Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-04-15
CHAPTER 215
An Act to Provide for an Issue OF
State Highway and Bridge Bonds.

Whereas. state highway and bridge
work can be carried on more econom-
ically and to much better advantage
to the state and the towns If such
work can be carried on early in the
season and work put under construc-
ton as early 5 possible, and
Whereas, money for such building
cannot be used until the funds pro-
vided by this act become available
and loss and Inconvenience will re-
suit if such work is not started early
in the season, and
Whereas. in the Judgment of the
legislature these facts create an
| emergency within the meaning OF sec
ton sixteen of article thirty-one of
the constitution of Maine and require
the following, legislation as immedi-
ately necessary for the preservation
of the public peace, health and safety.
! now therefore,
Sec. /. OF the state highway and
Z bridge bonds heretofore issued in the
name and behalf of the state and I'M
der the provisions of chapter one
| hundred and thirty of the public laws
| of nineteen hundred and thirteen and
acts amendatory thereof and addi-
tlonal thereto; under chapter two
hundred and tifty-one of the public
laws of nineteen hundred and nine
! teen. under chapter one hundred and
thirty-one of the public laws of nine
teen hundred and twenty-one, and
| under chapter ninety-two of the pub
lie laws of nineteen hundred and
| twenty-three, which have matured or
! shall mature. the treasurer of state
Is hereby authorized. under the di-
| fectlon OF the governor and council,
| TO Reissue from time to time serial
| coupon bonds in the name and behalf
| of the state to an amount not *
/ FaI 60
/ thousand five hundred dollars, pay
able at the state treasury within tf-
, teen years from date of issue, at a
| rate OF interest not exceeding five
per cent per annum. interest payable
semi-annually, and signed by the
! treasurer of state. countersigncd nv
the governor and attcsted by the
| state auditor, with the seal OF the
state affixed. The coupons attached
10 SAID bonds shall bear the facsimile
OF the signature of the treasurer of
| state instead of his original sigma
ture; and such bonds and COUPONS
! snail be OF such denominations and
FORM and upon such terms and con-
ultionS not inconsistent herewith as
Ine governor and council shall direct.
| Sald ponds, together with the pro-
ceeds thereof. shall be designated as
a part of the state highway and
brldge loan. and shall be deemed n
pledge of the faith and credit of the
state. '''e
Sec ?. The state auditor shall keen
an account OF such bonds. showing
the number and amount of each. the
GATE OF countersigning. the date
when payable and the date Of do
livery thereof to the treasurer of
state. who shall keep an account Of
eacn pond. showing the number
whom sold. the amount received for
the same. the date of sale and the
| date when payable.
| Sec. 3. The treasurer of state NAV
negotiate the sale of such bonds bv
direction of the governor and coun-
Gu. put no such bond shall be loaned,
pledged or hypothecated in behalf of
the state; the proceeds of the sales of
such bonds. which shall be held hv
the treasurer of state and paid bv
MN upon warrants drawn by the gov
ernor ana council are hereby appro-
PPriasea TO be used solely for the
building of state highways. inter-
| state, 1ntrastate and International
bridges. as may be determined by the
state highway commission and an
proved by the governor and council,
in the manner provided by CHAPTER
three hundred and nineteen of the
public laws of nineteen hundred and
| Hfteen as amended. The proceeds
or said bonds may be expended dur
| ing the fiscal years ending June thir-
| e.o'h' HiHeltcH nundred and twenty
siA' puC any balance uneNpcndcd
snail not lapse, but shall be carried
forward to the same account 10 be
used only for the construction of
state highways and bridges as pro-
vided by law.
l 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 drawn
purpose So much of the same as
from time to time may not be needed
Tor current expenditures shall be
placed at interest. and the income
derived therefrom shall be devoted
10 the payment Of accruing interest
on state highway and bridge bonds
ana the treasurer of state shall in
clude In his annual report a state
ment of all moneys SO placed at in
terest. and of all interest collected
ana disbursed as herein provided.
Sec. 5. The treasurer of state shall
set aside and retain out of any bond
| issue which may be authorized under
a proposed amendment to the conSti-
| tuition or the state submitted to the
| people by the eighty-second legisla-
ture. bonds to an amount equal to the
bonds re-issued pursuant to this act:
| and the bonds so set aside and re-
tanned shall be used by said treas
! ufer to exchange for or purchase, and
| retire. the bonds re-issued under this
| act subject to the approval of the
governor and council.
| Sec. g. In view of the emergency
| reclted in the preamble, this act shall
! lake cHeCt when approved.--App.
April IL.