Amador ledger. (Jackson, Amador County, Calif.) 1875-19??, 1910-09-16
SENATE BILL NO. ass.

vember, A. y. 1910, TO witt
SENATE BILL NO. 485.
Passed the Senate, March s. A.D. 1919 Lewis
a. HilbOrn, Secretary of the Senate.
Passed the Assembly, March Is, A y. 1909.
Clio Lloyd, Chief Clerk OF the Assembly
This Bill was received by the Governor this
18th day OF March, a ID. 1909. at i o'clock m.
Il, G Cooper. Private Secretary Of the Governor
CHAPTER S2J. An act to provide for the ssu-
auce and sale OF state bonds to create q iund
for the improvement OF San Francisco harbor
by the construction by the board Of state
harb1r commissioners OF wharves piers, state
railroao spurs, betterments and appurten-
ances, @ I'd necessary dredging and tlling IN
connection Herewith in the city AMI county
OF San Francisco: 10 create SINK ng FUND
for the payment Of said bonds: to define the
duties OF state officers In relation theretJ; TO
make an appropriation of tive Thousand dol
lars for the expense Of printing said bonds
and to provide for the submission Of this
act to q vote of the people.
The people OF the State of California. repre-
sented In senate ana assembly, do enact as
follows:
SECTION For the purpose OF providing a
fund for the payment of the indebtedness here
by authorized To be incurred by the board OF
state harbor commissioners for the erection of
wharves, piers. senwall, state railroad, spurs,
bettermentS ana appurtenauces. and necessary
dredging and filling in connection Herewith,
in the city and county Of san Francisco, at
u cost not to exceed nine million dollars
(which said wharyes, piers, sea wall, state
railroad, spurs, betterments and appurtenances
and necessary dredging and filling in connec-
ton Herewith, the board of state harbor
commissioners are hereby empowered 10 con-
struct and do, in the manner authorized by
law, and Mt cost not TO exceed said nine
million dollars). the state treasurer shall i'm
mediately Utter the issuance of the procla-
nation of the governor, provided for in sec.
tion 10 hereof prepare nine thousand suit
able bonds Of the State OF California, in the de-
nomination OF one thousand dollars each. The
whole Issue Of said bonds shall not exceed the
sum OF nine million dollars, aud said bonds
snail oenr interest at the RAE OF four per
centum per auuun. from the date OF issuance
thereof and both principal anu interest shall
be payable II gold coin OF The present standard
value, ana they shall be payable ht the office
OF the StIte treasurer, at the expiration Of
seveuty-iOur years from their date, subject,
however, 10 redemption byI lot rs in this act
hereinafter provided Said bonds shall bear
date the second day of July AID nineteen hun
dred and eleven, and shall be made payable
on the second day of July, nineteen hundred
and eighty-hve. The interest accruing on
such of said bonds us are sold, shall be due and
payable Ut the office OF tho state treasurer on
the second day of January, and on the second
dag OF July, OF each year after the sale of he
same; provided that the first payment Of in.
tere~t snail be ma te on ne second day o. July
nineteen hundred and twelve. on so
many OF said bonds us may have been thereto
fore sold at the expiration OF seventy -four years
from the date OF said boads, all bonds sold shall
cease to bear interest. and likewise all bonds
redeemed by lot shall cease to bear interest as
in TINS act provided, and the said state treas
urer snail call in, forthwith pay and cancel the
same. out of the moneys IL the second San
Francisco Sc iwGll sinking fund provided Tor in
this act. and he shall, on the lrst Monday of
July, nineteen hundred and eightyGve,
also cancel and destroy all bonds not thereto
fore sold All bonds issued Shall be signed by
the governor. and couu ersiGned by the control
Ter, and shall be endorsed by the state treas
urer. and the said bonds shall be so signed.
countersigned and endorsed by the officers who
are in Office on the second day of July, 1911. and
each OF said bonds shall have the seal of the
state stamped thereon. The said bonds signed,
cOunterSigned, and endorsed and sealed, as
herein provided, when sold shall be and corsti-
tute valid and binding obligation upon the
State Of California, though the sale thereof be
made at u date or dates after the person sign
ing. countersiguing and endorsing. or any or
thsm, shall have ceased to be he incumbenis
OF such Office or offices Each bond shall contain
II clause that 1t is subject to redemption by lot
after the year nineteen hundred and fifty.
SIC. Interest coupons shall be attached to
icn OF said bonds, 80 that such coupons may
terenoVed without injury to or mutllAtlon OF
tlehond Said coupons shall be consecuttvely
numbered, and snail bear the Autographed sig
nature of the stale treasurer who shall be in
Office on the second day OF July 1911. But no
interest," on any of said bonds shall be paid for
any time which NAV intervene between the date
OF any of said bonds and the issue and sale
thereof 10 u purchaser, unless such accrued in
Ierest shall have been, by the purchaser OF said
bond. paid to the state AT the time of said sale
SEC. 5. The sum of five thousand dollars is
hereby appropriated to pay the expense that
may be incurred by the state treasurer in hav-
ing said bonds prepared. Said amount Shall be
pAlQ cut OF the obu pIbuCtSCO HbIpul lhlpl JNO-
ment fund or controllers warrants, duly drawn
for that purpose.
SEC. l. when the bonds authorized to be is
sued under this act shall be duly executed
they shall be by the state treasurer sold at
public Glction to the highest biddertfor cash.
In such parcels and numbers as said treasurer
shall be directed by the governor OF the state
under the seal thereof, after resolution re-
questing such sale shall have been odopted by
the board Of state harbor commissioners, and
approved by either the governor OF the state or
af sla ..it and n Hrannigpn
who shall only approve the same when IN their
Judgment the actual barber receipts and those
reasonably anticipated. will justify SUCH sale
of bonds and the consequent increased Durden
on harbor receipts but said treasurer must re-
ject any and all bids for said bonds, or for any
OF them which shall be below the par value OF
said bonds so offered, plus the interest which
has accrued thereon between the date of sale
and the last preceding interest maturity date
and he may, by public announcement at the
time nXed for the sale continue Such sale as
10 the whole of the bonds offered, or any part
thereof offered to such time and place as he
may select Before Offering any or SAID DonuS lor
sale the said treasurer shall detach theretrom
all coupons which have matured or Will ma
ture before the date fixed for such sale.
Due notice OF the time and place OF sale
of all bonds must be given by SAID treas
nrer by publication in two newspapers pub
liShed in the CITY and county OF san Francisco,
and also by publication in one Newspaper pup
lished in the city OF Oakland ana Dy puollea,
tion in one newspaper published In the city OF
Los Angeles and by publication IN one news
paper published in the city OF Sacramento, once
n week during four weeks prior TO such sale.
In addition to the notice last above provided
for. the state treasurer may give such further
notice as he may deem ADVISABLE, nut Inc eH-
pense and cost OF such additional nouce
snail not exceed the sum OF five hundred dol
lars (S5OOuW for each sale so advertised,
The cost of such publication shall be paid out
OF the San Francisco harbor Improvement tund,
on controllers warrants duly drawn for that
purpose The proceeds of the sale OF such
bonds. except such amount as may have
snail be forthwith paid over by said treasurer
into the treasury and must be by him kept IN
% separate fund, TO be known and DESIGNATED Us
the Second San Francisco Seawall Fund" and
must be used exclusively for the construct N
of wharves. piers. seawall, state railroad, spurs
bettterments and appurtenances and necessary
the water front of the city and county OF Sal
Francisco. Drafts and warrants upon said funo
III Oh n