The San Francisco call., 1910-09-26
SENATE BILL NO. 4s4.

Passed the Senate. March 12. A. D. 1909
LeTis A Hilborn. Secretary Of the sen4' isoo.
Clio Lord, Chief Clerk OF the Assembly
80 This bill was received by the Governor; ldnS tnls
Governor
Chapter 623 An Act to provide for the issue
and sale of state bonds TO create Iupd IOr
the construction by the board Of state ma narOOs s
commissioners for the bay Of San Dlego 1l
harbor Improvements consist OF seaWan' et
wharves, piers. state railroad, spurs, OstSel S
ments and appmtenances in the county o. ,ss, san
Diego; TO create a sinking fund Tor tns P45s
ment of said bonds; to define the duties OF
state officers in relation thereto; 70 nake ,-S an
appropriation of one thousand nye hunoIiS i9
bonds. and to provide for the SUBMISSION u
tnls act to vote OF the oeopie-
The people of the State o. california, representeu
In senate and assembly, do enact as rouo"s'
Section l. For the purpose Of providing a tunn ina
Tor the payment of the Indebtedness nelepS n1tS har
thorized to be incurred by the board OF StaIe ns
Dor commissioners for the bay OF San Diego III iOI
harbor improvements consist OF for the erScIon ea
Of seawall, wharyes, piers. state ralIodu, az
county of San Diego, at cost not TO e1eeeu oas
million five hundred thousand dollars, WIlcn % Satu
seawall wharves, piers. state railroad, spurs;
betterments and appurtenazces the sa1d ooafo
of state harbor commissioners for San Dieso Day
ner authorized by law. at cost not to exceed
one million five hundred thousand doIlars, AZ
state treasurer shall, Immediately aIter ene
issuance Of the proclamation OF the governor pr
yided for in section ten of this act prepare NJ
California in the denomination OF one thoussan sssa
dollars each, to be numbered from one 70 49, nieSe
hundred inclusive, and to bear date OF tne ~
day of July, nineteen hundred eleven Inc 10
tai issue OF said bonds shall not exceed the sun,
Of one million five hundred thousand collars anu
cent per annum from the date Of issuance there
or The said bonds and the interest tneLson snaIs
be payable in gold coin OF the United States OF
the present standard of value at the office OF the
of July. nineteen hundred eighty -Hye. subject.
70 rode
hereinafter provided The interest aceruinS on
all of said bonds that shall be sold snall oe Pay
able at the office of the treasurer OF the state
on the second day OF January ana the seeenc
day Of July of each year after the SAFE OF Ine
same At the expiration OF seventy-Iour years
from the date Of said bonds all bonds snal cease
to bear interest and likewise all bonds redeemed
by lot as hereina1ter pToVleeo sna +biS S sct
interest according TO the provisions OF TINS az
and the state treasurer shall call IN ana Iol.n-
with pay and cancel the same 3S,;ns 9nJ Ug rnnd
provided for in this act, and he shal on tne QaIe
Of the maturity of said bonds cancel ana aestEoy
all bonds not heretofore sold All oonus r.
naming unsold shall. at the date OF the maturity
thereof be by the treasurer of the state caaceieo
and destroyed. All bonds issued pursuant TO tEs
provisions Of this act shall be signed by the
governor of this state, countersigned 0y tne state
controller and indorsed by the state treasurer'
and the said bonds shall be so signed, counter
signed and indorsed By the officers WHO are ID
office on the second day of July. nineteen hun
the great seal of the State of California I'M
pressed thereon, and said bonds signed counter,
be and constitute q 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 countersigning and lno9rslng, OF
either thereof shall have ceased 10 be an IN
cumbent of said office or offices
Sec. . Appended to each of said bonds there
shall be interest coupons attached that the
same may be detached without injury or mut1la-
tion of said bonds. and said coupons shall oe
consecutivey numbered and shall bear the htho-
graphic signature of the state treasurer who
shall be in office on the second day OF July,
k,,,1 1rnd n1o n
paid on any OF said bonds for such time as may
intervene between the date OF said bond and
interest shall have been, By the purchaser OF
said bond, paid to 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 otherwise ap-
propratsd to pay the espsne that "a may De ss ,n
bonds prepared. The state controller 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
sued by this act shall have been signed, coun-
tersigned and endorsed. as in section I pro
yided the state treasurer snail sell the same for
cash to the highest bidder in such parcels and
direct provided a resolution requesting such
sale shall have been adopted by the board Of
state barbor commissioners for San Diego bay
and said board shall not pass such resolution
until in their Judgment the actual har6or re; re;
Justify such sale of bonds and the consequent
Increased burden on harbor receipts. Said resolu-
ton 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
raise said amount OF money, and that said
bonds shall be sold in consecutive, numerical
order The state treasurer shall not accept any
hid which Is less than the par value of the
bond Mus the interest which has accrued thereon
date of laSTU fnO
interest maturity date. The state treasurer may,
at the time and place fixed by him for such
sale continue such sale to the whole or any
part of said bonds to such time and place as
he may at the time of such continuance desIg-
the state treasurer shall detach therefrom all
coupons which have matured will 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
lished 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 newspaper published In the
CITY of Sacramento, once week for four weeks
addition to the notice last above provided for
the state treasurer may give such further notice
cost of such additional notice shall not exceed
the sun. of five hundred dollars for each sale SO
advertised The cost OF such publication shall
he Maid out of the San Diego harbor improva
ment fund on controllers warrants duly drawn
same The proceeds of the sale of such bonds
shall be forthwith paid over by said treasurer
into the treasury. ana must De 0y him kent in
q separate fund TO be known and designated sS
tbe s.San Diego SeawaH Fund and nust he
used exclusively for the construction of sea
wall wharves, piers, state railroad, spurs bat
terments and appurtenances thereto on the vstsr
front of the bay of San Diego. Drafts and
warrants upon the said fund shall he drs,-n
upou and shall be paid out Of said fund in The
same manner as drafts and warrants are dra1gn
upon and paid out of the San Diego harbor i'm
provement fund
See 5 For the payment of the principal and in
terest of said bonds sinking fund to be kno1vn
and designated the San Diego Seawall SInk
ated to wit: The state treasurer. after the sec
ond day of January, nineteen hundred and twenty
nine shall on the first day of each and every
month thereafter. after the sale Of said bonds
take from the San Diego harbor improvement
fund such sum as multiplied by the time in
months the bonds then sold and outstandino
at fine time said treasurer shall so take said snm
from said San Diego harbor Improvement fund
less thr amount heretofore taken therefrom FOR
eawau 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
~ the United States. OF OF the State OF Calffor-
Mo which said bonds shall be kept ia a propcr
receptacle appropriately labeled; but he must
kean always hand sufficient amount OF
money in said sinking fund with which to pay
the interest on such OF the state bonds herein
nrovided TO be issued may have theretofore
heen sold And to provide means for the paw
men+ of interest the bonds that nav be
sold and outstanding said treasurer shall month
~ take from the San Diego harbor improvement
fnnd and paw into said seawall sinking fund
on amount equal to the monthly interest then
5,o On al hands then sold delivered and o,+