Amador ledger., 1910-10-28

fund" on controllers warrants. dnlv 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 be by
MN Kept in separate fund to be known and
Designated as the India Basin fund, and
must be used exclusively for the acquisition OF
the area described in the act referred to In sec
tlon hereof Drafts and warrants upon said
iund shall be drawn upon aud shall be paid out
OF Sald tund IN the same manner as drafts ana
warrants are drawn upon and paid out OF the
san Francisco Harbor Improvement Fund"
SEC. D For the payment of the principal and
interest or said bonds % sinking fund, TO be
known and designated as the india Basin
sinking FUND.- shall be, and the same is here
by created, as follows, to wit: The state
treasurer shall on the hrst day Of each
aud every month after the second day of
Decembeir a. d. 1928 take from the
san francisco harbor Improvement fund"
such sum as, multiplied by the the time the
bonds then sold and outstanding have to run
VIII equal the principal OF the bonds sold and
outstanding NJ the time said treasurer shall so
take said sum from said San Francisco harbor
improvement fnnd, less the amount Heretofore
taken therefrom for said purpose; and ho 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 rof the State of California, or Of the
several counties or municipalities OF the State
of California, whicn said bonds shall be kept in
n proper receptacle appropriately labeled; but
he must always keep on hand sunicent
| amount of money in said sinking fund with
bonds herein provided to be issued as may have
heretofore been sold. And 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-
bor improvement fund, and pay into said In
din basin sinking fund, an amount equal to the
monthly interest then due on all bonds then
sold delivered and outs tanding. The board of
state harbor commissioners is hereby author
ized and directed by the collection Of dockage
tolls rents, wharfage and cranage, to collect
| n sum of money sufficient for the purposes of
this act over and above the amount limited
by section two thousand five hundred and
twenty-six of the Political Code 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 to 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 at that time, and shall thereupon and
before the tenth day of December following.
| give notice by public advertisement to be in
serted twl ce q week for two weeks in
| two newspapers published in the city and
county ef 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 Der 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, following,
and that from and 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, ito cancel the
! same, and the interest coupons thereon, and
each year, beginning with the 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 as nearly may be
| the amount in said sinking fund, and pro-
| ceed in the manner herenabove 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 neutrality-suspicious. 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
| 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 extingushment
| ofsaid bonds on controllers warrants duly
| drawn for that purpose.
SEC 6. The state controller aud state treas
urer shall keep full and particular account and
| record of all their proceedings under this act
| and they shall transmit to the governor an alb
| stract OF all such proceedings hereunder, 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 at all times be open to the
| inspection OF any party interested or the COVER
nor or the attorney general. or committee of
| either branch of the legislature. or Joint COM
mttee of both, or any citizen Of the state
Sec 7. It shall be 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, il adopted by the people,
shall take effect the thrty-frst day of Decem-
ber, A. D.. nineteen hundred and ten, as to all
ff1Nrf ~
Sary for its submission to the people, and for
returning canvasStng, and prOcaming the
votes, and to said excepted provisions this act
| shall take effect Immediately
| SEC g. This act shall be submitted to the peo-
pie of the state of California for their ratification
at the next general elaction 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 tidal basin in the bay OF
| san Francisco for harbor purposes and for the
payment of all costs thereof out OF the San
| Francisco Harbor ImproN 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 tho
| India Basin Act" in BREWER type shall be
| printed: "This act provides for the acquisition
Of tidal basin in the bay of san Francisco, for
harbor purposes, and for The payment Of all
| costs thereof out of the "San Francisco Harbor
| Improvement Fund.-" Opposite the words "For
the India. Basin. Act" and 4" gainst the
India Basin Act" there shall be left
spaces in which the voters may make or
| stapp cross to indicate whether they vote
for or against said a;t and those voting for
said act shall do SO by placing a 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 shah in
clude the submission Of this act to the people, as
aforesaid. in his proclamation calling for said
| general election.
SIC. 10. The votes cast for or against this act
shall be counted, returned ~ i canvassed and
declared in the same manne' and subject to the
same rules votes cast for Ltate officers; and If
it appear that said act TGail have reoeivei
majority Of all the vote" cast for and against il
at said election Ii)resaid. then the same
shall have effect n. aerelnberore provided. ana
shall be nrepe~. .-2ble until The principal and in.
| nf In pra gb ho