Amador ledger., 1910-10-07
SENATE BILL NO. 227.

Passed the senate February ~, A d. 1909.
Lewis Hilborn, Secretary of the Senate. .
Passed the Assembly. March 10, A. d. 1902
Clio Lloyd Chief Clerk of the Assembly.
This Bill was received by the Governor, this
18th day.of March, A. ID, 1909, at O'Clock p. m.
e. G. Cooper Private Secretary of the Cover
nor.
CHAPTER 4O7 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, harbors
and appurtenanceS in the city and county of
San Francisco; to create 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 u
vote of the people.
The people of the State of California, repre-
sented in senate and assembly. do enact as
follows:
SECTION For the purpose of providing
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
of bonds issued and sold under the provisions
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 o tidal basin for wharves docks,
piers, harbors, and appurtenances in the city
and county of San Francisco; TO create % sink
ing fund for the payment Of said bonds; and de-
tining the duties of state officers in relation
thereto; making an appropriation OF 81 900 for
the expense of printing said bonds; and pro-
Vi1iQn for the StlDmi gSiO1 of this act To n
OF the people, the state treasurer shall, imme
diately after the issuance of the proclamation
by the governor. provided for In section 10 here
Of prepare one thousand suitable bonds of the
Stale 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, aud 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 tgold coin of the
present standard value and they Shall be pay
able at the otficr OF the state treasurer at the
expiration of seventy-four years from lherdate
subject however, to redemption by lot as in
this act hereinafter provided Said bonds shall
bear date the second day of January A. d.
1911 and shall be made payable on the second
day of January, A. ID. 1888 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 or interest shall be made on the second
day of January, A. d. 1912, on so. many of
said bonds las have been heretofore sold
AT the expiration OF seventy-four years from
the date OF said bonds. all bonds sold shall
cease 10 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 and
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,
d. 1883, also cancel aud destroy all bonds
not heretofore Isold. All bonds issued shall
be signed by the governor, and 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 1t is subject to
redemption by lot after the year nineteen hun
dred and thirty-nine.
SEC. Interest coupons shall be attached
to each OF said bonds, so that such coupons may
be removed without injury 10 or muttlation OF
the bond. said coupons shall be cOnSecutiYely
numbered, amp shall be signed by the state
treasurer. But no interest on any of said bonds
shall be paid for any time which may intervene
between The date OF any of said bonds and the
issue and sale thereof TO purchaser.
SEQ. 3. Tho sum of one thousand dollars is
hereby appropriated TO pay the expense that
may be incurred by the state treasurer in hav-
ing said bonds prepared, said amount shell be
paid out OF the "San Francisco harbOr improve
ment fund " on controllers warrants duly
drawn for that purpose
SEQ, 4, When the bonds authorized to be
issued under this act shall be duly executed,
they shall be sold by the state treasurer at pub
lie auction TO the highest bidder for cash, In
such parcels and numbers as said state treas
urer shall determine; but said treasurer must
reject any and 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 he may by
public announcement at the place and time fixed
for the sale for good and suficient cause, con
tinue such sale as TO the whole OF the bonds
offered or any part thereof offered, 10 such time
and place as he may select, not exceeding, how
ever sixty days. Due notice OF the time ana
place OF sale OF all bonds, aud 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 Ia the city OF Oakland, and by pub
location In one newspaper published In the city
OF Los Angeles, aud by publication In one news
paper published IN the city OF Sacramento, once