Amador ledger., 1908-09-25

on Each bond shall contain a clause that IL
Is subject to redemption by lot after. the year
nineteen hundred and eighteen.
SEC. q interest coupons shall be attached to
each Of said bonds, so that such coupons may
! be removed without injury TO or mutiation OF
| the bond Said coupons shall be consecutivelv
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. 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.
| 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 be below
the par value Of said bonds so offered; and he
may by 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 and 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 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 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
harb0r improvement fund.
SEC. 5. For the payment OF the principal and
interest OF said bonds Ia 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, whcn said bonds shall be kept in
a 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 outs tanding, said treasurer
shall monthly take from the San Francisco har-
Dor Improvement fund, and pay into the said In
d1a 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
| lZed 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 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 following,
give notice by public advertisement to be in
serted in two newspapers published in the
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
newspaper puQllSheu 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,
ana 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
ureras soon as said 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
! aforesaid. proceed q
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 e,Shall forthwith be paid into the
San Francisco harbor i'm proVement 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 sthe sale thereof in the manner
hcrenbefOre 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 urpOse.'-Amendment ap-
proved November %, a. ID. 1907.
SEC g. 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
fore the legislature biennially; ana all books
and papers pertaining to the matter provided
for in this act shall at all times be open to the
inspection Of any party Interested, or the COVER
nor, or the attorney general, !or committee Of
either branch Of the legislature, or JOINT com
mttee of both, or any citizen Of the state.
SEQ. T. 1t shall be the duty Of the state treas
urer to pay the interest Of said bonds, whom 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 on the thirty-first 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, ana proclaiming the
votes, and TO said excepted provisions this act