Amador ledger., 1908-08-28

on Each bond shall contain o clause that IL
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 q 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 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 publised 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 desg-
mated as the India Basin Fund " and must be
used exclusively for 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 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, whicn 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. And 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-
Dor improvement fund, and pay into the said In
dia basin sinking fund, 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
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 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 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
iund 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, and 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 are
surrendered to MIN and paid, to cancel th e
same, aud the interest coupons thereon, and
each year, beginning with the year nineteen
hundred and eighteen, the said treasurer
III tn
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 herenabove stated, After
the payment OF all said bonds, the surplus
or balance remaining in said sinking fund, II
any there be,shall forthwith be paid into the
San Francisco harborimprovement 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 fund, 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 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; 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 .or a committee of
either branch Of the legislature, or Joint COM
mittee OF BOTH or any citizen of the state
| SEQ. 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. 8. This act if adopted by the people,
shhll take effect on the thrty-irst day of Decem-
Der, A. ID. nineteen hundred and eight as TO all
It's provisions except those relating to and neces-
| Sary for It's submission TO the people, and for
! reLmrning. COMMUNICATING. nnl nrnclaIunimm the