The San Francisco call., 1910-09-05
SENATE BILL NO. 4s4.

| RaSSed the Senate. March Il. A " ASNS'
Lewis A. Hilborn. Secretary of the senaIe[,oo [,ooo
Passed the Assembly, March 20, \ D. 1SUS-
/ Clio Lord. Chief Clerk of the Assembly. -,
fEhls bill was received BY the Governor; I.I lie
! 23d day OF March, A. D. 1903, az clocA
p. m. E. c. Cooper, Private Secretary OF tne
Governor.
Chapter 62S. An Act to provide for the issue
and sale of state bonds TO create 1und IL! ~.
the construction by the board Of state t narocf -
I commissioners for the bay of San Dleso ~ ~
haroor improvements consist OF sSawar' stn
| wharves, piers state railroad, spurs. pe'Se, pc yer
ments and appurtenances in the county el toau
Dlego; TO create sinking rund Ior tue p"s.
ment Of said bonds; to define the d1sIss I an a.
! appropriation Of one thousand i've nuhoIeg
dollars for the expense Of printing sa1g
+ bonds, and to provide for the submission Oh
| this act to q vote of the people.
The people,of the State of California. represented
in senate and assembly do enact as $40, Ioiio"s f,d
Section l. For the purpose OF prOVlolns ssz a.,
! for the payment Of the Indebtedness hsreDy h su
thorized to be incurred by the board OF state mar
Dor commissioners for the bay OF San s.io5
harbor improvements consist or Tor the eiSctIo
of seawan. wharves, piers, state rsl,r0du, ~ tb
! spurs, bettermentS and appurtenahces ~ - -
| county of San Diego at cost not 10 exceed IS oIS
million five hundred thousand dollars, wnien s1.u
seawall, wharyes, piers, state faurOdu, Spnj
betterments and appurtenGHces the Sald DOatu
of state harbCr commissioners for san DieSo bd9
are hereby empowered to construct in the man
ner authorized by law, at cost not 70 eACeeu -
one million five hundred thousand oonars, ~
state treasurer shall, immediately aIleL ~ "
issuance of the proclamation or the governor paS
yided for in section ten of this act. prepare NJ
teen hundred suitable bonds OF the Stste o5
dollars each To he nun1bered from one to fifteen
hundred, inclusive. and to bear date OF the secohu
day of July, nineteen hundred eIeyen. NE Tue ~
tai issue OF said bonds shall not exceed the sum
of million five hundred thousand doilars, auL
they shall bear interest at the rate OF touT per
cent per annum from the date or issuance IuS m
Of. The said bonds and the interest thereon snals
be payable in gold coin OF the Unlte1 states -. %
the present standard or value, at tne oIuce u -
state treasurer OF said state, on the second gay
Of July, nineteen hundred eighty -nve, s9DJect.
however, TO redemption by lot as IA i tILs az &C.
hereinafter provided The interest secrulng on
all said bonds that shall be sold shall be pay
able at the office of the treasurer OF the stats
on the second day of January and the second
day Of July of each year after the sale OF the
same At the expiration or seventy -four years
from the date Of said bonds ell bonds Shall cease
TO bear interest, and likewise all Oonds reueeheu
by lot hereinafter provided shall cease 60 pear
interest according 10 the provisions or TINS act
and the state treasurer shall call IN anu IorIh-
with pay and cancel the same out OF ss tns
MONEYS in the San Diego seawau SINKING Iunu
provided for in this act and be shall on the date
of the maturity OF said bonds cancel and destroy
naming unsold SHALL at the date Of the maturity
thereof be by the treasurer Of the state cAneelsu
and destroyed All bonds issued pursuant 10 the
I provisions of this act shall be signed oy tne
governor Of this state countersigned By the state
and the said bonds shall De 50 signed; counter
signed and indOrsed by the ofncers VINO are II
office on the second day OF July, nineteen nun nun
dred eleven, and each Of said bonds shau nave
the great seal of the State Of California I'M
pressed thereon. and said bonds signed counter,
signed indorsed and sold as herein provided snaIi
be and constitute a valid and binding obligation
upon the State Of California though the sale
thereof be made at date or dates after the per
son so signing, coun tersigning and indorsing or
either thereof, shall have ceased 70 De an IN
cumbent of said office or Offices.
Sec 2 Appended TO each Of said bonds there
shall be interest coupons attached that the
same may be detached without injury or mutila-
tion Of said bonds and said coupons shall oe
graphic signature of the stare treasurer who
shall be in office the second day OF July
nineteen hundred eleven. No interest shaiI De
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. 8. The sum of 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 be IN
Cured by the state treasurer IN having SAID
bonds prepared. The state controller is hereby
authorized and directed to draw his warrant
bonds. and the state treasurer Is hereby directed
Sec. 4. When the bonds authorized to be Is
sued by this act shall have been signed, coun-
tersigned and endorsed, as in section l 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
direct provided a resolution requesting such
sale shall have been adopted by the board Of
state harbor commissioners for San Diego bay,
and said board shall not pass such resolution
until in their Judgment the actual hsrbor re
ceipts and those reasonably anticipated, will
Justify such sale of bonds and the consequent
increased burden on harbOr receipts Said resOlu-
tion shall specify the number Of bonds neces-
sary to produce the amount Of money which, in
the Judgment of said board of 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 to
rsise 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 and the last preceding
interest maturity date. The state treasurer may.
at the time and place fixed by him for such
sale continue such sale as TO the whole or any
part of said bonds TO such time and place as
he may the time Of such continuance desig-
ate Before offering any or said bonds for sale
the state treasurer shall detach therefrom all
coupons which have matured viii 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 OF Los
Angeles, one newspaper published IN the city Of
San Diego and one newspaper published il the
city of Sacramento, once week for four weeks
next preceding the date fixed for such sale. In
addition TO the notice last above provided for
as he NAV deem advisable. but the expenses and
cost of such additional notice shall not exceed
the of i've hundred dollars for each sale 50
advertised. The cost OF such publication shall
be paid out of the San Diego harbor 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 by said treasurer
into the treasury, and must be by him kept in
a separate fund to be known and designated as
fhe 'sSan Diego Seawall Fund and must be
used exclusively for the construction of a sea
wall wharves. 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
upon and shall be paid out OF said fund in the
same manner as drafts and warrants are drawn
uDon and paid out of the San Diego harbor i'm
provement fund
Sec s. For the payment OF the principal and in
terest of said bonds a sinking fund, to be known
and designated as the ''San Diego SeawaH Sink
ing Fund . shall be- and the same is hereby ore
ond day of January, nineteen hundred and twenty
nine shall on the first day OF each and everv
month thereafter, after the sale of said bonds
fake from the San Diego harbor Improvement
fund such sum as. multiplied by the time in
months the bonds then sold and outstandino
NJ the time said treasurer shall so take said ssr1
from said San Diego harbor improvement rnnd
less the amount Heretofore taken therefron, 90
said purpose; and he shall place the sum in tbs
seawaI sinking fund created by this act Said
state treasurer shall. controllers warra1-S
duly drawn for that purpose, employ the monsvs
in said sinking fund in the purchase of bonds
MIA which said bonds shall be kept in a rrona~
receptacle, appropriately labeled; but he m,st
keep always hand a sufficient amounf -
money in said sinking fund with which to ~
the interest such Of the state bonds herai5
provided to be issued may have thererofo-a
been sold And TO provide means for the No.
ment Of interest on the bonds that NAV =
sold and outstanding, said treasurer shan rnon+p
". take from the San Diego harbor fnnrovar.en.
fund. and pay into said seawal sinking SrrS
an amount equal TO the monthly intereSt tLo-
all Il-r1 Nk-z