Amador ledger., 1904-07-29

An act to provide for the issuance and sale of
state bonds to create fund for the construc-
tion by the board of state harbor commits
sioners of seawall and appurtenances in
the city and county of San Francisco; to
create a sinking fund for the payment of
said bonds; and providing for the submis-
sion of this act to a vote of the people.
Approved March 20, 19O3l
sented in senate and assembly do enact as
follows:
SECTION 1. For the purpose of providing a
| fund for 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 city
| and county of San Francisco, at a cost not to
exceed two million dollars (Which said sea-
wall and appurtenanceS the board of state
harbor commissioners are hereby empower
| ed to construct in the manner authorized
| by law, and at cost not to exceed said
two million dollars the state treasurer shall, l.,
| Immediately after the issuance of the pro
clamat1On OF the governor, provided for
| in section ten hereof, prepare two thouS-
and suitable bonds of the State of Cali
| fornia, in the denomination of one thous-
and dollars each. The whole issue of
said bonds shall not exceed the sum of
two million dollars, and said bonds shall
bear interest at the rate of four per centum
per annum, from the time of the sale thereof,
and both principal and interest shall be pay
able in gold coin of the present standard
of value and they shall be payable at the
office ofthe state treasurer, at the expiration
of nineteen years from their date, subject,
however to redemption by lot as in this act
hereinafter provided. Said bonds shall bear
date, the second day of January, a. d. nine
teen hundred and five, and shall be made
payable on the second day of January, nine
teen hundred and twenty-four A. ID. The
interest ACQUIRING such of said bonds as
| are sold, shall be due and payable at the
Office of the said state treasurer on the second
day of January, and on the second day ofJuly
ofeach year after the sale of the same; pro-
Vided, that he first payment ofinterest shall
be made on the second day of January, A. d.
nineteen hundred and six, on SO many of
said bonds as may have been Heretofore sold.
At the expiration of nineteen years from the
date of said bonds, all bonds sold shall cease
to 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 i'll, forthwith pay, and cancel
the same, out OF the moneys in the San Fran
cisco Seawall sinking fund provided for in
this act and he shall on the first Monday of
January, nineteen hundred and twenty four,
also cancel and destroy all bonds not there
tofOTe sold. AL bonds issued shall be signed
by the governor, and counterSigned by the
controller, and shall be indOrsed by the state
treasurer, ana each shall have the seal of the
state stamped thereon. Each bond shall
contain clause that it is subject to redemp-
tiUn by lot after the year 1914.
SEC. 2. Interest coupons shall be attached
to each of said bonds, so that such coupons
may be removed without injury to or mutila-
uOn of the bond. Said coupons shall be con-
Secutively numbered, and shall be signed by
the state treasurer. But no interest on anV
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 10 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
having said bonds prepared. said amount
shall be paid out of the san Francisco harbor
improvement fund on controllers warrants
duly drawn for that purpose.
SEC. 4. 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 uumbe as said treasur-
er shall be directed by the governor of the
state, under the seal thereof after a resolu-
ton requesting such sale shall have been
adopted 10y the board of state harbor COM
missioners; but said treasurer must reject
any and 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, or any part there
of offered to such time and place as he may
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 i'll the city and county of San Fran
cisco, and also by publication in one news
paper published i'll the city of Oakland, and
by publication in one newspaper published
in the city of Los Angeles, and by publication
Sacramento once week during four weeks
prior to such sale. The costs of such pubica-
tion shall be paid out of the San Francisco
harbOr improvement fund, on controIIer,s
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
of seawalls and appurtenanceS thereto on the
nj GI nd fr of Son
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 s. For the payment of the principal
and interest of said bonds sinking fund, to
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, VIII equal the principal of the
bonds sold and outstanding at the time said
treasurer shall so take said sum from said
San Francisco haTbor 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 Il proper receptacle, appro-
priately labeled; but he must keep always
| on hand sufficient amount of money in
said sinking fund with which to pay the in
terest on 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 outs tandiHg, 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 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 a 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 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-
I