Secretary of State No.
HIGHWAY BONDS. Initiative measure adding Section 3 to Article XVI of Constitution. Creates State Highway Finance Board to serve without compensation. Directs cancellation of unsold forty thousand bonds authorized by Section 2 of same article; authorizes other bonds to same amount, to be issued as provided in said section, but at times and interest rate, not exceeding six per cent, determined by said board under then prevailing market conditions; makes provisions of said section otherwise govern said bonds and proceeds thereof. Beginning July 1, 1921, relieves counties from payments to state on account of highway construction.
Highway Bonds California Initiative 1920-h-1 (1920).