Amador ledger. (Jackson, Amador County, Calif.) 1875-19??, 1910-09-16


IN relation thereto: TO make an apprOpria-
ton OF one thousand five hundred dollars
FOR the expense Of printing said bonds, and
TO provide for the submission of this act 10
vote OF The people.
The people Of the stale OF California, rep
resented IN senate and assembly, do enact
ts follows:
SECTION ! FOR the purpose OF providing
fund for the Payment Ut the indebtedness
hereby authorized to he incurred BY the
board of state harbOr commissioners for the
hav of San Diego for hnrbOr imprOV cments,
consist Of the erection of u seawdil. wharves
piers, slnte railroad, spurs, betternents and
appurtenances in the county of san Diego, at
cost not to exceed one million five hun
dred thousand dollars, which said senwall,
wharves' piers, state raiiroad. spurs, better
ments and appurtcnauces the said board OF
state harbor commissioners for san Diego
bay are hereby empowered to construct i'm
tho manner authorize by law. at n cost NOT
to- exceed one million live hundred thousnnd
dollars, the state treasurer shall, immediate
~ after the issuance Of the proclamation of
the governor provided for In section ten of
this act, prepare Fifteen hundred suitable
bonds of the State of California in the de-
nomination of one thousand dollars each. 70
be mum bered from one to fifteen hundred,
inclusive, and TO bear date of the second day
ofJuy, nineteen hundred eleven. The total
issue of said bonds shall not exceed the sum
OF one million five hundred thousand dol
lars, and they shall bear interest nj the rate
of four per cent per annun from the date of
issuance thereof. The said bonds and the
interest thereon shall he payable In gold coin
of the United States of the present standard
of value, ut the office OF the state treasurer of
said state, on the second day of July, nine
teen hundred eighty-fve, subject, however,
to redemption by lot as in this act herein
after provided. The interest accruing on all
OF said bonds that shall be sold shall be pay
able Mt the office of the treasurer of the state
on the second day of January and the second
day of July of each year after the sale of the
same. At the expiration Of seventy -four
years from the date of said bonds, all bonds
shall cease to beur interest, and likewise all
bonds redeemed by lot as hereinafter pro-
vided shall cease to bear interest according
to the provisions of this act, and the state
treasurer shall call in and forthwith pay
and cancel the same out of the moneys in
the san Diego seawall sinking fund provided
for in this act, ana he shall on the date of
the maturity of SAID bonds cancel and des-
troy all bonds not Heretofore sold. All bonds
remaing unsold shall, mt the date of matur-
ity thereof, be by the treasurer of the stale
cancelled and destroyed. All bonds issued
be signed by the governor Of this state.
countersigned by the state controller, and
endorsed by the state treasurer, and the said
bonds shall be so signed, countersigned and
endorsed by the officers who are in Office on
the second day of July, nineteen hundred
eleven, and each of said bonds shall have
the great seal Of the state of California inn
pressed thereon, and said bonds signed,
countersigned, endorsed and sold as herein
provided shall be and constitute avalid and
binding obligation uoon the state of Califor-
mia though the sale thereof be made at II date
or dates after the person so signing, counter
signing and endorsing, or either thereof.
said Office or offices.
SEC 9 Appended to each of said bonds
there shall be interest coupons, SO attached
that the same may be detached without in
jury or mutlation of said bonds, and said
coupons shall be consecutively numbered.
and shall bear the photographic signature of
the state treasurer who shall be in office on
the second day of July, nineteen hundred
eleven. No interest shall be paid on any of
said bonds for such time as may intervene
between the date of said bond and the day
of sale thereof, unless said accrued interest
shall have been, by the purchaser of said
bond, paid TO the state at the time OF such
sale.
SEC 3. The sum of one thousand five hun
dred dollars is hereby appropriated out of
wise appropriated to pay the expense that
may be incurred by the state treasurer in
having said bonds prepared. The state con-
troller is hereby authorized and directed to
draw his warrant for the expense incurred
in preparing the said bonds and the state
treasurer is hereby directed to pay the same.
SEC h. When the bonds authorized to be
issued by this act shall have been signed.
countersigned and endorsed, as in section l
provided, the state treasurer shall sell the
same for cash to the highest bidder in such
parcels and numbers avs the governor OF the
state shall direct, provided resolution re-
questing such sale shall have been adopted
by the board of state harbor commissioners
for Sam Diego bay, and said board shall not
pass such resolution until in their Judgment
the actual harbOr receipts, and those reason
ably anticipated, will justify such sale of
bonds, and te consequent increased burden
on harbor receipts. Said resolution shall
specify the number of bonds necessary to
produce the amount of money which, in the
Judgment of said board of harbor commits
sioners, shall be required ut such time, and
the governor of the state shall direct the
state treasurer to sell such number of said
bonds to raise said amount of money, and
that said bonds shall be sold in consecutive,
numerical order. The state treasurer shall
not accept any bid which is less than the par
value of the bond, plus the Interest which
has accrued thereon between the date OF sale
I md hn lac
date. The state treasurer may, at the time
and place fixed by him for such sale, con-
tinue such sale as to the whole or any part
of said bonds to such time and place as he
may at the time of such continuance desig-
nate. Before Offering any OF said bonds for
sale 1.-THE state treasurer shall detach there
| from all coupons which have. mhtured or will
mature before the 5date fixed flor such sale
The state treasurer shall give notice of the
| time and place of sale by publication in Two
newspapers published in the city and county
of San Francisco, one newspaper published
in the city of Los Angeles one newspaper
| published in the city of san Diego, and one
| newspaper published in the city ofSaeramen-
| to,once week for four weeks next preceding
the date fixed for such sale. In addition to
| the notice last above provided for. the state
| treasurer may give such further notice ms he
may deem advisable, but the expenses and
cost of such additional notlce snail not eX-
| coed the sum of five hundred dollars fofeach
| sale so advertised. The cost OF such publica-
| ton shall be paid out of the San Diego har
| Dor i'm provement fund on controllers war
rants duly drawn for that purpose, and the
! treasurer must pay the same. The proceeds
Of the sale of such bonds shall be forthwith
paid over by said treasurer into the treasury,
aud must be by him kept in separate
fund TO be known and designated as the
" San Diego Seawall Fund" and must be
used exclusively for the construction of u sea-
wall, wharves, piers, state railroad, spurs,
bstterments and appurtenances thereto on the
water front of the bay Of San Diego.
Drafts and warrants upon SAID fund shall be
drawn upon and shall be paid out of said fund
| in the same manner as drafts and warrants are
drawn upon and paid out of the San Diego
harbor improvement fund.
SEC. 5. For the payment of the principal
| ana interest of said bonds sinking fund, to
| be known and designated as the "San Diego
Seawall Sinking Fund" shall be and the
same is hereby created, to wit: The state
| treasurer, after The second day of January,