Amador ledger., 1910-10-21
SENATE BILL NO. 227.

Passed the Senate February III, A ID. 1909.
Passed the Assembly. March 10, A. D. 1909.
Clio Lloyd, Chief Clerk of the Assembly.
This Bill was received by the Governor, this
18th dayiof March, A. d. 1903, at O'CLOCK p m.
E. G. Cooper. Private Secretary of the Cover
nor.
CHAPTER 407. An Act to provide for the issu-
ance and sale of state bonds to create fund
for the acquisition by the board of state har-
Dor commissioners of necessary area for a
tidal basin for wharves docks, piers, harDors
and appurtenanceS in the city and county OF
San Francisco; to create sinking fund for the
payment of said bonds; and defining the du-
ties of state officers in relation thereto; max
ing an appropriation OF one thousand dollars
for the expense of printing said bonds; and
providing for the submission OF this act to "a
vote of the people.
The people of the State of California, repre-
senteo in senate and assembly do enact as
follows:
SECTION For the purpose Of providing
fund for the payment of the Indebtedness auth
orized to be incurred by the board of state har-
Dor commissioners for the acquisition OF the
necessary area for tidal basin extending the
area OF India basin on the water front OF the
city and county of San Francisco, as provided in
an act entitled IAN act to authorize and direct
the board of state harbor commissioners to in
stitute condemnation proceedings against GER
tain property north OF India basin, and extend
ing to Islais creek in the city and county of San
Francisco and extending the jurisdiction of
said board over the same, and providing for
the payment of judgments from the proceeds
of bonds issued and sold under the provisions
of an act entitled IAN act to provide for the
issuance and sale of state bonds to create
a fund for sthes acquisition by the board OF
state harbor commissioners of necessary
area for o tidal basin for wharveS, docks,
piers, harbors, and appurtenances in the city
and county of San Francisco; TO create sink
ing fund for the payment of said bonds; and de-
fining the duties of state officers in relation
thereto; making an appropriation OF Sl,OOO for
the expense Of printing said bonds; and pro-
viding for the submission of this act to o vote
Of the npODle.n The state treasurer shall 1mm6-
diately after the issuance OF the proclamation
by the governor, provided for in section 10 here
of, prepare one thousand suitable bonds of the
Stale of California, in the denomination Of one
thousand dollars each. The whole issue of said
bonds shall not exceed the sum of one million
dollars, and said bonds shall bear interest at
the rate of four per centum per annum, from the
time of the sale thereof, and both principal and
interest shall be payable in sgold coin of the
present standard value and they shall be pay
able at the officn of the state treasurer at the
expiration of seventy-four years from theirdate,
subject, however, TO redemption by lot as in
| this act hereinafter provided. Said bonds shall
bear date the second day of January, A d.
| 1911, and shall be made payable on the second
day of January, A. ID. 1885 The interest
accruing on such of said bonds as are sold shall
| be due aud payable ut the office of the state
treasurer on the second day of January. and on
| the second day of July, OF each year after the
sale of the same: provided, that the first pay
I Iment OF interest shall be made on the second
| day OF January, A ID. 1912, on so many OF
| said bonds las have been heretofore sold.
| At the expiration of seventy-four years from
| the date Of said bonds, all bonds sold shall
cease TO bear interest. and likewise all
| bonds redeemed by lot shall cease to bear
| interest as in this act provided, and the said
state treasurer shall call in. forthwith pay and
cancel the same. out of the moneys in the India
basin sinking fund provided for IN this act,
and he shall on the first Monday OF January,
| A. d. 1885, also cancel and destroy all bonds
not heretofore Isold. All bonds issued shall
| be signed by the governor, and counterSigned
by the controller, and shall be endorsed by
| the state treasurer, and each shall have the
seal of the state stamped thereon Each bond
shall contain a clause that IL is subject 10
| redemption by lot after the year nineteen hun
dred and thirty nine.
SEC. s-Interest coupons shall be attached
to each Of said bonds, so that such coupons may
be removed without injury TO or mutilation OF
the bond. Said coupons shall be consecuttvely
numbered, amp shall be signed by the state
| treasurer But no interest on any of said bonds
shall be paid for any time which may intervene
between the date OF any of said bonds and the
| issue and sale thereof to q purchaser.
| SEC. 3. Tho sum of one thousand dollars is
hereby appropriated ito pay the expense that
may be incurred by the state treasurer In hav-
| ing said bonds prepared SAID amount sh1ll be
| paid out OF the "San Francisco harbor improve
| rnent fund " on controllers warrants duly
drawn for that purpose.
| SEC. 4. When the bonds authorized to be
| issued under this act shall be duly executed
| they shall be sold by the state treasurer at pub
| lie auction TO the highest bidder for cash, in
| such parcels and numbers as said state treas
urer shall determine; but said treasurer musi
reject any and ali bids for said bond. or for any
| OF them. which shall be below the par value OF
| said bonds so offered for sale, and he may by
public announcement at the place and time fixed
| for the sale, for good and suftioient cause, con
| tinue such sale as to the whole OF the bonds
offered or any part thereof offered, TO such time
| and place as he may select not exceeding, how
| ever sixty days. Due notice OF the time ano
| place OF sale OF all bonds, and OF the postpone
| ment OF sale thereof, must be given by sale
| treasurer by publication In two newspapers
published In the city and county OF San Fran
| cisco and also by publication In one newspaper
| published In the city OF Oakland, aud by pub
iioation In one newspaper published In the city
| OF Los Angeles and by publication In one news
! paper published In the city OF Sacramento, onc'