Amador ledger., 1910-09-02

bondsi TO define the duties OF state officers
IN relation thereto. To- make an appropria-
ton OF one thousand FIVE hundred dollars
for the expense of printing said bonds, and
10 provide Tor the submission of this net to
vote OF the people
The people of the state Of California, rep
resented In senate and assembly, do enact
~ follows;
SECTION | For the purpose O; providlng
fund for the payment ~ the Indebtedness
hereby authorized tp he incurred by the
board of state harbor com nissioners for the
hav of san Diego for harbor improvements
consist OF the erection of n seuwall, wharVes,
piers state railroad, spurs, betternents and
appurtenances in the county Of san Diego. NJ
n cost not to exceed one million Il vc hun
dred thousand dollars, which said seawall.
wharves piers, state railroad. spurs, better
ments and appurtenances the said board OF
state harbor commissioners for San Diego
bay are hereby empowered to construct in
the manner authorize by law, Mt a cost not
to exceed one million five hundred thousand
dollars, the state treasurer shall, Immediate
ly after 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-
nomination Of one thousand dollars each, to
be numbered from one to hfteen hundred,
inclusive, and to bear date of the second day
of July, 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 at the rate
of four per cent per nnnum from the date of
issuance thereof. The said bonds and the
Interest thereon shall be payable In gold coin
of the United States OF the present standard
of value, at the office of the state treasurer of
said state, on the second day OF July, nine
teen hundred eighty-fve, subject, however,
to redemption by lot as in this act herein.
after provided. The interest accrung on all
of said bonds that shall he sold shall be pay
able at the office of the treasurer OF the state
on the second day of January and the second
day of July Of each year after he sale OF the
same. At the expiration of seventy-four
years from the date of said bonds, all bonds
shall cease to bear interest, and likewise all
bonds redeemed by lot as hereinafter pro-
vided shall cease to bear interest according
to the provisions of this act, and the state
treasurer shall call in and forthwith pay
and cancel the same out of the moneys in
the San Diego seawall sinking fund provided
for in this act. and he shall on the date of
the maturity OF said bonds cancel and des-
troy all bonds not heretofore sold. All bonds
remaing unsold shall, at the date of matur-
ty thereof, be by the treasurer of the state
cancelled and destroyed. All bonds issued
pursuants to the provisions of this act shall
be signed by the governor of this state.
countersigned by the state controller, and
endorsed by the state treasurer, and the said
bonds shall be so signed, countersi gned and
endorsed by the officers who are in office on
the second day of July, nineteen hundred
eleven, and each of said bonds shall have
the great seal of the state of California inn
pressed thereon, and said bonds signed,
countersigned, endorsed and sold as herein
provided, shall he and constitute a valid and
binding obligation nDon the State of Caifor-
mia though the sale thereof be made at Il date
or dates after the person SO signing. counter
signing and endorsing, or either thereof
said Office or Offices
SEC. >. Appended to each of said bonds
there shall be interest coupons attached
that the same may be detached without in
jury or mutlation of said bonds. and said
coupons shall be consecutvely numbered.
and shall bear the photographic 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 of such
sale.
SEC. 3. The sum of one thousand five hun
bred dollars is hereby appropriated out of
any moneys in the state treasury not other
wise appropriated To pay the expense that
may be incurred by the state treasurer in
having said bonds prepared. The state con-
troler is hereby authorized and 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.
countersigned and endorsed as in section L
provided, the state treasurer shall sell the
same for cash to the highest bidder in such
parcels and numbers as the governor of the
state shall direct, provided n resolution re-
questng 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 receipts, and those reason
ably anticipated will justify such sale of
bonds, and tie consequent increased burden
specify the number Of bonds necessary to
produce the amount Of money which in the
| judgment of said board OF harhor commits
| SiOnerS, shall be required at 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, ana
that said bonds shall be sod in consecutive.
| numerical order The state treasurer shalt
| 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 state 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 MS he
| may at the time of such continuance deSig-
nate. Before offering any OF said bonds Tor
| sale the state treasurer shall detach there
| from all coupons which have matured or will
mature before the sdute fixed aior such sale
| The state treasurer shall give notice OF the
| time and place of sale by publication in Two
| news papers published in the city and county
| of San Francisco. one newspaper published
| in the city of Los Angeles, one newspaper
published in the city OF San Diego, ana one
newspaper published in the city ofSacramen-
| to, once II week for four weeks next preceding
the date fixed for such sale. In additi IN to
| the notice last above provided for the state
| treasurer may give such further notice rs he
may deem advisable, but the expenses ana
cost OF such additional notice shall not eX-
| coed the sum of five hundred dollars for each
sale so advertised. The cost of such pubica
| ton shall be paid out of the san Diego har-
| 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 be forthwith
paid over by said treasurer into the treasury,
n d must be by him kept in separate
fund 10 be known and designated rs the
San Diego Seawall Fund" and must be
used exclusively for the construction of IL sea-
WALL wharves, piers, state railroad, spurs,
bstterments and appurtenances thereto on the
water front of the bay of San Diego
Drafts and warrants upon said fund shall be
drawn upon and shall be paid out OF said fund
in the same manner as drafts and warrants are
drawn upon aud paid ont of the San Diego
harbOr Improvement fund.
SEC. 8, For the payment of the principal
AMI interest of said bonds n sinking fund, to
be known and designated as the "San Diego
Seawall Sinking Fund" shall be and the
same Is hereby created to wit; The state