Amador ledger., 1904-11-04
CHAPTER CCx1.

senIeu LII SENATE ana assembly do enact as
follows:
SECTION l. For the purpose of providipg a
iuhu 1or the payment of the indebtness here.
oy authority to be incurred by the board NJ
state harbor commissioners for the erection
or q seaWall and appurtenances in the cit "
ana county OF San Francisco, at Il cost not IN
exceed two million dollars (which said Saa
wall and appurtenances the board of state
harbor commissioners are hereby emrower.
ed 10 construct in the manner authorizes
t;y py iaWi .V,,, and at cost not to exceed said
Two million dollars. the state treasurer shall
lniined1ately after the issuance of the pro
cIamatlon OF the governor, provided TO,
III Sectioh ten hereof, prepare two thous.
lornla, in the denomination of one thons
ana dollars each. The whole issue nj
SAID bonds shall not exceed the sum nj
Two million dollars, and said bonds sb.
bear interest at the rate of fou- Nor centnn,
per annum, from the time of the sale thereof
anu ooth principal and interest shall he nay.
az aSie ,, in sol9 com OF the present standard
OF value, and they shall be PAYABLE at the
once OF the state treasurer, at the expiration
OF nineteen years from their date Subject.
however 10 redemption by lot as in this act
hereinafter provided. Said bonds shall hear
date, the second day of January A. d. nine
teen hundred and five, and shall he made
payable on the second day of January. nine
teen hundred and twenty-four a * The
interest ACQUIRING on such of said bonds as
are sold, shall be due and PAYABLE at the
once of the said tate treasurerou on the second
uay Oh January, and on the second day of july
oi each year after the sale of the same: pro-
vlded, that the first payment ofinterest shall
oe naue on the second day of January A. d.
i mineieeh hundred and six, on so many OF
salu bonds as may have been Heretofore sold
At the expiration of nineteen years from the
date of said bonds, all bonds sold shall cease
70 bear interest, and, likewise, all bonds re,
deemed by lot shall cease to bear intereSt ac
In TINS act provided, and the said state treas-
urer shall call in, forthwith pay, and cancel
Ine same, out OF the moneys in the San Fran
tI';c Ihieo se'tWaii SINKING fund provided for in
January, nineteen hundred and tWenty-four
also cancel and destroy all bonds not there
toIore sold. All bonds issued shall be signed
oy the governor, and cOuntersigned by the
controller, and shall be indorsed by the state
treasurer, and each shall have the seal or fhe
state stamped thereon. Each bond shall
contain clause that it is subject To redemn-
tion by lot after the year 1914.
SEC 2. Interest coupons shall be attached
70 each OF said bonds, SO that such coupons
may pe removed without injury to or nntila.
tlon oI the bond. Said coupons shall be con
secutlVely numbered, and shall be signed by
the state treasurer. But no interest on any
OF said bonds shall be paid for any time
which may intervene between the date of
any OF said bonds and the issue and sale
thereof to a purchaser.
SEC 3. The sum of one thousand dollars is
hereby appropriated to pay the expense that
may be incurred by the state treasurer in
having SAID bonds prepared. Said amount
Improvement fund on controllers Warrants
duly drawn for that purpose.
SEC. 4. When the bonds authorized to he
issued under this act shall be duly executed.
lney snail pe oy tie state treasurer sold at
public auction to the highest bidder for cash.
IN such parcels and numbers as said treasur,
er shall be directed by the governor of the
state, under the seal thereof after a resolu-
tlOn requesting such sale shall have been
adopted by the board of state harbor com.
mlsSlonerS; but said treasurer must reject
any and all bids for said bonds or for any OF
them, which shall be below the par yalne ot
said bonds so offered; and he NAV. by public
announcement at the place and time fixed
Tor the sale, continue such sale as to the
WhoIe OF the bonds offered, or any part there
OF of1ered to such time and place as he NAV
select. Due notice of the time and place OF
sale of all bonds must be given by said treas
urer by publication in two newspapers pub
lisneu III the city and county of San Fran.
cisco, and also by publication in one news.
paper published in the city OF Oakland, and
Dy publication in one newspaper published
In in one ciey OF Los Angeles, and by publication
sacramento, once week during four weeks
prior to such sale. The costs of such pubIica,
tion shall be paid out of the San francisco
harbor improvement fund, on controllers
warrants duly drawn for that purpose The
proceeds of the sale of such bonds shall be
forthwith paid over By said treasurer into the
treasury, ana must be be by him kept in 8
separate fund, to be known and designated
as the san Francisco SeaWalI Fund, and
must be used exclusively for the construction
OF seawalls and appurtenances thereto on the
water front OF the city and county of Sar
Francisco, Drafts and warrants upon SAID
fund shall be drawn upon and shall be paiC
out OF said fund in the same manner as draft.
and warrants are drawn upon and paid on
of the San Francisco harbor Improvement
fund.
SEC 5. For the payment of the principa
and interest OF said bonds sinking fund, tt
be known and designated as the "San Fran
cisco SeaWall Sinking Fund" shall be anC
the same is hereby created, as follows: The
state treasurer shall, on the first day of each
and every month after the sale of said bonds
take from the San Francisco harbor i'm prove
ment fund such sum as, multiplied by the
time the bonds then sold and outstanding
have to run, will equal the principal of the
bonds sold and outstanding at the time said
treasurer shall so take said sum from said
San Francisco harbor improvement fund
less the amount heretofore taken therefrom
Tor said purpose; and he shall place the sum
in the san Francisco Seawall sinking fund
created by this act. Said state treasurer
shall, on on-controlleI's warrants duly drawn
FOR that purpose employ the moneys in said
sinking fund in the purchase of bonds of the
United States, or of the State of California
or of the several counties or MUNICIPALITIES
OF the state Of California, which said bonds
shall be kept in proper receptacle, appro
prlately labeled; but he must keep always
on hand sufficient amount of money in
said sinking fund with which to pay the in
tereSt OH such OF the state bonds herein pro-
vided TO be issued as may have heretofore
been sold. And TO provide means for the
payment of interest on the bonds that may
be sold and outstanding, said treasurer shall
monthly take from the San Francisco harbol
improvement fund, and pay into said sea.
wall sinking fund, an amount equal TO the
monthly interest then due OIL all bonds then
sold, delivered and outstanding. The board
of state harbOr commissioners are hereby
authorized and directed by the collection Ol
dockage, tolls, rents, wharfage and cranage
to collect sum of money sufficient for the
purposes of this act, over above the amount
limited by section two thousand five hun
dred and twenty-SiX of the Political Code OF
the State of California. Between the first and
the tenth day of Novem Der, in the year nine.
teen hundred and fourteen, and between the
first and the tenth day of November of each
year thereafter until the maturity of said
bonds, the said treasurer shall, in the pres
ence of the governor, proceed to draw by lot
such an amount of bonds as shall be requisite
to exhaust as nearly as may be the amount
In said sinking fund at that time, and shall
thereupon and before the tenth day of Decem-
ber following, give notice by public advertis-
ment to be inserted twice week for two weeks
in two newspapers published in the city and
county Of San Francisco, and also in one news
paper published in the city of Oakland and also
in one newspaper published in the city of Los
Angeles, and also in one newspaper published
in the city Of Sacramento, stating the number of
bonds so drawn and that the principal of said
bonds will be paid on presentation to the treas
urer on or before the second day of January,
following, and that from and after such last
named date all interest upon bonds thus drawn
shall and 1t shall be the duty Of the treas
urer as soon as said bonds 50 drawn by lot are
surrendered to him and paid to cancel the same
and the interest coupons thereon, and each
year beginning with the year 1914 the said treas
urer shall, in the manner aforesaid, proceed to
draw by lot such an amount of bonds as shall
be requisite to exhaust as nearly as may be the
amount in said sinking fund, and proceed in the
manner hereinabove stated. After the payment
Of all of said bonds, the surplus or balance re-
naming in said sinking fund, If any there be,
shall forthwith be paid into the San Franciscisco
harbor improvement fund. At the time of the
respective drawings by lot as aforesaid, and also
at the maturity of said state bonds, said treas