Amador ledger., 1910-08-12
SENATE BILL NO. 227.

Passed the Senate February III, A. ID. l9Oa.
Lewis Hilborn. Secretary of the Senate.
Passed the Assembly March 10, A. d. l909
Clio Lloyd, Chief Clerk of the Assembly.
This Bill was received by the Governor, this
18th day,of March, A. d. 1909, at O'Clock p. m.
L. G. Cooper. Private Secretary of the Cover
nor.
CHAPTER 407. An Act to provide for the issu
ance and sale of state bonds to create q fund
for the acquisition by the board Of state har-
Dor commissioners of necessary area for
tidal basin for wharveS, docks, piers, harDors
and appurtenances in the city and county Of
San Francisco; to create a sinking fund for the
payment of said bonds; and defining the du-
ties of state officers in relation thereto; maxi
ing an appropriation of one thousand dollars
for the expense of printing said bonds; and
providing for the submission of this act to "a
vote of the people.
The people of the State of California, repre-
senteo in senate and assembly. do enact as
follows:
SECTION / For the purpose of providing q
fund for the payment of the Indebtedness auth
orized to be incurred by the board of state har-
Dor commissioners for the acquisition OF the
necessary area for tidal basin extending the
area of India basin on the water front of the
city and county of San Francisco, as provided in
an act entitled AN act to authorize and direct
the board of state harbor commissioners to in
Stitute condemnation proceedings against GER
tain property north of India basin, and extend
ing to ISlaiS creek in the city and county of San
Francisco. and extending the jurisdiction Of
said board Ov5r the same, and providing for
the payment of judgments from the proceeds
of an act entitled IAN act to provide for the
issuance and sale of state bonds to create
fund for the. acquisition by the board of
state harbor commissioners of u necessary
area for tidal basin for wharves, docks,
piers, harborS. and appurtenanceS in the city
and county of San Francisco; TO create a sink
ing fund for the payment Of said bonds; and de-
fining the duties of state officers in relation
thereto; making an appropriation OF 81 900 for
the expense OF printing said bonds; and pro-
viding for the submission of this act to vote
n npnnlp " trpaGnFnr shall immp-
diately after the issuance of the proc amation
by the governor. provided for in section ID here
of, prepare one thousand suitable bonds of the
STATE Of California in the denomination of one
thousand dollars each. The whole issue of said
bonds shall not exceed the sum of one million
dollars, and said bonds shall bear interest at
the rate of four per centum per annum, from the
time of the sale thereof, and both principal and
interest Shall be payable in .gold coin of the
present standard value and they shall be pay
able at the otfcH of the state treasurer at the
expiration of seventy-four years from theirdate,
subject. however to redemption by lot as in
this act hereinafter provided. SAID bonds shall
bear date the second day of January, A. ID.
1911, and shall be made payable on the second
day of January, A. ID. 1885 The interest
accruing on such OF said bonds as are sold shall
be due and payable at the office OF the state
treasurer on the second day of January. and on
the second day of July, of each year after the
sale OF the same: provided, that the first pay
ment OF interest ShUll be- made on the second
day of January, A. d. 1912, on so many of
SAID bonds Jas have been heretofore sold.
At the expiration of seVeuty-four years from
the date Of said bonds. all bonds sold shall
cease TO bear interest and likewise all
bonds redeemed by lot shall cease TO bear
interest as in this act provided, and the said
state treasurer shall call in. forthwith pay aud
cancel the same. out OF the moneys in the India
basin sinking fund provided for IN this act,
and he shall on the first Monday of January.
ID. 1883, also cancel AMI destroy all bonds
not heretofore sold. All bonds issued shall
be signed by the governor aud counterSigned
by the controller, and shall be endorsed by
the state treasurer, and each shall have the
seal OF the state stamped thereon Each bond
shall contain clause that ii is subject To
redemption by lot after the year nineteen hun
dred and thirty-nine.
SEC 2 2-Interest coupons shall be attached
to each OF said bonds, 50 that such coupons may
be removed without injury to or mutllation Of
the bond Said coupons shall be conseeutiyely
numbered, amp shall be signed by the state
treasurer But 10 interest on any nf said bonds
shall be paid for any time which may intervene
between The date OF any Of said bonds and the
issue and sale the eof to IA purchaser.
Sc 3 Tho sum OF one thousand dollars Is
hereby app Oprated to pay the expense that
may be incurred by the state treasurer in hay
ing SAID bonds prepaTed' SAID amount SnTll DC
ment fund " on controllers warrants duly
drawn for that purpose
SEC When the bonds authorized 10 he
issued under this act shall be duly executed
they shall be sold by the state treasurer AZ pub
lie auction 10 the highest bidder for cash. in
such parcels and numners as said state treas
urer sha determine; but said treasurer must
reject any aud all bids for said bond or for any
of them which shall be below the par value of
said bonds so offered for sale. and ne may by
pub ic an 'Ouncement at the place and time fixed
for the sale, for good ami sufficient cause, con
tinue such sale as TO the whole or the bonds
offered, or any part thereof one ed 10 such Time
aud pl ice as he may select, not exceeding, how,
ever sixty days. Oue notice OF the time and
place OF sale OF all bonds, and OF the postpone
ment OF sale thereof must be given by said
treasurer by publication in two newspapers
published in the city and county OF San Fran
cisco, and also by publication in one newspaper
published in the city OF Oakland, aud by pub
HeatiOn In one newspaper published in the city
OF Los Angeles, and by publication In one news
paper published 10 the city OF Sacramento, once