Amador ledger., 1904-10-14
CHAPTER CCxI.

The people of the State of California, repre-
sented IN senate and assembly do enact as
follows:
SECTION 1. For the purpose of providinp a
fund for the payment of the indebtness here
by authority to be incurred by the board ot
state harbor commissioners for the erection
OF y SeaWall and appurtenanceS in the CITY
and county of San Francisco at a cost not tn
exceed two million dollars (Which said sea
wall anu appurtenances the board of state
naroor commissioners are hereby empover-
eo 10 construct in the manner authorized
by law, and at cost not to exceed said
Two million dollars the state treasurer shall
Immediately after the issuance of the nro
clamation of the governor. provided 10,
IN section ten hereof, prepare two thous-
ana suitable. bonds of the State of Cali.
nna nU.alaI IN the denomination of one thous
anu dollars each. The whole iss:in OF
sa1d bonds shall not exceed the sum of
Two mllIlon dollars, and said bonds shall
pear interest at the rate of four per centum
per annnm, from the time of the sale thereof
ana both principal and interest shall be nav
aDIe IN gold coin of the present standard
OF Value, ana they shall be payable at the
once OF the state treasurer, at the eXniration
OF nineteen years from their date subiect
however to redemption by lot as in this aci
hereinafter provided. Said bonds shall bear
uate, 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. D. The
inoeresi nnol;i ACQUIRING on such of said bonds as
are sold, shall be due and payable at the
ofiice OF the said state treasurer on the second
uaS OF January, and on the second day of July
OF each year after the sale of the same; pro-
V1ded, that the first payment ofinteresI shall
oe made on the second day of January. A. ID.
nineteen hundred and six, on so MANY OF
sad bonds as may have been Heretofore sold.
AT Lne expiration OF nineteen years from the
date of said bonds. all bonds sold shall cease
10 bear interest, and, likewise all bonds re-
deemed by lot shall cease to bear interest as
in this act provided, and the said state treas
urer shall call in, forthwith paw and cancel
the same, out of the moneys in the San Fran
cisco seawall sinking fund provided for in
1nis u ACT ana ne snail on the first Monday OF
January, nineteen hundred and twenty-four.
also cancel and destroy all bonds not there
tofore sold. All bonds issued shall be signed
ny tne governor. and countersigned by the
controller, and shall be Endorsed by the state
treasurer, and each shall have the seal of the
state stamped thereon. Each bond shall
contain clause that it is subject to redemn-
ton by lot after the year 1914.
SEC. 2. Interest coupons shall be attached
10 each OF said bonds, so that such coupons
may be removed without injury to or mutila-
ton OF 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 purchaser.
SEC. 3. The sum of one thousand dollars is
hereby appropriated to pay the expense that
may be incurred by the state treas urer in
having SAID bonds prepared. Said amount
snail be paid out OF the San Francisco harbor
Improvement fund on controllers warrants
duly drawn for that purpose.
SEC. A. When the bonds authorized to be
issued under this act shall be duly executed.
they shall 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
state, under the seal thereof after a resoIu-
tion requesting such sale shall have been
adopted by the board of state harbor COM
mlssioners; but said treasurer must reject
any az ana an BIDS Tor 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, or any part there
of offered 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.
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
Dy puoIlcation 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
lOfthWltn PAID over By said treasurer into the
treasury, and must be be by him kept in q
separate fund, to be known and designated
as the ''San Francisco Seawall FUND.- and
must be used exclusively for the construction
OF seawalls and appurtenances thereto on the
water front of the city and county of San
Francisco, Drafts and warrants upon said
fund shall be drawn upon and 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. ). For the payment of the principa1
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 improve
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
for said purpose; and he shall place the sum
in the San Francisco seawall sinking fund
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
shall be Kept in a proper receptacle, appro-
prlately labeled; but he must keen ALWAYS
on hand Il sufficient amount of money i'm
said sinking fund with which to pay the in
terest on such of the state bonds herein pro-
Nlutu tO Ot ISSueu as may nave 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 on 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 Novem ber 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 cease 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 maid info the San ciGcO
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
urer shall sell the United States or other bonds
then in said nkin. fund q onyerning n