Amador ledger., 1910-09-23

oluNltB lunN TOT the payment OF Sulu
bonds to define the duties Of state officers
IN relation thereto: to make an appropria-
ton of one thousand five hundred dollars
for the expense OF printing said bonds, and
10 provide for the submission Of this act TO-
" vote OF the people.
The people Of the state OF California. rep
reSchted IN senate and assembly, do enact
SECTION For the purposc OF providing q
fund for the payment ~ the Indebtedness
hereby nuthOrized to he incurred by the
board of state harbOr commissioners for the
hay of san Diego for harbor improvements,
consist OF the erection Of u seawnl1 wharves
piers, slate fnlIroad, spurs, betterments and
appurtenances In the county of san Diego ut
cost not to exceed ono million II We hun.
dred thousand dollars which said seawall
wharves, piers, state railroad. spurs, better
ments and appurtenances the said board OF
state harbor commissioners for san Diego
bay are hereby empowered to construct i'm
the manner authorize by law, at n cost not
to exceed one million i've hundred thousand
dollars, the state treasurer shall, Immediate
ly after the Issuance Of the proclamation of
the governor PROVIDED for In section ten of
this act, prepare fifteen hundred suitable
bonds of the state of California I'm the de-
nomination Of one thousand dollars each, to
pc, numbered rom one to fifteen hundred,
inclusive, and to bear date OF the second day
ofJulN nineteen hundred eleven. The total
issue Of said bonds shall not exceed the sum
OF one million five hundred thousand dol
lars, and they snail bear Interest nj the rate
of four per cent per nnnum from the date of
Issuance thereof The said bonds and the
lnte1eSL bne1eOn small ne puyADIe III gold coin
'of the United states Of the present standard
of value, at the office the state treasurer of
sold state, on the second day OF July, nine
teen hundred eighty-five, subject, however
to- redemption by lot as in this act herein
after provided. The interest accrulng on all
of seid bonds that shall be sold shall be pay
tbie at the office OF the treasurer OF the slate
on the second day Of January and the second
day of July OF each year after the sale of the
same. AT the expiration of seventy-four
years from the date of said bonds, all bonds
N nil
bonds redeemed by lot as hereinafter pro-
videu shall cease To bear interest according
to. the PROVISIONS Of this act, and the state
and cancel the same out of the moneys in
the San Diego Seawall sinking fund provided
for in this act and he shall on the date of
the maturity of said bonds cancel and des-
troy all bonds not Heretofore sold. All bonds
remaing unsold shall, at the date of matur-
cancelled and destroyed. All bonds issued
pursuaDts TO the provisions of this act shall
be signed by the governor of this state.
countersgned by the state controller, and
endorsed by the state treasurer, and the said
bonds shall be so signed, countersigned and
endorsed by the officers who are in office on
the second day OF JULY nineteen hundred t
thegreat seal OF the State of California inn
pressed thereon, and said bonds signed,
countersigned, endorsed and sold as herein
provided, shall be and constitute valid and
binding obligation uDon the state of Califor-
mia though the sale thereof be made at u date
or dates after the person SO signing counter
signing and endorsing, or either thereof.
shall have ceased to be an incumbent of
said office or offices.
SEC. 2. Appended to each of said bonds
there shall be interest coupons so attached
that the same may be detached without in
Jury or mutlaton OF said bonds, and said
coupons shall be consecutively numbered:
and shall bear the photographic signature of
THE state treasurer who shall be in office on
the secoud day of July, nineteen hundred
eleven. No interest shall be paid on any of
ffk,.a rrph Q n
between the date of said bond and the day
of sale thereof, unless said accrued interest
shall have beenr by the purchaser of said
bond, paid TO the state at the time of such
sale.
= SIZE; 3. The sumo of one thousand five hun
dred dollars is hereby appropriated out of
any moneys in the state treasury not other
wise appropriated to pay the expense that
may be incurred by the state treasurer in
having said bonds prepared. The state con
draw his, warrant for the expense incurred
in preparing the said bonds, and the state
treasurer is hereby directed to pay the same
SEC, 4. When the bonds authorized to be
issued by this act shall have been signed.
oountersigned and endorsed, as in section |
same for cash to the highest bidder in such
parcels and numbers as the governor Of the
state shall direct, provided resolution re-
questing such sale shall have been adopted
by, the board of state harbOr commissioners
for Sam Diego bay, and said board shall not
pass such resolution until i'll their judgment
ably anticipated, will justify such sale of
bonds, and tie consequent increased burden
ons harbor receipts. Said resolution shall
specify the number of bonds necessary to
produce the anMo unt of money which, in the
Judgment of said board of harbor commits
sioners, shall be required at such time, and
the governor of the state shall direct the
state treasurer to- sell such number of said
bonds to raise said amount of money, and
that said bonds shall be sod in consecutive,
numerical order. The state treasurer shall
M ~ 81 m w iS mar,
value OF the bond, plus the interest which
has accrued thereon between the date OF sale
aud the last preceding interest maturity
date The stare treasurer may, at the time
and place fixed by him for such sale con-
tlnue such sale as to the whole or any part
of said bonds to such time and place as he
may at the time of such continuance desig-
nate. Before Offering any of said bonds for
sale the state treasurer shall detach there
from all coupons which have matured or will
mature before the sdate fixed flor such sale
The state treasurer shall give notice of the
time and place of sale by publication in two
newspapers published in the city and county
of San Francisco. one newspaper published
in the city of Los Angeles, one newspaper
published in the city OF San Diego, and one
to.once week for four weeks next preceding
Il the date fixed for such sale. In addition to
/ the notice last above provided for the state
| treasurer may give such further notice as he
may deem advisable, but the expenses and
cost of such additional notice shall not eX-
coed the sum of five hundred dollars for each
sale so advertised. me cost or Such puDllca-
ton shall be paid out of the san Diego har-
| Dor improvement fund on controllers war
| rants duly drawn for that purpose, and the
treasurer must pay the same. The proceeds
! OF the sale of such bonds shall he forthwith
paid over by said treasurer into the treasury,
a ID must be by him kept in u separate
| fund TO be known and designated as the
" San Diego Seawall Fund" and must be
used exclusively for the construction Of a sea-
wall, wharves, piers, state railroad, spurs,
| bstterments and appurtenances thereto on the
yvu n
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 aad paid out of the San Diego
harbor improvement fund.
SEC 5. For the payment of the principal
and interest OF said bonds II sinking fund to
Seawall Sinking Fund" shall be and the
] snme Is herebY crented, to wit: .rhe state