Amador ledger., 1910-10-07

fuud" on controllers warrants duly drawn for
that purpose. The proceeds of the sale Of such
bonds Shtl be forthwith paid over by said
treasurer into the reasury and must be by
nun Kept IN sopnraie fund to be known and
DESIGNATED a3 the 'indit Basin fund " aud
must b. used exclusively for the acquisition of
the area described IN tho act referred to In sec
ton hereof Drafts and warrants upon sal
fluid shall be drawn upon and shall be paid out
OF said fund In the same manner as drafts and
wnrrarts are drawn upon and paid ont OF the
'Sar Francisco Harbor Improvement Fund"
SEC. 3. For the payment OF the principal and
| interest OF said bonds sinking fund, 10 be
known aud designated as the India Basin
Sinking Funl,' saall be, and the same is here
| by created, rs follows, to wit: The state
! treasurer shall on tho first day OF each
aud 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 aud outstanding have to run
will equal the principal Of the bonds sold and
| outstanding W the timl said treasurer shall so
take sal sum from said San Francisco harbJr
| improvement fund less the amount Heretofore
| taken therefrom for said purpose; a1d 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 bonds or 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
| n proper receptacle appropriately labeled; but
| he must always keep on hand suhlcient
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 he sold and outstanding. said treasurer
| shall monthly take from the San Francisco har-
| bor 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 hnrb0r commissioners is hereby author
lied and directed by the collection of dockage
| tolls, rents, wharfage and oranage, to collect
| q sum of money sufficient for the purposes OF
n lie nd nb lap
by section two thousand five hundred an |
| twenty-six 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 aid
| treasurer shall, in the presence cf the COVER
| nor, proceed to draw by lot 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 twice a 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 it shall be the duty of the treas
urer as soon as said bonds so drawn by lot arc
surrendered to him and paid, to cancel the
same, and the interest coupons 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 OF bonds IS shall
be requisite TO exhaust as nearly as may be
the amount in said sinking fund, and pro-
ceed 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 harborimprovement 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 the sale thereof in the manner
hereinbefore 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 al 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 thereunder, with
an annual report, to be by the governor laid be-
fore the legislature blennialy; and all books
and papers pertaining to the IN after provided
for in this act shall iat all times be open to the
inspection of any party Interested or the COVER
nor, or the attorney general, or a committee Of
either branch Of the legislature, or a Joint COM
m1ttec 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, 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. s. This act if adopted by the people,
shall take effect on the thrty-flrs day of Decem-
ber a. d. nineteen hundred and ten, as TO all
its provisions except those relating to and neces.
: taaipp tn fhn A1nIa md For.
returning, canvassing, and proclaiming the
votes and as to said excepted provisions this act
shall take effect Immediately.
SEC. .. 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. D. nineteen hundred and
ten, and all ballots at said election shall have
printed thereon, the words, "For the India Basin
Act, ana in the same square, under said words.
the following in BREWER type: "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 HarbOr I'M mproyement 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: "Thls act provides for the acquisition
of a tidal basin in the bay of San Francisco for
harDor purposes, and for The payment OF all
costs thereof out Of the 'San Francisco Harbor
Improvement Fund.-" Opposite the words 'For
the India Basin Act" and Al 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 a cross opposite
| the words For the India Basin Act" and all
those voting against said act shall do 50 by plac-
ing cross opposite the words against the India
Basin Act" 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
| declare in the same manner and subject to the
same rules as votes cast for state officers; and If
it appear that said act shall lhave received a
majority OF all the votes cast for and against it
at said election as aforesaid, then the same
| shall have effect as hereinbefore provided, and
| shall be irreDealable until tha nrineiDal and