Amador ledger., 1910-10-14

bonds; to define the duties of state Officers
~ relation thereto. Nv nuke an appropria-
tion of one thousand 1--WE hundted dollars
for The expense Of printing snid bonds. and
10 provide for the submission uf this act to-
70 vote Of The people.
The people of the State of california. rep
reseuted In senate and assembly. do enact
ts follows;
SFCuoN For the purpose oi providing a
fund for the payment Of the Indebtedness
hereby authorized to he incurred by the
board of state harbOr missiOucrs for the
hav of san Diego for harbnr improvements e..
consist Of the erection Of seavw6Il, wharves
piers, State railroad, spurs, betteftnpnts and
iappurtcnances In the county ofSnn Diego. at
a cost not to exceed one mi llion Two hun.
dred thousand dollars, which said seawaIl,
Wharvcs. piers, state raiirOud spurs better
Iments and appurtenanccs the said board of
state harbOr commissioners for san Diego
boy are hereby empowered TO construct i'm
the manner authorize by law, at cost not
to- exceed one million five hundred thousand
dol lars, the state treasurer shall Immediate
lY aEter the issuance Of the proclamation Of
the governor provided for In section ten Of
this act, prepare fifteen hundred suitable
bonds of the state of California in the de-
lnoI@inatiOn of one thousand dollarseach, to
be- numbered from one to fifteen hundred,
incl usive, and to bear date OF the second day
,ofJwb, nineteen hundred eleven. The total
issue of said bonds shall not exceed the sum
of one million five hundred thousand dol
lars, and they snail bear interest Mt tho rate
of four per cent per annum rom the date of
issuance thereof The said bonds and the
of the United States of the present standard
of vfplue, ut the Office ofthe state treasurer of
said state, ON the second day of July, nine
teen htlndrPd 6f2hty-hve, Su bject however,
to redemption by lot as in this act herein
after provided. The interest uccruing on all
oflsaid bonds that shall be sold shall be pay
able at the office of the treasurer of the state
on the second dny OfJanuury and the second
day OF July Of each year after The sale of the
years from the date Of said bonds, ali bonds
shall cease to bear interest, and likewise all
bonds redeemed by lot as hereinafter pro-
videu shall cease to bear interest according
to the provisio@S of this act, and the state
treasurer shall call i'm and forthwith pay
and cancel the same out of the moneys, in
the San Diego seawall sinking fund provided
for in this act. OOd he shall on the dateof
the lnaIurity Of said bonds cancel and des-
troy all bonds mot heretofore sold. All bonds
unSold shall, at the date of matur4
cancelled and destroyed. All bonds issued
purstants to th@ provisions Of this act shall
be signed by the governor of this state.
countersigned by the state controller, and
embossed by the state treasurer, and the said
bonds shall be so signed, countersigned and
endorsed by the officers who are in office on.
the second day of July, nineteen hundred
eleven, and eaelI of said bonds shall have
thegreat seal of the State of California inn
pressed thereon, and said bonds signed,
countersigned, endorsed and sold as herein,
provided, shall be and constitute a valid and
binding obligation upon the state of Califor.
nia4though the sale thereof be made at q date
or dates after the person so signing, counter
and endorsing, either thereof,
shall have ceased to be an incumbeh of
said office or offices.
SEC. .. Appended to each of said bonds
there shall be interest coupons so attached
that the same May be detached without in
Jury or mutilation OF said bonds, and said
coupons shall be consecutively mum bcred.
and shall bear the lithographic signature of
the state treasurer who shall be in Office on
the. second day of July, nineteen hundred
eleven. No interest shall be paid on any,of
said bonds for such time as may intervene
between the date of said bond and the day
of sale thereof, unless said accrued interest
shall have been, by the purchaser of said
bond, paid TO the state at the time ofsuch.
sale.
SEC. 3. The sum of one thousand five hun.
dred dollars is hereby appropriated out Of
any moneys in the state treasury not other
wise appropriated to pay the expense that
having said bonds prepared. The state con
troler is hereby authorized ana 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.
SEC, 4. When the bonds authorized to be
issued by this act shall have been signed.
countersigneu and endorsed. as in sectIOn |
provided, the state treasurer shall sell the.
sam o for cash to the highest bidder in. such
parcels and numberS aS the governor OF the
state shall direct, provided II resolution re-
queSting 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 harbur receipts, and those reason
ably anticipated, will justify such sale of
bonds, and te consequent increased burden
on harbor receipts. Said resolution shall
specify the number of bonds necessary to
produce the amount OF money which. in the
Judgment of said board of harhOr commits
SlOnerS, SHALL be required ut 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 sod in consecutive,
numerical order The state treasurer shall
no. accept any bid which is less than the par
value Of the bond. plus the interest which
has accrued thereon between the date OF sale
and the last preceding interest maturity
date. The StaJe treasurer may, at the time
and place fixed by him for such sale, con-
tinue such sale aS to the whole or any part
of said bonds to such time and 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 there
from all coupons which have iaatured or will
mature before the adate fixed 5'or such sale
The state treasurer shall give notice of the
time and place of sale by publication i'll two
newspapers published in the city and county
of san Francisco one news paper published
in the city of Los Angeles, one newspaper
published in the ctY OF san Diego, and one
newspaper published in the city ofSacramen-
to,Once Il week for four weeks next preceding
the date fixed for such sale. In ad1itt N TO
the notice last above provided for the state
treasurer may give such further notice as he
may d aem advisable, but the expenses and
cost Of such additional notice shall not eN-
cecu the sum of five hundred dollars fOreach
sale so advertised. The cost of such publica-
ton shull be paid out of the san Diego mar
Dor improvement fund ON controllers war
rants duly drawn for that purpose, and the
treasure must pay the same. The proceeds
Of the sale of such bonds shall he forthwith
paid over by said treasurer into the treasury,
q must be by him kept in separate
fund 10 10 known and Designated as the
san Diego Ssawall Fund" and must be
used exclusively for the construction OF "a sea-
wall wharyes, piers, state railroad, spurs,
bstterments and appurtenances thereto on the
water front OF tho bay OF San Diego,
Drafts and warrants upon anid fund shall be
drawu upon and shall be paid on Of said fund
In tho same mGnner rs drafts and warrants are
drawn upon and pad out OF tho san Diego
hHrb0r Improvement fund
SEC. . For tho payment of the principal
an interest Of said bonds n sinking fund, to
be known and designated rs the "San Diego
Seuwall sinking Fund" shall be and the
same is hereby created. 10 wit: The state
Il. ~