Amador ledger., 1910-09-02
SENATE Bill NO. ASS.

vember, A. d. 1910 to wit;
SENATE BILL NO. ass.
Passed the Senate, March 8, AID. 1909. Lewis
A. Hilb0rn, Secretary OF the Senate. -
Passed the Assembly, March 10, A. ID. 1907.
Clio Lloyd, Chief Clerk OF the Assembly.
This Bill was received by the Governor, this
18th day OF March, A ID. 1909, ut II o'clock m.
E, G. Cooper Private Secretary OF the Governor
CHAPTER 100 An act to provide for the issu-
ance and sale of state bonds to create u fund
for the Improvement OF San Francisco harbor
by the construction by the board OF state
harbor commi sioners OF wharves, piers, state
railroad. spurs, betterments and appurJe
ances, o I'D necessary dredging ana hlltng In
connection Herewith in the city AMI county
of San Francisco: TO create q sinking fund
for the payment OF said bonds; to define the
duties of state officers in relation theret); to
make an appropriation of five thousand dol
lars for the expense OF printing said bonds
and to provide for the submission OF this
act to vote of the people.
The people OF tho State of California. repre-
ssnted In senate and 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. Seawall state railroad, spurs,
betterments and appurtenances, and necessary
dredging aud filling in connection herewith,
in the city and county OF San Francisco, at
cost not to exceed nine million dollars
(which said wharves, piers, sea wall, state
railroad, spurs, bettermentS and appurtenanceS
and necessary dredging and filltng in connec-
tion herewith. the board of state harbor
commissioners are hereby empowered 10 con-
struct and do, in the manner authorized by
law and NJ cost not TO exceed said nine
million dollarS), the state treasurer shall i'm
mediately after 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, and said bonds
shall bear interest at the raic of four per
centum per aunuu. from the date OF Issuance
thereof, and both principal anu interest shall
be payable IN gold coin OF the present standard
value, and they shall he payable at the office
Of the state treasurer ut the expiration of
seventy-four years from their date, subject,
however, TO redemption byl lot as in this act
hereinafter provided Said bonds shall bear
date the second day of July, a u 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 as are sold, shall be due and
payable Ut tire Office OF tho state treasurer on
the second day OF January, ana on the second
day OF July, OF each yeac after the sale of he
same; provided thHt the first payment of in
terest shall be ma le on ine second day July
nineteen hundred and twelve. on so
many OF said bonds rs nay have been thereto
fore sold. At the expiration of seventy-fOur years
from the date of said boIds, all bonds sold shall
cease to bear interest. ana likowiSe all Dol d :
redeemed by lot snail cease To bear interest as
in thlS act provided, and the said state treas
urei shall call in, forthwith pay and cancel The
Francisco seIw1ll sinking fund provided for in
this act. ald he shall, on the first Monday of
July nineee hundred and eighty-hNe,
also cancel and destroy all bonds not thereto
fore sold. All bonds issued shall be signed by
the governor. aud counjerstgned by the control
Ter, and shall De endorsed bg the state treas
urer. and the said bonds shall be so signed.
countersigued and endorsed by the officers who
are in once 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
prsi endorsed
herein provided when sold shall be and constt-
tute u valid and binding obligation upon the
State OF California. though the sale thereof be
made ut date ~ dates AFTER the person Sign
log counterSigniuT and endorsing. or any or
them, Shall have ceased tn be he incumbeut s
of such o!1ice or offices Each bond shall contain
a clause that 10 is subject to redemption b1 lot
after the year nineteen hundred and fifty.
SEC. Interest coupons shall he attached 10
bch of said bonds. So that such coupons may
teremOVed without injury TO Or mutation OF
the bond Said coupons Snall be cOnSecutively
numbered, aud shall b5Ar the autographed sig
nature OF the stare treasurer who shall be IN
Office on the second eday Of July, 1911. Bat no
interest on any of said bonds shall be paid for
any time which may intervene between tho date
of any Of said bonds AMI the issue and sale
thereof TO q purchaser unless such accrued IN
terest Shall have been by the purchaser of said
bond, paiu to the state at the time OF SAD sale
SEC g. 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
paid cut OF the san Francisco harbor improve
ment fund on controllers warrants, duly drawn
SEC 4 When the bonds authorized to be is
sued under this act shall be duly executed.
they shall be by the state treasurer sSoid at
public auction to the highest bkiderffor cash.
in such parcels and numbers rs SAID treasurer
shall be directed by the governor OF the state,
under the seal thereof. after Il resolution re-
questiug such sale snail have been adopted by
the board of state harbor commissioners, and
approved by either the governor of the s'ate or
MAYOR of the city and county OF san FrapciSco,
who shall only approve tho same whel IN their
Judgment the actual barber receipts, ana those
reasonably antici pated. will justify such sale
of bonds aud the consequent Increased burden
on harbor receipts: but said treasurer must re
iect any and all bids for said bonds or for any
of them. which shall be belUw the par value OF
said bonds so offered, plus the interest whlch
has accrued thereon between the date OF sale
and the last preceding interest maturity date :;
and he may. by public announcement ut 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 Of said bonds for
sale the said trea Snrer shall detach theretrom
all coupons which have matured or VIII ma
tnre before the date fixed for such sale
Due notice OF the time and place OF sale
Of all bonds must be given ny SAID treas
urer by publication in two newspapers pun
liShed in the citV and county OF SHu FRANCISCO
and also By publication in one Newspaper nuD-
lished in the city OF Oakland. ana by pnOllca-
lion in one newspaper punished IN the clty OF
Los Angeles. and by publication In one news
paper published in the city of Sacramento, once
u week during four weeks prior to such sal e.
In addition 10 the notice last above provided
for the state Treasurer may give such further
notice Us he may deem advisable. but the eX-
pense and cost of such additional notice
shall not exceed the sum OF hYe hundred 90
lars ts5gOu9 for each sale so advert ised
The cost OF such publication shall be paid out
Of the San Francisco harbor improvement Fund,
on controllers warrants duly drawn for mat
purpose Tho proceeds OF the sale OF such
bonds except such amount as may hay"
been paid as accrued interest theron
Shall be forthwith paid over by said treasure
into the treasury. ana must be by him kept In
u separate fund, TO be known and designated rs
the Second san Francisco Seawall Furd'' and
must be used exclusively for the construct n
OF wharves piers seawall, state railroad, spurs
bettterments and appurtenancesa ana necessary
dredging and filling in connection therewith h. on
the water front of the city and county OF SaI
Francisco Drafts and warrants uron said furc