Amador ledger., 1908-07-24

on. Each bond shall contain clause that 10
is subject to redemption by lot after the year
nineteen hundred and eighteen.
SEc. 2. Interest coupons shall be attached To
each OF said bonds, so that such coupons may
be removed without injury to or mutilation OF
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 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
snail 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 the 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
/
| 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
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 !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. b. For the payment Of the principal and
| interest of said bonds q 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 AZ 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, which said bonds shall be kept in
| u 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-
! Dor improvement fund, and pay into the said 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
| stale 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.sx 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
zenith 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 published the city of Sacramento,
stating the numb Der of bonds so drawn and
That the principal of OF said bouds Will be
paid on presentation to the treasurer on or
Lefore the second day of January, following,
| ana that from and after such last named
| date all interest upon bonds thus drawn shall
| cease, and IL 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 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-
coed in the mVnner hereinabove stated, After
the payment Of all said bonds, the surplus
| or balance remaining in said sinking fund, if
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 1.-The sale thereof in the manner
| hereinbefore 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 eXtinguishm ent
OF said bonds on controllers warrants duly
| drawn for that purpose. Amendment APP
| proved November D. A. ID. 1907.
SEC 6. 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
| ana papers pertaining to the matter provided
for In this act shall Iat all times be open TO the
inspection OF any party interested. or the COVER
nor, or the attorney general, Tor committee of
| either branch of the legislature or a Joint COM
mittee OF both, or any citizen Of the state
SEC. T. 1t shall he 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. s, This act, if adopted by the people.
shhll take effect the thirty-frst day OF Deem
| her, A.. ID ninataaO hnndred oh IN nj