The San Francisco call., 1910-08-29
SENATE BILL No. AGA.


Lewis A. Hlborn, Secretary of the Senate; ooo
Passed the Assembly, March 20, A u 1SVS-
Clio Lord, Chief Clerk Of the Assembly.
This bill received by the Governor; this
Esd day of March, A. D. 1909. at eioeA
p. N. E. c. Cooper, Private Secretary Oh lhe
Chapter 623. An Act to provide for the issue
and sale of state bonds TO create Iund Lor
the construction By the board Of state haroos
commissioners for the bay of San Diego OF
harbor improvements consist OF seaWan' t
Wharves piers state railroad, spurs, better
ments and appurtenances in the county OF San
Diego; TO create sinking fund Ior tng pay
ment Of said bonds to define the e Gnsss IosSs an an
appropriation of thousand hve hundre9 s9
dollars for the expense Of p,1g,on printing, salq ~
bonds, and to provide for the SUBMISSION u
this act to vote Of the people: g..
The people of the State Of California repTesen.eu
in senate and assembly, do enact as IoiIo"s.
Section l. For the purpose OF provldlng = iuIu a-
for the payment of the Indebtedness heIeoS au
thorized to be incurred by the board OF Stale Ia
Dor commissioners for the bay OF San DlesO - ~.
harbor improvements consist Of for the efecuon
Of seawaH wharves, piers, slale @ ia, ~ OIo fbs
county of San Diego. at cost not TO exceed one
million five hundred thousand dollars, wnleh sdLu
seewall, wharyes, piers, state Si5 bnard
of state harbor commissioners for san D!eeo %!
are hereby empowered 10 construct In the 5 man
ner authorized by law, at cost not 90 eASS ~
one million five hundred thousand dollars, the
state treasurer shall, Immediately aIteL Wy
issuance Of the proclamation or the governor ps
v1ded for In section ten OF TINS ACT ptsp pStta Of
teen hundred suitable bonds or the olale VI
California in the denomination OF one IACu9ouN
dollars each, to be numbered from one ~ o5 u
hundred, inclusive and to bear date OF tnS SecOnN
day of July. nineteen hundred edeHend aead the s1U
tai issue of said bonds shall not exeesq tns sur, 5
of one million five hundred thousand doHsrs, anu anu
they shall bear interest at the rate OF IouL ~ PeA
cent per annum from the date OF issuance tnsIS
Of The said bonds and the interest," tleTsOu snais
be payable in gold coin Of the United states o.
the present standard OF value, at the oIHce u Iu
state treasurer of said state, on the second udy
of July, nineteen hundred e1ghty-nVe, s9OJect,
however to redemption by lot in this act
,a-o Cd ha
all of said bonds that shall be sold shall be pay
able at the office of the treasurer or the sIats
on the second day of January and the seeonu
day Of July Of each year after the ssIe & u - ore
same. At the expiration Of seventy-IOuI, Years
from the date of said bonds all bonds shall cease
to bear interest, and likewise al Dohus ~
by lot as hereinafter provided shall cease 70 pear
interest according TO the PROVISIONS OF I4iS an
and the state treasurer SHAH can IN anu AoL ~ m
with pay and cancel the same out OF tnS
moneys in the San Diego seawall SINKING I%ulu %
provided for in this act ana ne shail on tLe 5t Ia
of the maturity of said bonds cancel and destroy
all bonds not heretofore sold. All bonds re-
naming unsold shall at the date OF the maturity
thereof be by the treasurer of the state Cancelled
and destroyed. All bonds issued pursuant 10 tue
provisions of this act shall be signed by the
Governor of this state countersigned by the state
and the said honds shall be so signed, counter
signed and Endorsed by the officers who are IN
office on the second day Of July, nineteen nun-
dred eleven. and each Of said oonds snsa HHre i
the great seal of the State Of California IN
pressed thereon and said bonds signed. counter
signed indorsed and sold as herein provided shalI
be and constitute valid and DluQ4ns oDtl5ot-CH
upon the State of California though tne sale
thereof be made at q date or dates after the per
son so signing, countersigning and 1nd0rslng, OF
either thereof, shall have ceased TO be an IN
cumbent of said office o offices
Sec. 2 Appended to each Of said bonds there
shall be interest coupons attached that the
same may be detached without injury or mgtlIa-
ton of said bonds and said coupons shall De
consecutivelv numbered and shall bear the ltho-
Granbic signature of the state treasurer who
Shall be in office the second day OF July,
nineteen hundred eleven. No interest snan oe
I'D bou ID for a
intervene between the date Of said bond and
the day Of sale thereof, unless said accrued
said aid bond, paid to the state at the time of
such sale.
Sec. s. The sum of one thousand five hun
dred dollars is hereby appropriated out Of any
moneys in the state treasury not otherwise ap-
propriated to pay the expense that may De IN,
cured by the state treasurer in having sald
authorized and directed TO draw his warrant
for the expense incurred in preparing the said
bonds. and the state treasurer Is heFeOy olrecteu
Sec. 4. When the bonds authorized to be is
sued by this act shall have been signed, coun-
tersigned and endorsed, as In section pro
vided the state treasurer shall sell the same for
cash to the highest bidder in such parcels and
numbers as the governor OF the state shall
sale shall have been adopted by the board OF
state harbor commissioners for San Diego bay.
until in their Judgment the actual harbOr re-
ceipts and those reasonably anticipated, will
iuSTify such
increased burden on harhor receipts said resolu-
tion shall specify the number OF bonds neces-
sary to produce the amount OF money Whlch. IN
the Judgment OF said board or harbor commission
ers shall be required at such time and the
governor of the state shall direct the state
treasurer to sell such number Of said bonds 10
raise said amount of money, and that said
bonds shall be sold In consecutive, numerical
order The state treasurer shall not accept any
hid which is less than the par value OF the
bond plus the interest which has accrued thereon
between the date Of sale and the last preceding
f4xv1 data Tba sta ma
at the time and place fixed by him for such
sale continue such sale 10 the whole 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
the state treasurer shall detach therefrOm all
coupons which have matured or will mature
before the date fixed for said sale The state
treasurer shall give notice OF the time and place
of sale by publication in two newspapers pub
Iished in the city and county of San Francisco.
one newspaper published in the city or Los
Angeles. one newspaper published in the city OF
San Diego and newspaper published in the
CITY of Sacramento, once a 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
as he NAV deem advisable but the expenses and
tbe sun of i've hundred dollars for each sale 50
advertised The cost of such publication shall
be paid out of the San Diego haroor improve
ment fund controllers warrants 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
info the treasury. and must be by him kept in
a senarate fund TO be known and designated as
fhe tsSan Diego Seawal Fund. and must be
nsed exclusively for the construction Of a sea
wall vbarves piers. state railroad. spurs. bet
terments and appurtenances thereto on The water
front of the bay Of San Diego. Drafts and
warrants upon the said fund shall be drawn
lunon and shall be paid ont Of said fund in the
same manner as drafts and warrants are drawn
nnon and paid out of the San Diego harhor i'm
provement fund.
See >. For the payment of the principal and in
+aresf Of said bonds a sinking fund. 10 be known
and designated as the san Diego SeawaI Sink
ING Fund' shall be. and the same is hereby ere
a+ed to Wit. The state treasurer. after the
ond day of January. nineteen hundred and twenty
nine Shall on the first day of each and every
n,on+h thereafter. after the sale of said bonds
rake from the san Diego harbor improvement
fnnd s,1eh sum as multiplied by the time in
months the bonds then sold and outstanding
at tbe time said treasurer shall so take said sum
from said san Diego harbOf Improvement fund.
less the amount Heretofore taken therefrom for
said purpose; and be shall place the sum in the
sesvyall sinking fund created BY this act Said
state tres surer shalls controllers warrants
dl,IS- drawn for that purpose, employ the MONEYS
/ in said sinking fund IN the purchase Of bonds
~ he United States or Of the State Of Califor-
nia which said bonds shall be kept ia a proDer
receptacle appropriately labeled. but he must
taen a1Cavs on hand a sufficient amount Of
money in said sinking fund with which TO nav
fhe interest on such Of the state bonds herein
nrovide6 TO be issued NAV have Heretofore
been sold And to provide means for the paw
mont Of interest on the bonds that. may he
sold and outstanding. said treasurer shall month
II take from the Sar Diego harbor Improvement
fund and pay into said seawall sinking fund
an amount equal TO the monthly interest then
II daIfv