Amador ledger., 1904-10-28
CHAPTER Ccx1.

SECTION l. For the purpose of providing a
Iund Tor the payment of the indebtness here
by authority to be incurred by the board of
state harbor commissioners for the erection
OF a seawall and appurtenances in the citv
ana county of San Francisco, at a cost not to
| exceed two million dollars (which said sea.
wall anu appurtenances the board of state
harbor commissioners are hereby empower-
ed 10 construct in the manner authorized
t;s, oy iaWi ana at cost not to exceed said
Two million dollars the state treasurer shall.
Immediately after the issuance of the pro
clamatlon OF the governor, provided for
III section ten hereof, prepare two thous-
anu suitable bonds of the State of Cali
lornla, in the denomination of one thons.
ana dollars each. The whole Issue of
saiu oonds snail not exceed the sum of
Two mlllon dollars, and said bonds shall
bear interest at the rate of four per centnm
per annum, from the time of the sale thereof
hI ahH o0th principal and interest shall be pay
aole IN gold coin 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 to redemption by lot as in this aet
hereinafter provided. Said bonds shall hear
date, the second day of January A. n nine
Teen Teen t, hundred and five, and shall be made
payaple on the second day of January nine
teen hundred and twenty-four A. d. The
interest ACQUIRING on such of said bonds as
ITs soId' snail be due and payable at the
of1lce OF the said state treasurer on the second
day OF January, and on the second day ofJnJv
OF each year after the sale OF the same: nro
vlaed, that the first payment ofinteresI shall
a IN
nineteen hundred and six, on SO MANY of
sa1d bonds as may have been Heretofore sold.
AT the expiration OF nineteen years from the
uate or said bonds, all bonds sold shall cease
to bear interest, and, likewise ali bonds re-
deemed by lot shall cease to bear Interest as
IN TINS act provided, and the said state treas
uref snail call in, forthwith pay, and cancel
the same, out of the moneys in The San Fran
cisco seawall sinking fund provided for in
TINS act and he shall on the first Monday of
January, nineteen hundred and twentv-four
also cancel and destroy all bonds not there
tofore Sold ALI bonds issued shall he sioned
by the governor, and countersigned by the
om.rO.lsr ana snail be indorsed by the state
state stamped thereon. Each bond shall
contain clause that it is subject to redemp-
tion by lot after the year 1914.
SEC. Interest coupons shall be attached
TO each of said bonds, SO that such coupons
may pc removed without injury to or mutila-
ton OF the bond. Said coupons shall be con
secutlveIy numbered, and shall be signed by
OF said bonds shall be paid for apy time
which may intervene between the date of
any OF said bonds and the issue and sale
thereof TO purchaser.
SEC B. The sum of one thousand dollars is
hereby appropriated to pay the expense that
may be incurred by the state treas urer in
ltN having said bonds prepared. Said amount
shall be paid out of the San Francisco harhor
Improvement fund on controllers warrants
duly drawn for that purpose.
SEC. A. When the bonds authorized In he
issued under this act shall be duly executed, /,
they snail be by 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
s! state, under the seal thereof after resolu-
ton requesting such sale shall have been
adopted by the board of state harbor com.
miss1oners; but said treasurer must reject
any ana all bids for said bonds, or for any of
them, which shall be below the par value of
said bonds SO offered; and he may, by public
announcement at the place and time fixed
for The sale, continue such sale, as to the
whole OF the bonds offered, okany part there
| of offered to such time and place as he may
select, Due notice of the time and place OF
sale or all bonds must be given by said treas
urer by publication i'll two newspapers pub
| lished in the city and county of San Fran
cisco, and also by publication in one news
paper published in the city of Oakland, and
ny p PuoMcation ni,,t s IN one newspaper published
IN the city OF Los Angeles, and by publication
in one newspaper published in the city of
sacramento, once week during four weeks
prior TO Such sale The costs of such publica-
tlon 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, and must be be by him kept in a
| separate fund, to be known and designated
| as the San Francisco Seawall FUND.- and
| must be used exclusively for the construction
| oil seaWalls and appurtenanceS thereto on the
water front OF the city and county of San
| francisco, Drafts and warrants upon said
| iuuu suttil De uTdWn upon ana shall be paid
| out OF said fund in the same manner as drafts
| and warrants are drawn upon and paid out
OF the San Francisco harbor improvement
| fund.
SEC. D. For the payment of the priucipal
and interest of said bonds sinking fund, tc
| be known and designated as the ''San Fran
cisco Seawall Sinking Fund" shall be and
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 imp prove
1 m m iTli inl HvrN 1,
| 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
for said purposei and he shall place the sum
| created by this act. Said state treasurer
| SHALL on controllers 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
priately labeled; but he must keep always
| on hand q sufficient amount of money in
said sinking fund with which to paw the in
terest on such of the state bonds herein pro-
V1ded 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 harbor
\ Improvement fund, and pay into said sea-
/ wall sinking fund, an amount equal to the
| monthly interest then due OH all bonds then
| sold, delivered and outstanding. The board
of state harbOr commissioners are hereby
authorized and directed by the collection OF
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 November, 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-
Der following, give notice by public advertis-
ment to be inserted twice q 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 cease and 1t shall be the duty of the treas
urer as soon as said bonds so 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 i'm provement fund. At the time of the
reSn6rtiya NJ a afO nj mn dulS