Amador ledger., 1908-10-09
SENATE Bill NO. 4sl.

SENATE BILL NO. 4Sl.
Passed the senate February %, A D. 1907
Lewis Hilborn, Secretary Of the Senate.
Passed THE Assembly March g. u. 1907.
Clio Lloyd Chief Clerk OF the Assembly.
This Bill was received by the Governor, this
9th day Of March A. ID. 1907, at 'l2 o'clock m
f.. G. Cooper. Private Secretary Of the Cover.
nor.
CHAPTER 42i An Act to provide for the ssu-
ance and sale Of state bonds to create fund
for the construction by the board Of state
harbor commissioners OF wharves. piers sea-
wall, state railroad, spurs 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 submission of
this act to o vote OF the people.I
The people Of the state of California. repre-
sented in senate and assembly, do enact as
follows:
SECTION l. For the purpose of providing u
| fund for the payment Of the Indebtedness here
by authorized to be incurred by the board Of
| state harbor commissioners for the erection of
wharves, piers. seawall, state railroad, spurs
and appurtenances In the city and county OF
San Francisco Mt u cost not to exceed two
million dollars (which said wharveS piers, sea
wall, state railroad, spurs and appurtenances
the board of state harbor commissioners are
hereby empowered to construct in the manner
authorized by law, and at q cost not TO exceed
said two million dollars) the state treasurer
| shall Immediately after the issuance of the
| defamation of the governor, provided for in
| section 10 hereof, prepare two thousand suit
able bonds of the State of California, i'm the de-
| nomination Of ore thousand dollars each. The
whole issue of said bonds shall not exceed the
| sum of two million dollars, and said bonds
| shall bear interest ut the rate of four per
| centum per anuum. from the time of said sale
! thereof, and both principal ana interest shall
| be payable in gold coin of the present standard
value, and they shall be payable at the Office
of The state treasurer, at the expiration OF
nineteen years from their date. subject, how
ever. to redemption by lot as in this act herein
after provided Said bonds shall bear date the
second day Of January A. ID nineteen hundred
and nine, and shall be made payable on the
| ca pnOI 1ov ~ Tup A n
and itweDty-eight. The interest accrung on
such of said bonds az are sold, shall be due and
payable Ut the office of the state treasurer on
| the second day of January, and on the second
day of July, of each year after the sale OF the
same provided that the first payment OF in
| tereSt shall be made on the second day o. Jan
uary, A. d. nineteen hundred and ten. on so
many OF said bonds rs may have been thereto
| fore 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
| redeemed by lot shall cease to bear interest as
| in this act provided, and the said state treas
urer shall call in, forthwith pay and cancel the
| same. out of the moneys in the second San
Francisco seawall sinking fund provided for in
this act, and he shall on the first Monday of
| January nineteen hundred and twenty-eight
also cancel and destroy all bonds not thereto
fore sold. All bonds issued shall be signed by
the governor. and countersigned by the control
| ler and shall be endorsed by the state treas
urer. and eacn shall have the seal OF the state
stamped thereon. Each bond shall contain
clause that 1t Is subject to redemption by lot
after 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 any time which may intervene
| between the date of any of said bonds and the
| issue and sale thereof 10 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 hav-
| inc Said shall
paid out of the San Francisco harbor improve
ment fund OH controllers warrants, duly drawn
for that purpose.
SEC H. 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 the seal thereof. after a resolution re-
quosting 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 'valueIof :said bonds so offered;
| and he may. by public announcement at the
| 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 us 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 in the city and county of San Francisco,
and also by publication in one Newspaper pub
| lished in the city Of Oakland, and by publica-
| tion in one newspaper published in the city of
Los Angeles. and by publication in one news
paper published in the city of Sacramento, once
| q week during 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
! a separate fund.- TO be known and designated as
the Second San Francisco Seawall Fund" and
must be used exclusively for the construction
of wharves, piers, seawall, state railroad. spurs
| aOnurtennDCeS thereto
Of the city and county of San 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 " Second San
Francisco Seawall Sinking Fund shall be- and
| the same is hereby created, as follows, to wit
| 1.-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 i'm
provement fund such sum as multiplied by the
time the bonds then sold and outst anding 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 Fra acisco
harbor improvement fund, .leSs the amount
heretofore taken therefrom for said purpose
and he shall place the sum in the second 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 State. or of the State of
California, or of the several counties or munich
palities OF the State Of California, which said
bonds shall be kept in proper recepticle ap-
propriately labeled; but he must keep always
| on hand u 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. And
10 provide means for the payment OF interest
on the bonds that may be sold and outstanding.
said treasurer shall monthly take from th9 San
Francisco harbor improvement fund, and pay
into said seawall sinking fund, an amount
bonds then sold, delivered and outstanding
The board OF state harbOr commissioners are
hereby authorized and directed by the colec-
tion OF .dockage, tolls rents, wharfage and
cranage to collect sum OF money Suf1cient 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