Amador ledger., 1910-09-02

! fund" on controllers warrants duly drawn for
that purpose The proceeds OF the sale Of such
| bonds shall be forthwith paid over by said
| treasurer into the reasury. and must he by
| him Kept IN separate fund to be known and
! dHstlnated aS the 'Indi Basin fund" ard
must b4 used exclusively for the acquisition OF
| the area described in the act referred to IN sec
| ton hereof Drafts and warrants upon sal
| fund shall be drawn upon and shall be paid out
| OF said fund In the same manner rs drafts and
| warrants are drawn upon and paid out of the
| San Francisco Harbor Improvement Fund
| SEC. D. For the payment OF the principal and
interest Of said bonds sinking fund, to be
| known aud designated as the India Basin
| Sinking funt," shall be, and the same Is here.
| by created rs follows, to witt The state
| treasurer shall, on the first day of each
| and every month after the second day OF
December a. D. 1923; take from the
such sum as. multiplied by the the time the
| bonds then sold and outstanding have 10 run
| will equal the principal OF the bonds sold and
| outstanding NJ the time said treasurer shall so
| take sal ! sum from said San Francisco hnrb)r
| Improvement fund. less the amount heretofore
taken therefrom for said purpose; and he shall
| place the sum in the India basin sinking fund
| created by this act. Said state treasurer shall,
| on controllers warrants duly drawn for that
purpose, employ the moneys in said sinking
| fund In the purchase OF bonds OF the United
| States. or of the State OF California or OF the
| several counties or municipalities Of the State
| Of California, which said bonds shall be kept in
| - proper receptacle appropriately labeled; but
| ne must always keep on hand u SUFFICIENT
| amount of money in said sinking fund with
!
| bonds herein provided to be issued as may have
| heretofore been sold. Aud to provide means
| for the payment Of interest on the bonds that
may he sold and outstanding, said treasurer
| shall monthly take from the San Francisco har-
| Dor improvement fund, and pay into said In
| dia basin sinking fund, an amount equal to the
| monthly interest then due on all bonds then
| sold, delivered and outstanding. The board of
| State harbOr commissioners is hereby author
| lied and directed by the collection of docltage
| tolls, rents, wharfage and cranage, to collect
| N
| this act. over and above the amount limited
| by section Two thousand five hundred an
twenty.six Of the Political Cole of the State
| of California, Between the first and tenth
| day of November, in the year nineteen hun
| dred and forty. and between The first and
/ tenth day of November of each year there
| after until the maturity of said bonds the said
| treasurer shall, in the presence CT the COVER
nor, proceed 10 draw by lot such an amount
| of bonds as shall be requisite to exhaust as
| nearly as may be the amount in said sinking
! fund Mt that time, and small thereupon and
before the tenth day of December following
| give notice by public advertisement to he in
| serted twice n week for two weeks in
| two newspapers published in the city and
county Of San Francisco, and also in one
| newspaper published in the city of Oakland,
| and also in one newspaper published in the
| city of Los Angeles, and also in one news
| paper published in the city of Sacramento,
stating the number of bonds so drawn. and
that the principal of said bonds shall be
| paid on presentation TO the treasurer on or
before the second day of January, blowing,
and that from aud after such last named
| date all interest upon bonds thus drawn shall
cease, and it shall be the duty of the treas
urer as soon as said bonds SO drawn by lot are
surrendered to him and paid, to cancel the
! same, and the interest COUPONS thereon, and
| each year, beginning with thc year nine
| teen hundred and forty, the said treasurer
shall, in the manner aforesaid, proceed to
| draw by lot such an amount OF bonds IS shall
| be requisite TO exhaust aus nearly may be
| the amount in said sinking fund, and pro-
| coed in the manner hereina bove stated, After
| the payment of all said bonds, the surplus
or balance remaining in said sinking fund, if
| any there be, shall forthwith be paid into the
| San Francisco harbor i'm provement fund. AT
| the time of the respective drawings by lot, as
aforesaid, and also at the maturity of said
| state bonds, said treasurer shall sell the
| United States or other bonds then in said
| sinking fund, at governing market rates, after
advertising the sale thereof in the manner
| herein before provided for the sale OF bonds
| hereby authorized to be issued. and shall use
the proceeds for the payment of such bonds
as may be drawn by lot, and at the maturity
| of said bonds outstanding shall pay and re-
deem said matured outstanding bonds out of
said money. in said fund in eNtinsuishment
| ofsad bonds on controllers warrants duly
| drawn for that purpose.
SEC. &. The state controller aud state treas
| urer shall keep full and particular account and
record of all their proceedings unde' this act
and they shall transmit to the governor an alb
| stract OF all such proceedings thereund-r with
an annual report. to be- by the governor laid be-
| fore the legislature biennially; and all books
| and papers pertaining to the matter provided
for in this act shall ,lt all times be open to the
| inspection of any party interested, or the COVER
nor, the attorney general. or u committee of
either branch of the legislature. or joint COM
mittee of both, or any citizen of the state.
SEC. Z. 1t shall he the duty of the state treas.
urer to pay the interest of said bonds, when the
same falls due, out Of the sinking fund provid-
ed for in this act on controllers warrants duly
| drawn for that purpose.
SEC. s. This act, if adopted by the people,
shall take effect the tn rty-tirst day Of Deem
ber A. ID. nineteen hundred aud ten, to all
its provisions except those relating To and neces-
sary for its submission to the people. and for
returning canvassing, and proclaiming the
votes, and as to said excepted provisions this act
shall take effect Immediately.
SEC o. This act shall be submitted to the peo-
pie of the state Of California for their ratification
at the next general eaction to be holden IN the
month of November, A. ID. nineteen hundred and
ten and all ballots at said election shall have
printed thereon, the words For the India Basin
Act, and in the same square, under said words,
the following in BREWER type This act provides
for the acquisition of a tidal basin in the bay OF
san Francisco for harbor purposes, and for the
payment of all costs thereof out of the San
Francisco HaTbor Impro, ement Fund" In the
square Immediately below the square containing
said words, there shall be printed ON said bal
lot, the words against the India Basin Act,
and Immediately below said words against the
India Basin Act" in BREWER type. shall be
printed; "This act provides f1r the acquisition
OF n tidal basin in the bay of san Francisco, for
harbor purposes, and for he payment of all
costs thereof out of the "San Francisco Harbor
Improvement Fund" Opposite the words For
the India Basin Act" and " Against the
India Basin Act" there shall he left
spaces in which The voters may make or
stamp cross to indicate whether they vote
for or against said act and those voting fol
said act shall do so by placing cross opposite
the words - For the India Basin Act" and all
those voting against said act shall do 50 by plac
Ing cross opposite the words against the india
Basin Act" The governor of this state shall in
clude the submission of this act to the people as
aforesaid in his proclamation calling for said
genera election.
SEQ. 10. The votes cast for or against this ac
shall DO counted returned and cdnyassed and
declared in the same manner and subject TO the
same rules as votes cast for state officers; and il
IL appear that sail act shall have received d
majority Of All the votes cast for an against II
at said election aforesaid, then the sam'
shall have effect as herainberore p.oyded, ant
shall be irrepealaDle until the principal aud in