Amador ledger., 1908-08-14

is subject TO redemption by lot afterlthe year
nineteen hundred and eighteen.
SEC. g. Interest coupons shall be attached to
each Of said bonds so that such coupons may
be removed without injury to or mutilation OF
the bond. Said coupons shall be 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 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 hay
ing said bonds prepared Said amount shall
be paid out Of the San Francisco harbOr i'm
provemeut fund on controllers warrants duly
drawn for that purpose.
SEC. 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 as 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
board OF state harbor commissioners but said
treasurer must reject any and all bids for said
bonds, or for any Of them, which shall bo 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
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 publication 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
| LEGATION In one newspaper published In the city
| OF Los Angeles, and by publication in one
newspaper publfSed in the city Of Sacramento,
| once week flor four weeks prior to such sale.
| The costs OF 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 Ithe acquisition area des-
crlbed 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. 5. 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
| fund 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 whfcn said bonds shall be kept in
proper receptacle appropriately labeled; but
| he must keep always on hand sufficient
amount OF money in said sinking fund with
which TO pay the interest on such of The state
| heretofore been sold. Aud to provide means
| for 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
| dta basin 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 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
this act, over and above the amount limited
by 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
area ana eighteen and between the first and
tenth day of November of each year there
aner until the maturity of said bonds the said
| treasurer shall, in the p. essence cf 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 following
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 ana also in one newspaper published
in the city of Los Angeles and also in one
newspaper published the city of Sacramento,
stating the number 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,
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 a =
surrendered to MIN and paid, to cancel th.
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 stated, 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 harborimprovement fund. At
| the time of the respective drawings bv 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 :the sale thereof in the manner
| hereinbeiore 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 a 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. Amendment APP
| proved November %, A. ID. 1907.
| SEC O.. 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 10 the governor an alb
stract OF all such proceedings hereunder, with
an annual report, to be by the governor laid be-
| fore the legislature .biennially; and all books
and papers pertaining to the matter provided
for in this act shall PAT all times be open to the
! inspection of any party interested, or the COVER
nor, or the attorney general, tor u committee Of
| either branch Of the legislature, or Joint com
mittee Of both, or any citizen of the state.
SEc 7. 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. 5, This act, If adopted by the people,
shhl take effect on the thirty-irst day of Decem-
| Der, A. ID. nineteen hundred and eight as to 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