Amador ledger., 1910-09-23


fund" on controllers warrants. duly drawn for
that purpose The proceeds of the sale ~ such
DDuds >n VI be forthwith paid over by said
II trc;tsuror into the rensurS, and must be by
bhim kept In q sepGrats fond ~ he knows and
Gdesi2nated as the "Indi Basin fund" and
A mist ~ used exclusively Tor the acquisition ~
the area described In the act referred to In sec
tom hereof Drafts and warrants upon said
fund sDall I've drawn upon and shall be paid out
OF sHid fund In the same manner as drafts and
warrWltS 0ro drawn upon and paid out Of the
"Sa1 Frsucisc) Harbor Improvement Fund"
SEC. y For the payment OF the principal and
interest Of said bonds sinking fund, TO be
known aud designated as the India Basin
Sinking Fund," shall be, and the same Is here
by creatcd,- - follows, to wit; The state
and every month after the second day of
December A.. y. 1928 take from the
" San Francisco harbor Improvement fund"
such sum ast multiplied by the the time the
bonds then sold and outstanding have to run
will equal tho principal OF the bonds sold and
outstanding AT the time said treasurer shall so
take sal sum from said San Francisco harbor
Improvement fund, less the amount Heretofore
taken therefrom for said purpose; and he shall
place the sum In the India basin 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 of the United
States. or OF the State OF California. or OF the
several counties or municipalities of the State
OF California, which said bonds shall be kept in
y proper receptacle appropriately labeled but
he must always keep on hand "a sufficient
amount of money In said sinking fund with
which to pay the interest on such OF the state
bonds herein provided to be issued as may have
heretofore been sold And to provide means
for the payment of interest on the bonds that
may be sold and outstanding, said treasurer
shall monthly take from the San Francisco har-
Dor improvement fund, and pay into said In
dia basin sinking fund an amount equal to the
monthly interest then due on all bonds then
sold, delivered and outstanding The board of
state harbor commissioners rs hereby author
lied and directed by the collection of docliage
tolls, rents, wharfage and cranage, to collect
sum Of money sufficient for the purposes OF
this act. over and above the amount limited
by section two thousand five hundred AMI
twenty-six of the Political Code of the State
Of California, Between the first and tenth
day of November, in the year nineteen hun
bred and forty, and between The first and
tenth day of November of each year there
after until the maturity of said bonds the said
treasurer shall, in the presence CT the g0ver-
nor, proceed to draw by lot such an amount
of bonds as shall be requisite to exhaust as
nearly as may be the amount in said sinking
fund ut that time, and shall thereupon and
before the tenth day of December following.
give notice by public advertisement to be in
serted tw ce o week for two weeks in
two newspapers published in the city and
county ef San Francisco and also in one
newspaper published in the city of Oakland,
and also in one newspaper published in the
city of Los Angeles, and also in one news
paper published in the city of Sacramento,
stating the number of bonds so drawn. and
that the principal of said bonds shall be
paid on presentation to the treasurer on or
before the second day of January, following,
and that from and after such last named
date all interest upon bonds thus drawn shall
cease, and it shall be the duty of the treas
urer as soon as said bonds so drawn by lot are
surrendered to him and paid, to cancel the
same, and the interest coupons thereon, and
each year, beginning with the year nine
teen hundred and forty, the said treasurer
shall, in the manner aforesaid, proceed to
draw by lot such an amount OF bonds IS shall
be requisite to exhaust as nearly as may be
the amount in said sinking fund, and pro-
coed in the manner hereinabove stated, After
a ~ N gaf HOY dc fl.r
or balance remaining in said sinking fund, If
any there be, Shall forthwith be paid into the
san Francisco rimprovem ent fund AT
the time of the respective drawings by lot as
aforesaid, and also at the maturity of said
state bonds, said treasurer shall sell the
United States or other bonds then in said
sinking fund, at governing market rates, after
advertising the sale thereof in the manner
herein before provided for the sale OF bonds
hereby authorized to be issued, and shall use
the proceeds Tor the payment OF such bonds
as may be drawn by lot, and at the maturity
of said bonds outstanding shall pay and re-
deem said matured outstanding bonds out of
said money in said fund in eXtinguishment
of said bonds on controllers warrants duly
drawn for that purpose.
SEC. g. The state controller aud state treas
urer shall keep full and particular account and
record of all their proceedings under this act,
and they shall transmit to the governor an alb
Stract of all such proceedings thereund n, with
an annual report, to be by the governor laid be-
fore the legislature biennay: and all books
and papers pertaining to the matter provided
inspection of any party interested. or the COVER
nor or the attorney general, or a committee of
either branch of the legislature or u joint COM
m1ttee OF ooth' or any citizen OF the state.
SEC. 7. 1t shall he the duty of the state treas
urer to pay the interest Of said bonds when the
same falls due, out of the sinking fund provid-
ed for in this act, ON controllers warrants duly
drawn for that purpose,
SEC. s. This act, if adopted by the people,
shall take effect on the thrty-frst day of Decem-
Der, "A. ID. nineteen hundred and ten, as TO ali
its provisions except those relating to and neces-
sary for It's submission to the people. and for
returning, canvassing, and proclaiming the
votes and as to said excepted provisions this act
shall take effect Immediately.
SEC. q. This act shall be submitted to the peo-
pie OF the state of California for their ratification
at the next general elaction to be holden in the
month of November, A. ID. nineteen hundred and
ten, and all ballots at said election shall have
printed thereon the words, "For the India Basin
Act, and in the same square, under said words,
the following in BREWER type: "ThiS act provides
for the acquisition of tidal basin in the bay OF
san francisco for harbor purposes, and for the
payment of all costs thereof out of the San
| Francisco Harb0r Impro. ement Fund" In the
square Immediately below the square containing
| said words there shall be printed on said bal
| lot, the words against the India Basin Act"
| and Immediately below said words Against the
| India Basin Act" in BREWER type, shall be
| printed; "This act provides for the acquisition
| of tidal bas II in the bay of san Francisco for
harbor purposes, and for The payment of all
costs thereof out of the "San Francisco Harbor
the India Basin Act" and \ gainst the
India Basin Act" there shall be left
spaces in which The voters may make or
| stamp cross TO indicate whether they vote
| for or against said act and those voting for
| said act shall do so by placing u cross opposite
| the words a. For the India Basin Act" and all
those voting against said act shall do so byplac~
ing cross opposite the words "a ganst the India
| Basin Aci" The governor of this state shall in
clude the submission of this act to the people, as
| aforesaid in his proclamation calling for said
general election.
SEC. 10. The votes cast for or against this act
| shall be counted, returned and cdnvassed and
declared in the same manner and subject TO the
same rules as votes cast for state officers; and II
| it appear that said act shall thave received a
majority Of all tho votes cast for ana against IL
| mt said election Aforesaid then the same
| shall have effect as hereinbeIore provided and