Amador ledger., 1910-09-23
SENATE BILL NO. 227.

Passed the senate February III, A; ID. 1902.
Lewis Hilborn. Secretary of the Senate
Passed the Assembly. March 10, A d. 1900.
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. c. Cooper. Private Secretary Of the Cover
nor.
CHAPTER 407. An Act to- provide for the issu-
ance and sale of state bonds to create u fund
for the acquisition by the board OF state har-
Dor commissioners of a necessary area for q
tidal basin for wharves, docks, piers, harborS
and appurtenanceS in the city and county of
|. San Francisco; to create asinking 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 n
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 a
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 u 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 over the same, and providing for
the payment of judgments from the proceeds
of bonds issued and sold under the provisions
OF an act entitled AN. 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 d 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-
filming the duties of state otflcerS 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 II vote
OF the people, the state treasurer shall. imme-
diatey after the issuance OF the proclamation
by the governor. provided for in section 10 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 sgoid coin OF the
present standard value and they shall be pay
able at the ofic" of the state treasurer at the
expiration of seventy -four years from lheirdate
subject. however. To redemption by lot as in
thus 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. 1875 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 shall be made on the second
day of january, a %. 1912. on so many OF
AT the expiration Of Seventy-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 10 bear
interest as in this act provided, and the said
state treasurer shall call in. forthwith pay and
llcaneel 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
| A. ID, 1855, also cancel anu destroy all bonds
not heretofore lsold. All bonds issued shall
llbe signed by the governor, and countersigne
,l,u thn aOnfp roll % al oh hp and l,v
II the state treasurer, and each shall have the
llseal of the state stamped thereon Each bond
l,shan contain a clause that 1T is subject 10
II redemption by lot after the year nineteen hun.
dred and thirty-nine.
\ SRc 2-Interest coupons shall be attached
I to each OF said bonds, SO that such coupons may
he removed without injury TO or mutilation OF
the bond, Said coupons shall be consecutively
numbered, amp shall be signed by the state
| treasurer. But no interest on any NJ 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.
SEC. 3. Tho sum OF one thousand dollars is
hereby Appropriated TO pay the expense that
may be incurred by the state treasurer in hay
| ing said bonds prepared, Said amount shell be
paid out OF the 'San Francisco harDor improve
ment fund on controllers warrants duly
drawn for that purpose.
| SEC A. 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.
| ufer shall determine; but said treasurer mus
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 hXeC
for the sale, for good and sunicient cause, con
tinue such sale as to the whole OF the bonds
offered, or any part thereof offered, TO such time
and place as he may select, not exceeding, how
ever, sixty days. Due notice OF the time anC
| place OF sale OF all bonds aud OF the postpone
ment OF sale thereof, must be given by saiC
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
| iioation In one newspaper published In the CITY
paper published IN the city Of Sacramento, Que