Amador ledger., 1908-08-07

/ a clnnNe that
Is subject to redemption by lot after ,theyea
nineteen hundred and eighteen.
| SEC. 2. Interest coupons shall be attached to
each OF said bonds, so that such coupons NAV
the bond. Said coupons shall he consecutively
| numbered, and shall be signed by the state
| treasurer. But no interest on any Of said bonds
| shall be paid for anv time which NAV 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 treasurer in hav-
| ing said bonds prepared. Said amount shall
| be paid out Of the San Francisco harbor i'm.
! provement fund on controllers warrants. duly
| drawn for that purpose.
! SEC. 4 When the bonds authorized TO be Is
| sued under this act shall be duly executed,
| they shall be by the state treasurer sold at
| public auction to the highest bidder for cash
| IN such parcels and numbers said treasurer
| shall be directed by the governor Of the state,
| under seal thereof, after a resolution request
| ing such sale shall have been adopted by the
! Doard OIL state harbor commissioners; but said
treasurer must reject any and all bids for said
Donds, or Tor any OF them, which shall be below
| the par value Of said bonds so offered; and he
| may Dy PUBLIC announcement at the place and
| time liked for the sale. continue such sale, as
| TO the whole of the bonds offered, or any part
| thereof offered to such time and place as he
NAV select. Due notice Of tho time ana place
| OF sale OF all bonds must be given by said
| treasurer by publ tcation in two newspapers
| published In the city and county of San Fran
cisco, and also by publication in one newspaper
| published in the city Of Oakland, and by pub
ucation In one newspaper published in the city
! OF Los Angeles, and by publication in one
/ newspaper publised in the city OF Sacramento,
| once week flor four weeks prior to such sale.
The Costs o. such publication 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 by him
| Kept in separate fund TO be known and desig-
mated as the India Basin Fund and must be
used exclusively for !the acquisition area des-
crlDed In the act referred to in section hereof.
| Drafts and warrants upon said fund shall be
drawn upou 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 principal and
interest Of said bonds a sinking fund, to be
known and designated as the India Basin
Sinking Fund.- shall be, and the same is here
by created, as follows, to wit: The state treas
urtr shall, on the first day of each and every
| month after the sale Of said bonds take from
| the san francisco harbor Improvement fund
| such sum as, multiplied by the 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 India basin sinking fund
| created by this act. Said state treasurer shall,
on controllers warrants duly drawn for that
purpose, employ the moneys in said sinking
| tund IN the purchase of boudS Of the United
states. or of the State of California, or of the
several counties or municipalities Of the State
OF California, whicn said bonds shall be kept in
a proper receptacle appropriately labeled; but
| ne must keep always on hand a sufficient
amount of money in said sinking fund with
winch 10 pay the interest on such of The state
bonds herein provided to be issued as may have
heretofore been sold. Aud to provide means
Tor the payment of interest on the bonds that
may be sold and outstanding, said treasurer
| snail monthly take from the San Francisco har-
Dor Improvement fund, and pay into the said In
dla basin sinking fund, an amount equal to the
| monthly interest then due on all bonds then
| sold, delivered and outstanding. The board of
| stare harbor commi SSionerS are hereby author
lied and directed by the collection of dockage
| tolls, rents, wharfage and cranage, to collect
u sum of money sufficient for the purposes of
thlS act, over and above the amount limited
oy section two thousand five hundred and
twenty-six of the Political Code of the State
| OF California, Between the first and tenth
day of November, in the year nineteen hun
dred and eighteen, and between The first and
| tenth day OF November of each year there
AFTER until the maturity of said bonds the said
treasurer shall, in the p. essence CT the COVER
nor, proceed TO draw by lots 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 December followin o
give notice by public advertisement TO be IN
serted in two newspapers published in the
city and county ef San Francisco, and also in
one newspaper published in the city OF Oak
land and also in one newspaper publish ed
| i'll The city of Los Angeles, and also in one
newspaper pudlishe the city of Sacramento
stating the numb ber of bonds so drawn and
that The principal of of said bouds Will be
paid on presentation to the treasurer on or
before the second day of January following,
ana that from and after such last named
| date all interest upon bonds thus drawn shall
| cease, and it shall be the duty of the treas
urer as soon as id'bonds so drawn by lot are
| surrendered to MIN and paid, to cancel the
same, aud the interest coupons thereon, and
each year, beginning with the year nineteen
hundred and eighteen, the said treasurer
| shall, in the manner aforesaid, proceed to
| draw by lot such an amount OF bonds IS shall
| be requisite to exhaust as nearly as may be
the amount in said sinking fund, and pro-
| ceed in the mVnner hereinaboVe stafed. After
the payment Of all said bonds, the surplus
| or balance remaining in said sinking fund, if
any there be,Shall forthwith be paid into the
san Francisco oharborimproyement fund. AT
| the time OF the respective drawings by lot, as
| Aforesaid, and also at the maturity of said
| state bonds, said treasurer shall sell the
| United States or other bonds then in said
| sinking fund, at governing market rates, after
| advertising 1.-The sale thereof in the manner
| herenbefore provided for the sale of bonds
hereby authorized to be issued, and shall use
| the proceeds for the payment of such bonds
aS may be drawn by lot, and at the maturity
OF said bonds outstanding shall pay and re-
| deem said matured outstanding bonds out OF
said moneys in said fund in eXtinguishment
of said bonds on controllers warrants duly
| drawn for that purpose. Se.'-Amendment APP
| proved NOvembe 4 %, A. ID. 1907.
| SEC q. The state controller aud state treas
urer shall keep full and particular account and
| record Of all their proceedings under this act,
and they shall transmit to the governor an alb
stract OF all such proceedings hereunder, with
an annual report to be by the governor laid be-
lore the legislature biennially; and all books
and papers pertaining TO the matter provided
for in this act snail iat all times be open to the
| inspection of any party interested, or the COVER
nor, or the attorney general, for n committee of
either branch of the legislature or a joint com
mittee Of both, or any citizen Of the state.
SEC. T. 1t shall be the duty OF the state treas
urer TO pay the interest of said bonds, when The
same falls due, out of the sinking fund provid-
ed for in this act on controllers warrants duly
| drawn for that purpose
| SEC. s, This act, if adopted by the people,
shhll take effect the thirty first day of Decem-
! Der, a. D. nineteen hundred and eight, 10 all
its provisions except those relating to and neces-
sary for its submission to the people, and for
returning. canvassing, and proclaiming the
votes and as TO said excepted provisions this act