Amador ledger., 1908-09-04


on Each bond shall contain a clause that II
is subject to redemption by lot after the 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 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 treasurer in hav-
| ing said bonds prepared. Said amount shall
be paid out Of Che San Francisco harbor i'm
! provement 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 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 be below
the par value OF said bonds so offered; and he
may by public announcement at the place and
| tim0 fixed for the sale. continue such sale, Us
| to the whole Of the bonds offered, or any part
| thereof offered. to such time and place rs he
NAV select. Due notice OF tho time ana place
of salo of all bonds must be given by said
! treasurer by publication in two newspapers
| published 10 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 publised in the city of Sacramento
| once week lfOr 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
p1 ug hn q, UtYp1 md Yy1ttgf ha
used exclusively for 1.-THE acquisition area des-
cribed 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 sinking fund. to he
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 aid 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
| Iunu IN tne purchase OF DOuQS 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
2 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
bonds herein provided to be issued as may have
heretofore been sold. Aud 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 har-
| imnrOVnmpnt az 1Nay inf In bn cuiH In
dia 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
"a 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
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 Of the COVER
nor, proceed to draw by lots such an amount
of bonds as shall be requisite to exhaust as
6 nearly as may be the amount in said sinking
iund at that time, and shall thereupon and
r before the tenth day of December following
give notice by public advertisement TO be in.
, serted in two newspapers published in the
l city and county eff San Francisco, and also in
one newspaper published in the city of Oak
= land, and also in one newspaper published
in the city of Los Angeles. and also in one
i 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 it shall be the duty of the treas
urer as soon as said bonds so drawn by lot are
surrendered to MIN and paid, ito 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 hcreinabove stated, After
, the payment of all said bonds, the surplus
or balance remaining in said sinking fund, il
any there e,,shall forthwith be paid into the
= San Francisco harbor i'm prOvement fund. Al
= the time of the respective drawings by lot, as
q Aforesaid, and also at the maturity of SaiC
: state bonds, said treasurer shall sell tho
! United States or other bonds then in sale
= sinking fund, at governing market rates afte
a advertising sthe sale thereof in the manner
herelnbefOre provided for the sale of bonds
hereby authorized to be issued, and shall us
: 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 o
said moneys in said fund in eXtinguishmen
i of said bonds on controllers warrants dul,
' drawn for that purpose. ap
: proved November %, y. ID. 1907.
SEC. q. The state controller aud state treas
urer shall keep full and particular account an,
, record of all their proceedings under this act
9 and they shall transmit to the governor an al
stract OF all such proceedings hereunder viii
an annual report, to be by the governor laid he
" fore the legislature biannially and all book
and papers pertaining to the matter provide
for in this act shall iat all times be open to tn
~ inspection OF any party interested, the Cover
n | nor, on the attorney general, or n committee q
n either branch Of the legislature, or joint com
= mittec 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 IN
same falls due, out of the sinking fund provd
y ed for in this act, on controllers warrants dul
n | drawn for that purpose.
= SEC. s This act, if adopted by the people
shh take effect on the thirty first day OF Decen
! ber, A. d. nineteen hundred and eight, as to al
II its provisions except those relating 10 and neces
n | sary for its submission to the people, and fO