Amador ledger., 1908-10-23

! shall have the seal uf the state stamped there
| is subject to redemption by lot aftor.the year
nineteen hundred and eighteen.
SEC ,. 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 purchaser.
SIC. g. 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.
SIC. When the bonds authorized to be rs.
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 be below
the par value Of said bonds so offered; and he
may by public announcement at the place and
timo fixed for the sale. continue such sale. rs
| to the whole Of the bonds offered, or any part
| thereof offered, to such time and place rs he
NAV select. Due notice of the time ana place
of sale Of all bonds must be given by said
! treasurer by publication in two newspapers
| published 10 the city and county of San Fran
| ClhCO ana also UN puDnCHtlOn IN one newspaper
| published in the city Of Oakland, and by pub
! lication In one newspaper published in the city
OF Los Angeles, aud by publication In one
newspaper publiSed in the city of Sacramento,
orce a 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 a separate fund to be known and desig.
mated as the India Basin Fund and must he
used exclusively forI 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 he 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 outs standing have to run
VIII equal the principal OF the bonds sold and
outs tand1ng 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,
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, whicn said bonds shall he kept in
| proper receptacle appropriately labeled; but
he must keep always on hand sufficient
amount of money in said sinking fund with
which 10 pay the interest on such of the state
bonds herein provided to be issued as may have
there tofore been sold. And to provide means
| Tor the payment OF interest on the bonds that
may be sold and outstanding, said treasurer
shall monthly take from the San Francisco har-
bor improvement fund. and pay into the said In
va sir f1p6 fn.
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
sum OF money sufficient for the purposes of
this act, over and above the amount limited
by section two thousand five hundred and
twcntY-SiX of the Political Code of the State
OF Falifornia, Between the first and tenth
day OF November, in the year nineteen hun
dred ana 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 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 tile 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
III the city of Los Angeles, and also in one
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 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 i'm said sinking fund if
any there beShall forthwith be paid into the
San Francisco harbOrimprOVemen 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 tund, at governing market rates, after
| advertising sthe sale thereof in the manner
herein before 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. Amendment APP
proved November %, A. ID. 1907.
SEC. g. The state controller aud state treas
urer slall keep full and particular account and
record of all their proceedings under this act
and they shall transmit TO the governor an ab-
| stract or all such proceedings hereunder, with
an annual report to be by the governor laid he
tore the legislature biennially; and all books
and papers pertaining to the matter provided
for in this act shall pt all times be open to the
Inspection OF any party interested or the COVER
nor, or the attorney general, or n committee Of
either branch of the legislature, or JOINT com
mtttec of both, or any citizen of the state.
! SEC. Z. 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.
SEQ. s. This act, If adopted by the people,
shhll take effect ON the thiry-frst day Of Decem-
| ber y. ID. nineteen hundred and eight to all
its provisions except those relating TO and neces-
saiy for its submission to the people. and for
| relmrming. CnnyAssing. and nrncniming The