his annual report statement of
all moneys so placed at interest. and
| of all interest collected and disbursed
| as herein provided.
| Sec 5. This act shall not take ef-
| feet unless and until the constitution
! of this state is amended by striking
out the word ten in the second and
/ seventh lines of section seventeen of
! article nine thereof. as amended by
| inserting in place thereof the word
| sixteen or as otherwise amended by
! increasing the amount of bonds to be
! issued for the purpose of building
! state highways, and interstate, inter-
state and International bridges
/ Approved April 10.