Amador ledger., 1910-10-28
sENATE RILL NO. Aa5.

vember, A d. 1910 to wit:
SENATE BILL NO. AIS.
Passed the Senate, March 8, A.D 1909. Lewis
a. Hilborn, Secretary of the Senate ....
Passed the Assembly, March 10, A. ID. lgO9
Clio Lloyd. Chief Clerk of the Assembly.
This Bill was received by the Governor thls
10Th day Of March, a. y. 1909, at II O'Clock m
E, @. Cooper, Private Secretary Of the Governor
CHAPTER $50. An act to provide for the lSsu
ance and sale Of state bonds to create q iund
for the improvement OF San Francisco harbor
by the construction by the board OF state
harbOr commissioners of wharves, piers, state
railroad, spurs, betterments and appurten-
ances, md necessary dredging and hlltng Ia
connection Herewith in the city and county
of San Francisco; to create sinking fund
for the payment Of said bonds; to define the
duties of state officers in relation theretJ; to
make an appropriation OF five thousand dol
lars for the expense OF printing said bonds $
and TO provide for the submission Of this
act TO a vote of the people.
The people OF the State of California. repre-
sentedin senate and assembly, do enact as
follows;
SECTION l. For the purpose Of providing u
fund for the payment of the Indebtedness here
by authorized TO be incurred by the lbOard Of
state harbor commissioners for the erection Of
wharves, piers. seawall, state railroad, spurs,
betterments and appurtenances, and necessary
dredging and filling in connection herewith,
in the city aud county OF San Francisco, at
q cost not to exceed nine million dollars
(which said wharves, piers, sea wall, state
railroad spurs, betterments and aOpurtenanceS
and necessary dredging and hlltng in connec-
commissioners are hereby empowered to con-
struct and do, in the manner authorized by
law, and at cost not TO exceed said nine
million dOllars), the state treasurer shall i'm
mediately after the issuance of the procla
nation OF the governor, provided for in sec
tion 10 hereof. prepare nine thousand suit
able bonds Of the State of California in the de-
nomination OF one thousand dollars each. The
whole issue Of said bonds shall not exceed the
sum of nine million dollars, aud said bonds
shall bear interest at the rate of four per
centum per annun, from the date of issuance
thereof, and both principal ana interest shall
be payable n gold coin of the present standard
value and they shall be payable at the Office
of the state treasurer, al the expiration of
Seventy-fOur years from their date, subject,
P SSo9ded bot b6nds as 81
date the secoud day of July, AID nineteen hun
dred and eleven, and shall be made payable
on the second day of July, nineteen hundred
and eighty-hve. The interest accruing on
such of said bonds as are sold, shall be due and
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 payment Of in
tereSt shall be made on the second day o. July
nineteen hundred and twelve. on so
many OF said bonds as may have been thereto
fore sold. at the expiration of seventy 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 MS
in this act provided, and the said state treas
urer shall call in, forthwith pay and cancel the
same, out of the moneys in the second San
Francisco seawall sinking fund provided for in
this act. and he shall, on the first Monday of
July, nineteen hundred and eighty-fve,
also cancel and destroy all bonds not thereto
fore sold All bonds issued shall be signed by
the governor. and countersigned by the control
Ter, and shall be endorsed by the state treas
urer. and the said bonds shall be so signed,
countersigned and endorsed by the officers who
are in office on the second day of july 1911. and
each of said bonds shall have the seal of the
state stamped thereon The said bonds signed,
counterSigned, and endorsed and sealed, as
herein provided, when sold shall be and consti-
tute valid and binding obligation upon the
State OF California. though the sale thereof be
made at u date or dates after the person sign
ing. counterSigning and endorsing. or any or
them, shall have ceased to be he incumbenls
of such office or Offices Each bond shall contain
u clause that it is subject to redemption by lot
after the year nineteen hundred and fifty.
SEC. Interest coupons shall be attached to
ach of said bonds, so that sucn coupons may
beremoved without injury to or mutllatlon OF
the bond Said coupons shall be consecuttvely
numbered and shall bear the Autographed sig
nature of the stare treasurer who shall be in
office on the second sday of July, 1911. 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 ana sale
thereof 10 n purchaser, unless such accrued IN
terest shall have been, by the purchaser OF said
bond. paid to the state at the time of said sale.
SEC. B. The sum OF five thousand dollars is
hereby appropriated to pay the expense That
may be incurred by the state treasurer in hav-
paid out OF the San Francisco harbor improve
ment fund OH controllers warrants duly drawn
for that purpose.
SEC f. When the bonds authorized to be is
sued under this act shall be duly executed.
they shall be by the state treasurer sold at
public auction to the highest bidderlfor cash.
in such parcels and numbers as said treasurer
shall be directed by the governor OF the state,
under the seal thereof. after resolution re-
questing such sale shall have been adopted by
the board of state harbor commissioners and
approved by either the governor of the state or
mayor of the city and county of San Francisco,
who shall only approve the same when in their
Judgment the actual harbor receipts, and those
reasonably anticipated, will justify such sale
OF tonds and the consequent increased Dufuen
on harbor receipts but said treasurer must re-
ject any and all bids for said bonds or FOR any
of them which shall be below the par value of
said bonds so offered. plus the interest which
has accrued thereon between the date of sale
and the last preceding interest maturity date;
and he may. by public announcement at the
Time 1xed for the sale. continue such sale as
10 the whole OF the bonds offered or any part
thereof offered, to such time and place as ne
may select Before Offering any of said bonds for
sale the said treasurer shall detach therefrom
all coupons which have matured or VIII ma
ture before the date fixed for such sale.
Due notice of the time ana place OF sale
of all bonds must be given by SAID treas
urer by publication in two newspapers pub
lShed in the city and county OF san Francisco,
and also by publication in one Newspaper pub
lished in the city OF Oakland, and by publica-
tion in one newspaper published In the city or
Los Angeles, ana by publication In one news
paper published In the city OF Sacramento, once
a week during four weeks prior TO such sale.
In addition 10 the notice last above provided
tor, the state treasurer may give such further
notice us he may deem advisable, but the eX-
pense and cost of such additional notice
shall not exceed the sum OF five hundred dol
lars ts500.UO for each sale so advertised.
The cost OF such publication shall be paid out
OF the San Francisco harbor improvement fund,
on controllers warrants duly drawn for that
purpose The proceeds Of the sale of such
bonds. except such amount as may have
been paid as accrued interest thereon,
shall be forthwith paid over by said treasurer
into the treasury, and must be by him kept In
a separate fund, to be known and designated rs
the Second San Francisco Seawall Fund and
must be used exclusively for the construction
0f wharves. piers, seawall state railroad, spurs
bettterments ana appurtenauces, and necessary
dredging and filling in connection therewllh, on
the water front of the city ana county OF Sun
Francisco. Drafts and warrants upon said fund