Amador ledger., 1910-11-04

The costs Of such pubiicgtion shall be paid ont
| OF the san Francisco harbor Improvement
| lund on controllers warrants, duly drawn for
that purpose The proceeds Of the sale Of such
| bonds snail he forthwith paid over by said
treasurer into the reasurys and must be by
| nun Kept IN separate fund TO be known and
designated as the India Basin fund.- and
must be used exclusively for the acquisition OF
the area described In the act referred to In sec
| tion hereot. Drafts and lwgFrauts upon said
fund shall be drawn upon and shall be paid out
lof said fund in the same manner as drafts and
warrants are drawn upon andpaid out OF the
san Francisco Harbor Improvement Fund"
/ SEC. >. 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, 10 witt The state
treasurer shall, on the first day of each
anu every month after the second day OF
/ December, A. d. 1923. 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
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
| tund in the purchase OF bonds 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
| y proper receptacle appropriately labeled; but
| 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 SaaFrancisco har-
| Dor improvement fund, and pay into said In
din basin sinking fund, an amount equal to the
monthly interest then due on all bonds then
sold, delivered and outstanding. The board of
state harb0r commissioners is hereby author
| lied and directed by the collection Of doclSage
| tolls, rents, wharfage and cranage, to collect
| q 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
OffCalifOrnH, Between the first and tenth
day of Novem Der, in the year nineteen hun
dred and forty. 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 presence cf the COVER
| nor, proceed to draw by lot such 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 twice week for two weeks in
| two newspapers published in the city and
county ef San Francisco, and, also in one
newspaper published in the city of Oakland,
and also in one newspaper published in The
city of Los Angeles, and also in one news
paper published in the city of Sacramento,
stating the number of bonds so drawn. and
| that the principal OF said bonds shall 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 him and paid, ITO cancel the
same, and the interest coupohs thereon, and
| each year, beginning with the year nine
teen hundred and forty, the said treasurer
| shall in the manner aforesaid, proceed to
| draw by lot such an amount ofbonds IS shall
| be requisite to exhaust as neaBly as may be
the amount in said sinking fund, and pro-
tn fpH
| 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 harborimprovement fund. At
| the time ofthe 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 the 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 money in said fund in cXtingushment
of said bonds on controllers warrants duly
drawn for that purpose.
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 biennialy: and 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. a JOINT com
mittee of BOTH or any citizen of the state.
SEC. 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 Tor IN this act on controllers warrants duly
| SEQ s. This act, if adopted by the people
shall take effect on the thrty-irst day of Decem,
| Der, A. D. nineteen hundred and ten, as TO all
its provisions except thoserelating to and neces-
| sary for its submission to the people. and for,
returning canvassing, and proclaiming the
votes, and as to said excepted provisions this act
| shall take effectimmedLately.
| SEC. 8. This act shall be submitted to the peo-
pie of the state of California for their ratification
| at the next general elaction to be holden in the
| month of November, A., ID. nineteen hundred and
| ten, and all ballots at said election shall have
| printed thereon, the wonds, "For the India Basin
ACT, ana III the same square, under said words,
| the following in breviertype; "This act provides
for the acquisition of a. tidal basin in the bay OF
San Francisco, for harbor purposes, and for the
| payment OF all costs thereof out OF the San
Francisco HaEbor Impro' ement Fund" In the
square Immediately besow the square containing
said words there shall be printed on said bal
| lot the words Against the India Basin Act
and Immediately, below said words Against the
| India Basin Act, in BREWER type. shall, be
printed: This act provides for the acquisition
of a tidal basin inlthe bay OF San Francisco, for
| harbor purposes, and for The payment OF all
costs thereof nut of the ''San Francisco Harbor
Improvement Inn 2MS Fund! Opposite the words For
India Basin, Act" there shall be left
spaces in which the voters may make. or
stamp a cross, tG, indicate whether they vote
| for or against said act and those voting for
said act shall do so by placing cross opposite
| the words - For the India Basin Act. -" and all
those voting against said act shall do so bynlaC.
| Ing cross opposite the words against the India
Basin Aci. Tho governor of this, state shall tlll
clude the submission Of this act to the people, as
aforesaid in hts proclamation calling for said
| general election.
| SEC 10. The votes cast for or against this act
shall be o0uMted returned ara cdnvassedI and
declared in the same manne' and subject To the
same rulas,aS votes cast for Ltate officers; and if
Iit appear that said act sGadl have received a
majority OF all the vote9 tast for and against it
at said election aS .ioresajd, then the same
| shall have effect A. .lereinherOre pcovtiBd, and
shall be irteper..2ble until the principal ana in
| forest Of IEe liabilities herein crealed slall be