Amador ledger., 1908-10-30

| shall have the seal Of the state stamped there.
on. Each bond shall contain q clause that II
nineteen hundred and eighteen.
SEC. q Interest coupons shall be attached 10
| 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 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 ut
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 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, rs
| 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
| cisco, and also by publication In one newspaper
! published In the city of Oakland and by pub
! location 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
/ In "a tn Il
| mated rs the India Basin Fund" and must be
| used exclusively Ithe 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 MS 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 he
| 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
| VIII equal the principal of the bonds sold and
outs tanding 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 orof 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 Il 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. a 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 lund, ana pay into the said In
! ala 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
| l2ed and directed by the collection of dockage
| tolls rents, wharfage and cranage, to collect
| a sum of money sufficient for the purposes of
| TINS acti over and above the amount limited
| by section two thousand five hundred and
| tWCnty.Six of the Political Code of the State
OF California, Between the first and tenth
day OF y ovember, in the year nineteen hum
drcd 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 ID essence cf the rOyer-
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 i'm the
city and county eff San Francisco, and also in
| land, ana also in one newspaper published
in the city of Los Angeles and also in one
| newspaper published the city of Sacramento,
Statlng 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 it 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 SIS shall
| be requisite to exhaust as nearly as may be
| the amount in said sinking fund.- and pro-
! cced in the mVnner hereina above stated. After
| the payment of all said bonds, the surplus
or balance remaining in said sinking fund, if
| any there be,Shal forthwith be paid into the
san Francisco oharborimprovementf 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
| herelnbelore 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 eXtnguishment
| or sald bonds on controllers warrants duly
| drawn for that purpose. Amendment APP
| proved November %, A. ID. 1907.
| SEC. q. The state controller aud state treas
| urer shall keep full and particular account and
record or all their proceedings under this act,
and they shall transmit TO the goveI nor 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 pat all times be open 10 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.
| SEC. 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 5. This act, II adopted 10y the people,
shhl take effect on the thirty-frst day of Decem-
| ber, a. d. nineteen hundred and eight as TO all
its provisions except those relating to and neces-
| sary for It's submission to the people. and for
| returning, canYassing, and prOclaiming the