Amador ledger., 1910-08-12

sinking fund for the payment OF said
bonds; to define the duties OF state officers
IN relation thereto: to. make an apprOpria-
tion OF one thousand five hundred dollars
Tor the expense of printing said bonds, and
10 provide FOR the Subm issiOn of this act TO
vote OF the people.
The people of the state OF california, rep
resented IN senate and assembly, do enact
~ follows:
SECTION | For the purpose o; providing
fund for the payment OF the indebtedness
hereby authorized to be incurred by the
board of state harbOr com missioncrs for the
haV OF san Diego for harbor improvements,
consist OF the erection of n seawall, whnrvcs,
piers, state railroad, spurs, betterments and
appurenances In the county of san Diego, at
a cost not TO exceed one million i've hun.
dred thousand dollars, which said seawali,
wharves, piers, state railroad, spurs better
ments and appurtenances the said board of
state harbor commissioners for san Diego
bay are hereby empowered to construct in
the manner or, autn9rlzei by law, at a cost not
dollars, the state treasurer shall, i'm ediate-
ly after the Issuance of the proclamation of
the governor provided for In section ten of
this act, prepare fifteen hundred suitable
bonds of the State of California in the de-
nomination Of one thousand dollars each, to
he numbered from one to fifteen hundred
inclusive and to bear date of the second day
fully, nineteen hundred eleven. The total
issue OF said bonds shall not exceed the sum
of one million five hundred thousand dol
lars, and they snail bear interest at the rate
of four per cent per annum from the date of
issuance thereof The said bonds and the
of the United States of the present standard
of value, at the office of the state treasurer Of
said state, on the second day OF July, nine
to redemption by lot as in this act herein
after provided. The interest accruing on all
OF said bonds that shall be sold shall be pay
able at the office of the treasurer of the state
on the second day of January and the second
day of July Of each year after the sale of the
same. At the expiration OF Seventy-fOur
years from the D ate of said bonds, all bonds
shall cease to bear interest, and likewise all
bonds redeemed by lot as hereinafter pro-
vded shall cease to bear Interest according
to the provisions of this act, and the state
treasurer shall call in and forthwith pay
and cancel the same out of the moneys in
the San Diego Seawall sinking fund provided
for in this act. and he shall on the date of
the maturity OF said bonds cancel aud des-
troy all bonds not heretofore sold. All bonds
remaing unsold shall, at the date of matur-
ity thereof, be by the treasurer of the state
Cancelled and destroyed. All bonds issued
pursuants to the provisions of this act shall
be signed by the governor of this state
countersigned by the state controller, and
endorsed by the state treasurer, and the said
bonds shall be so signed, countersigned and
endorsed by the officers who are in office on
the second day of July, nineteen hundred
eleven, and each of said bonds shall have
the great seal of the state of California i'm
pressed thereon, and said bonds signed
countersigned, endorsed and sold as herein
provided shall be and constitute o valid and
binding obligation upon the State Of Califor-
mia though the sale thereof be made at a date
or dates after the person SO signing. counter
signing and endorsing, or either thereof
shall have ceased to be an incumbent of
said office or offices.
SEC 2. Appended to each of said bonds
there shall be interest coupons so attached
that the same may be detached without in
jury or mutilation of said bonds, and said
coupons shall be consecutively numbered.
and shall bear the lithographic signature OF
the state treasurer who shall be in office on
the second day of July, nineteen hundred
eleven. mo interest shall be paid on any of
said bonds for such time as may intervene
hpfx 10 6n Of caih
of sale thereof, unless said accrued interest
shall have been, by the purchaser of said
bond, paid 10 the state at the time of such
sale.
SEC 3. The sum of one thousand five hun
dred dollars is hereby appropriated out of
any moneys in the state treasury not other
may be incurred by the state treasurer in
having said bonds prepared. The state con-
troller is hereby authorized and directed to
draw his warrant for the expense incurred
in preparing the said bonds, and the state
treasurer is hereby directed to pay the same.
SEC. 4. When the bonds authorized to be
issued by this act shall have been signed.
countersigned and endorsed, as in section
provided, 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 resolution re-
questing 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 harbor receipts, and those reason
ably anticipated, will justify such sale of
bonds, and te consequent increased burden
on harbor receipts. Said resolution shall
specify the number. of bonds necessary to
produce the amount of money which, in the
judgment of said board of harbOr commits
sioners, 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 raise 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 or sale
and the last preceding interest maturity
date The state treasurer may, at the time
and place fixed by him for such sale, con-
tinue such sale as TO the whole or any part
of said bonds to such time and place as he
may at the time of such continuance desig-
nate. Before offering any of said bonds for
sale the state treasurer shall detach there,
from all coupons which have matured or will
mature before the adate fixed flor such sale
The state treasurer shall give notice OF the
time and place Of sale by publication In two
newspapers published 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, ana one
newspaper published in the city ofSacramen-
to,once "a week for four weeks next preceding
the date fixed for such sale. In addition to
the notice last above provided for. the state
treasurer may give such further notice as he
may deem advisable, but the expenses and
cost of such additional notice shall not eX-
ceed the sum of five hundred dollars for each
sale so advertised. The cost of such publica-
ton shall be paid out of the san Diego har-
Dor improvement fund on controllers war
rants duly drawn for that purpose, and the
treasure; must pay the same. The proceeds
of the sale of such bonds shall be forthwith
paid over by said treasurer into the treasury,
and must be by him kept in separate
| fund TO be known and designated as the
" San Diego Seawall Fund" and must be
used exclusively for the construction of sea-
wall, wharveS, piers, state railroad, spurs,
betterments and appurtenances thereto on the
water front of the bay of San Diego.
Drafts and warrants upon said fund shall be
nrn W n lta n
| in the same manner as drafts and warrants are
drawn upon and paid out of the San Diego
harbOr Improvement fund
SEC D. For the payment OF the principal
ani interest of said bonds sinking fund, to
be known and designated as the "San Diego
Seawall Sinking Fund" shall be and the
same is hereby created, to wit: The state
| treasurer, after The second day of January,
| nineteen hundred and tWentY-nine, shall ON