Amador ledger., 1908-07-31

on Each bond shall contain clause that IL
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
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. B. 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 az
public auction to the highest bidder for cash.
M such parcels and numbers as said treasurer
shall be directed by the governor OF the state,
under seal thereof after q 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
llnQ bNod 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
may select. Due notice OF tho time ana place
of sale OF all bonds must be given by said
| treasurer by publication in two newspaper
| published IN the city and county of San Fran
| CISCO, ana also DY publication IN one newspaper
| published in the city of Oakland, and by pub
lication in one newspaper published in the city
! OF Los Angeles, and by publication in one
newspaper publised in the city of Sacramento
0nCe week flor four weeks prior to such sale
| The costs o. such publication shall he paid out
| OF the san Francisco harbor improvement fund,
| on controllers warrants duly drawn for that
| purpose. The proceeds Of the sale OF such
| ponds shall be forthwith paid over by said
| treasurer into the treasury, and must be by him
| kept in u separate fund to be known and desig.
/ q
| 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 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, D. For the payment OF the principal and
| interest OF said bonds u 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 witt 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
| outs landing 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
|
| States: orof the State of California, or of the
several counties or municipalities of the State
Of California, which said bonds shall be kept in
proper receptacle appropriately labeled; but
| he must keep always on hand a sufficient
| amount Of money in said sinking fund with
which 10 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-
| NJ
| dia 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
| lied and directed by the collection of dockage
| tolls, rents, wharfage and cranage, to collect
| u sum of money suffcient 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 Novembe in the year nineteen hun
dred and eighteen, and between The first and
enth day of November of each year there
after until the maturity of said bonds the sai
| 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 i'm the
city and county eff San Francisco, and also in
one newspaper published in the city of Oak
and ana also in one newspaper published
| Ill the CITY OF Los Angeles, ana 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
| efore the second day of January following,
| ANA that from and after such last named
date all interest upon bonds thus drawn shall
cease, ana IL snail 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
1 1lUhtHpn ~
| 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
| amy there be,lshall forthwith be paid into the
| san Francisco harborimprovemen 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 1.-The sale thereof in the manner
| herenbefore 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 purpose. "-Amendment APP
| proved November %, A. ID. 1907.
| SEC. 8. 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 lt all times be open 10 the
| inspection Of any party interested, or the COVER
nor, or the attorney general, for "A committee Of
| either branch of the legislature, n joint com
| mittee of both, or any citizen Of the state.
SEC. 7. 1t shall he the duty Of the state treas
mar IN n ff snfl I,a
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-hrst 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 CanYasSing and DrOclaiming the