Amador ledger., 1910-09-30

fund.- on controllers warrants. duly drawn for
that purpose. The proceeds Of the sale of such
bonds >hi be forthwith paid over by said
treasurer into the reasury. and must be by
him Kept In u separate fund TO be known and
DESIGNATED G5 the India Basin fund, and
must be used exclusively for the acquisition OF
the area described In tho act referred to In sec
ton hereof Drafts and warrants upon satd
fund shall be drawn upon and shall be paid out
OF said fund In the same manner as drafts and
warrants are drawn upon and paid out OF the
San Francisco Harbor Improvement Fund"
Ssc. ;. For the payment OF the principal and
interest OF said bonds a sinking fund, 10 pc
known and designated as the india Basin
Sinking Fund" shall be, and the same Is here
by created, as follows, to wit: The state
treasurer shall, on the first dav OF each
and every month after the second day of
December, A. d. 1923. take from the
such sum as, multiplied by the the time the
bonds then sold and outstanding have 10 run
will equal the principal OF the bonds sold and
outstanding NJ the time said treasurer shall so
take said sum from said San Francisco harb0r
improvement fund less the amount heretofore
taken therefrom for said purposes aud 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. orof the State OF California, or of the
several counties or municipalities OF the State
OF California, whicn said bonds shall be kept in
proper receptacle appropriately labeled; but
he must always keep on hand q 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. Aud 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-
bor improvement fund.- and pay into said In
dla basin sinking fund, amount equal to the
monthly interest then due on all bonds then
sold, delivered and outstanding. The board OF
state harbor commissioners is hereby author
lied and directed by the collection OF dockage
tolls, rents, wharfage and cranage, to collect
CtaVr nf otrf nj fnH M
this act. over and above the amount limited
by section two thousand five hundred and
twenty-six OF the Political Code of the State
Of California, Between the first and tenth
day of November, in the year nineteen hum
dred and forty. and between The first and
tenth day Of November OF each year there,
treasurer shall, in the presence CT the COVER
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 at that time, and shall thereupon and
before the tenth day of December following.
give notice by public advertisement to be In
serted twice 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,
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, ito 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-
ceed in the manner hereinabove stated, After
the payment Of all said bonds, the surplus
or balance remaining in said sinking fund, If
any there be,shall forthwith be paid into the
San Francisco harbor improvement 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
herelnbefore provided for the sale OF bonds
hereby authorized to be issued, and shall use
the proceeds for 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
| ofsaid bonds on controllers warrants duly
| drawn for that purpose.
SEC. 6. 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 Hereunder with
an annual report, to be by the governor laid be-
| fore the legislature bfennially; and all books
| and papers pertaining to the matter provided
for in this act shall PAT all times be open to the
inspection of any party interested. or the COVER
nor, or the attorney general, or committee of
either branch of the legislature, or a joint com
mittee Of both, or any citizen Of the state.
SEC. 7. 1t shall be 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 the thirty-first day of Decem
| ber A. d. nineteen hundred and ten as 10 all
its provisions except those relating to and neces-
| sary for its submission to the people. and for
returning, canvassfng, and proclaiming the
votes, and as to said excepted provisions this act
| shall take effect Immediately.
| SEC g. 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 Harbor ImproV 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 a tidal basin in the bay Of San Francisco for
| harbor purposes, and for the payment Of all
| costs thereof out Of the "San Francisco Harbor
| Improvement Fund.-" Opposite the words "For
| the India Basin Act" and ";Against 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 cross opposite
| the words - For the India Basin Act" and all
those voting against said act shall do so by plac-
| ing cross opposite the words against the India
Basin Acl." The governor Of this state shall in
| cude the submission of this act to the people,
aforesaid. in his proclamation calling for said
| genera election.
SEC. TO- 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 Lhave received
majority Of all the votes cast for and against "
at said election as aforesaid. then the same
| shall have effect as hereinberore provided, and
shall be irrepealable until the principal and in