Amador ledger., 1910-08-26

! inc ccStS OF SUCH publication shall be pam cut
! Of the " San Francisco harbor Improvement
fund" on controllers warrants duly drawn for
that purpose. The proceeds Of the sale Ohsuch
bonds shall be forthwith paid over by swtd
treasurer into the reasury and must be BY
him Kept In ~ separate fund TO be known and
! designated rs the ''Indit Basin fund.- and
| must be used exclusively for the acquisition "
the area described In the act referred TO in sec
ton hereof Drafts and warrants upon said
fund shall be drawn upon and shall be paid out
OF said fund in the same manner us drafts and
warrants are drawn upon and paid out of the
San Francisco HarbOr Improvement Fund"
SEC. 5. For the payment Of the principal apd
interest Of said bonds sinking fund to be
known and designated rs the India Basin
1 Sinking Fund" shall be, and the same Is here
by created as follows. 70 Wit; me state
treasurer shall, on the first day OF each
and every month after the second day of
December A. y. i99s. 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 ~ 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 Saidstate treasurer shall,
on controllers warrants duly drawn for that
purpose employ the moneys In said sinking
fund in the purchase OF hoods OF the United
States or Of the State Of California or OF the
several counties or municipalities Of the State
OF California, when said bonds shall be kept in
! proper receptacle appropriately labeled; but
he must always keep 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 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
state harb0r commissioners Is hereby author
lied and directed by the collection Of dOckage
tolls rents, wharfage and cranage, to collect
u sum OF money sufi1cent for the purposes of
this act over and above the amount limited
by section two thousand five hundred and
twenty-slx OF the Political Code of the State
of California, Between the first and tenth
day of November, 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 OF the COVER
nor, proceed to draw by lot such an amount
,neariy may be the amountin 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 OF 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 10 the treasurer on or
and that from and after such last named
date all interest upon bonds thus drawn shall
urer as soon as said bonds so drawn by lot are
surrendered to him and paid, to cancel the
same, and the interest COUPONS thereon and
each year, beginning with the wear nine
teen hundred and forty, the said treasurer
shall, in the manner aforesaid, proceed to
draw by lot such an amount OF bonds IS shall
be requisite to eX hauSt nearly as may be
the amount in said sinking fund, and pro-
coed in the manner 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 harbor Improvement 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 i'm 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 eXtinguishment
of said bonds on controllers warrants duly
drawn for that purpose.
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,
and papers pertaining to the matter provided
for in this act shall pat all times be open to the
inspection OF any party interested or the COVER
nor or the attorney general a committee Of
either branch of the legislature, or Joint COM
mttec of BOTH or any citizen Of the state.
SEC. Z. 1t shall be the duty of the state treas
urer to pay the interest Of said bonds, when tho
same falls due, out OF the sinking fund proEid-
ed for in this act, on controllers warrants, duly
drawn for that purpose.
SEC. s. This act, If adopted by the people
shall take effect on the thirtyfirst day Of Deem
n N al tan aII
its provisions except those relating to and
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 effect Immediately
SEC D. This act shall be submitted t@the pAo-
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 words, For the India Basin
Act, and in the same square, under said words
the following in BREWER type: '"rhis act provides
for the acquisition of tidal basin In the bay OF
san Francisco for harbor purposes and for the
, payment Of all costs thereof out OF the San
Francisco Harbor Improv ement Fund" In the
: square Immediately below 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: 'rhis act provides for the acquisition
, of tidal basin in the bay Of San Francisco, for
harbor purposes, and for the payment of all
, costs thereof out of the san Francisco Harbor
the India Basin Act" and " gainst the
India Basin Act" there shall be left
, spaces in which the voters may make or
: stamp a cross To 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 by plac-
ing cross opposite the words against the India
Basin Acl." The governor of this state shall in
clude the submission of this act to the people, as
aforesaid. in his proclamation calling for said
general election.
SEC. TO- The votes cast for or against this act
: shall be counted. returned and cdnvassed and
i ! declared in the same manner and subject to the
same rules as votes cast for state officers; and il
it appear that said act shall have received "a
majority OF all the votes cast for and against IL
at said election as aforesaid. then the same
shall have effect as hereinberOre provided, and
shall be irrepealable until the principal ana in.
terest Of the liabilities herein created shall be