The San Francisco call., 1910-10-24

IN
Of State the 25 day Of March. A. . .. 1903; AZ AZ
$3.50 o'clock a. m. c. r. Curry, Secretary ol
State. BY J. Hoesch' Deputy.
SENATE BILL NO AGA
Lewis A. Hilborn. Secretary of the Senate.
Passed the Assembly. March 20. A. u. iSVS-
Clio Lord. Chief Clerk Of the Assembly .s,.
This bill received by the Governor; tnls
Esd day Of March, A. d. 1909. at sioSs 1Ss
p m E. c. Cooper. Private Secretary Oh tue
Chapter 6o3 An Act to provide for the issue
and sale of state bonds TO create a rund lot TOT
the construction by the board Of state ma, ns'pos %
commissioners for the bay OF San DlesU Ds.fI
naroor improvements consist OF a seawan' 1Nstn-
wharves. piers. state railroad. splrs Oe'Ss, San
pa Pents and appnrtenaness In the 9or The pay
ment Of said bonds; TO define the dusiEe dsEs an
state officers in relation thereto TO maHs Irrsd ed
dollars for the expense Of prin1i1ng, phn,1ns,on Of
bonds. and to provide, for the suon -
this act to vote Of the peoDle -
The people of the State OF California, represen'eu
in senate and assembly, do enact as follows:
Section l. For the purpose of providing iunu
for the payment OF the Indebtedness hereoy - az
thorzed to be incurred By the board OF @ 70 Sor
Dor. commissioners for the bay OF San DIeeo
harbor improvements consist OF for lne IIosJ
Of o1rer seawa wharves piers ssals in the
county Of San Diego, at cost not TO e&eeSu oJ
million five hundred thousand dollars, Wnien 50. sau
seawal wharves, piers, state IalIrOa9, spuas p5
betterments and appurtena1ces the said Doard
OF state harbor commissioners for san piego uaS
are hereby empowered TO construct IN lnerneed lne aa
ner authorized By law. at a cost not 10 eA~SS -
one million five hundred thousand doiIars. the
state treasurer shall, immediately ~ ~aaLe[ n-a ,r
issuance of the proclamation of the governor Pavs
vided for in section ten of this act. prepare M
teen hundred suitable bonds OF the STATE ol
California in the denomination or one lss lnousenu
dollars each, to be numbered from one 70 ed nL.ee
hundred, inclusive, and to bear date OF the seeOn
aay Of July nineteen sSnnrea % ot sTceed the sum
Of one million five hundred thousand dollars. sng @
they shall bear interest at the rae Ol aou bs-e
Of. The said bonds and the interest," tnefson s -
be payable in gold coin OF the Unlted otasss 81 az %
the present standard OF value at tne olncs u a.
state treasurer Of said state, on the secono uay
Of July nineteen hundred eighty -nye. suDJec..;
however. to redemption by lot as in this act
all of said bonds that shall be sold shall De Pay-
able at the office Of the treasurer OF tne ssM,s
day Of July of each year after the sale OF tne
same. At the expiration Of seventyIounr n geass ass
from the date Of said bonds all bonds SHAH cease
to bear interest. and likewise all bonds reoeemeu
by lot as hereinafter provided shall cease 70 oear
interest according to the $50 II 0i and forth
with pay and cancel the same ouI or .S IA
moneys in the San Diego seawa sin5iHg m tbs afs
Of the maturity Of said bonds cancel ana aestroy
all bonds not heretofore sold al th ooncs
thereof be by the treasurer Of the state eanceisu
and destroyed. All bonds issued pursuant TO tne
provisions Of this act shall be signed py tne
controller and Endorsed by the state treasurer
and the said bonds shall be SO signed counreE
office on the second day Of July. nineteen nun
dred eleven, and each Of said bonds sna have d,
pressed thereon and said bonds signed: counter
signed indorsed and sold as herein provided shall
upon the State of California though the sale
thereof be made at date or dates after the per
so signing. countersigning and indorsing; %, OF
either thereof. shall have ceased to De an In
cumbent of said office offices
Sec. 2. Appended to each Of said bonds there
same may Be detached without injury or Imntila1
ton OF said bonds, and said coupons shall ee
consecutively numbered and shall bear the htno-
graphic signature Of the state treasurer who
shall be In Office on the seaond day OF July
nineteen hundred eleven. No interest shall De
paid on any Of said bonds for such time as may
the day of sale thereof. unless said accrued
interest shall have been. BY the purchaser OF OF
said bond. paid to the state ar the time OF
such sale.
Sec. g. The sum of one thousand ave hun
dred dollars IL hereby appropriated out OF any
propriated to pay the expense that may be In
Cured by the state treasurer In having said
bonds prepared The state controller lis hereby
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 is
sued by this act shall have been signed coun-
tersigned and endorsed. as In section / pro
cash to the highest bidder in such parcels and
numbers as the governor Of the state shall
direct provided resolution requesting 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 re-
cepts and those reasonably anticipated. will
Justify such sale Of bonds and the consequent
increased burden on harbor receipts Said resolu-
tion shall specify the number Of bonds neces
sary to produce the amount OF money which. in
the judgment of said board Of harbor commission
governor of the state shall direct the state
treasurer to sell such number OF said bonds to
bonIs shall be sold In consecutive, numerical
order The state treasurer shall not accept any
bond. plus the interest which has accrued thereon
between the date Of sale and the last preceding
interest maturity date. The state treasurer may
at the time and place fixed by him for such
part of said bonds such time snd 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 therefrom all
coupons which have matured or 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
llshed in the city end county Of San Francisco.
Angeles one newspaper published in the city OF
San Diego and one newspaper published in the
nett preceding the date fixed for such sale In
addition to the notice last above provided for.
as se he NAV deem advisable, but the expenses and
cost of such additional notice shall not exceed
tbs snr of five hundred dollars for each saIa =,
adverttsed The cost OF such publication shall
he Maid out of the San Diego hsrbor improve
roenf fund on controllers warrants duly drawn
for that purpose, and the treasurer must nav the
some eoI The proceeds OF the sale of such bonds
shall he forthwith paid over by said treasnre1
into the treasury. and must be by him kent in
a senarate fund to be known and desfgnatad "a
tho .sSau Diego Seawall Fund" and mnst hs
nsed exclusively for the construction Of xao
,pslI wharves. piers. state railroad spurs hat
tarments and appurtenanees thereto on the No. ta-
Front of the bay of San Diego. Drafts 80
unon and shall be paid out Of said fund IN ,h
save manner as drafts and warrants are dr. LIZ
unon and paid out of the San Diego harbor H..
movement fund
Sec B. For the payment of the principal and a,
tsrest Of said bonds sinking fund to be kno,n
and designated as the .'San Diego SeawsIl SSrr
Inc Fund.- shall be. and the same Is herehv crs
sted to wit The state treasurer after the sec
ond lay of January. nineteen hundred and twenty
nine Shall on the first day OF each and ever
month thereafter. after the sale OF said bonds
take from the San Diego harbor Improvement
fnnd such sum as. multiplied by the time in
months the bonds then sold and OUTSTANDING
st the time said treasurer shall take said sum
from said San Diego harbor improvement frnd
sai5 purpose; and he shall place the sum in fhe
seawali sinking fund created by this act. Said
Sfate treasurer shall on controllers warrants
dulv drawn for that purpose, employ the moneys
IN said sinking fund in the purchase OF bonds
Of the United States. OF the State OF Calffor-
receptacle. appropriately labeled; but be must
keep always on hand SUFFICIENT amount of
money in said sinking fund with which TO pay
the interest on such of the state bonds herein