Amador ledger., 1910-09-23
sENATE ann NO. 4aB.


vember, A. d. 1910, to wit:
SENATE BILL NO. 485.
Passed the Senate, March 8, AID 1919. Lewis
A.; Hilborn, Secretary OF the Senate. ..
Passed the Assembly, March 49, A. ID. 1902
Clio Lloyd. Chief Clerk Of the Assembly.
This Bill was received by the Governor this
10Th day OF March, A ID. 1909, at If o'clock a m.
p, Q. Cooper, Private Secretary Of the Governor
CHAPTER go. An act to provide for the isSu-
ance and sale Of state bonds to create a fund
for the improvement OF San Francisco harbor
by the construction by the board OF state
harbOr commissioners OF wharves piers, state
railroad. spurs, betterments and appurten-
ances, i'd necessary dredging and filling 10
connection herewith in the city and county
Of San Francisco: TO create a sinking fund
for the payment OF said bonds: to define the
duties of state officers in relation theret); TO
make an approximation OF I'VE thousand us S doi.
and to provide Tor the submission OF this
act to vote Of the people.
The people OF the State of California. repre-
sented in senate and assembly, do enact as
follows:
SECTION l. For the purpose of providing q
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 Killing in connec-
tion Herewith, the board OF state harbor
commissioners nreehereby empowered to con-
struct and do in the manner authorized by
law, and ut cost not TO exceed said nine
million dollars) the state treasurer shall i'm
medately 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 mil lion dollars, and said bonds
shall bear interest at the rate OF four per
mi rkfsr Auf n If anr mn
thereof, and both principal anu interest shall
be payable in gold coin OF the present standard
value, and they shall be payable at the office
OF the state treasurer at 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, d 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 the Office OF the state treasurer on
the second day OF January, and on the second
day OF July of each year after the sale OF the
same provided that the first payment of in.
terest shall be ma lie on The second day o. July
nineteen hundred and twelve. on so
many OF said bonds as may have been thereto
fore sold. At the expiration OF Seventy-fOur years
from the date of said bouds, all bonds sold shall
cease to bear interest. and likewise all bonds
redeemed by lot shall cease to bear interest as
in this act provided, and the said state treas
urer shall call in, forthwith pay and cancel the
same, out of the moneys in the second San
Francisco S0lWull SINKING fund provided Tor In
this act, and he shall, on the first Monday OF
July, nineteen hundred and eighty-tive,
also cancel and destroy all bonds not thereto
fore sold All bonds issued shall be signed by
the governor. and countersigned 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 nrOVi1e0. when
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. countersigning and endorsing. or any or
them, shall have ceased to BIZ he incumbeniS
of such ONCE or offices, Each bond shall contain
"a clause that it is subject to redemption by lot
after the year nineteen hundred and fifty.
SEC. Interest coupons shall be attached to
ach of said bonds. so that such coupons may
beremoved without injury to or mutilation Of
the bond. Said coupons shall be consecutively
numbered, and shall bear the autographed sig
nature of the state. 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 purchaser unless such accrued In
terest shall have been, by the purchaser of said
bond, paid to the state at the time of said sale.
SEC 3, The sum of five thousand dollars is
hereby appropriated to pay the expense that
may be incurred by the state treasurer in hay
ing said bonds prepared. Said amount shall be
paid out 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 sold at
public auction to the highest biddersfor 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 adopted by
the board of state harbor commissioners, and
approved by either the governor of the state or
mayor of the city and county of San Francisco,
who shall only approve the same when in their
judgment the actual harbor receipts, and those
reasonably anticipated, will justify such sale
of bonds and the consequent Increased burden
on halbor receipts; but said treasurer must re-
ject any and all bids for said bonds, lor for any
OF them, which shall be below the par value or
said bonds 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 fixed 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 treasurer shall detach therefrom
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
urer by publication in two newspapers pub
lished in the citv and county OF San Francisco
and also by publication In one Newspaper pub
ished in the city of Oakland and by publica-
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
q 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 but the ex
pense and cost OF such additional notice
shall not exceed the sum of five hundred dol
lars (S500U0) for each sale so advertised
The cost OF such publication shall be paid out
of the San Francisco harbor improvement fund.-
on controllers warrants duly drawn for that
purpose. The proceeds OF the sale OF Such
bonds except such amount rs may have
been paid as accrued interest thereon,
shall be forthwith paid over by said treasurer
into the treasury, and must be by him kept in
a separate fund. TO be known and designated as
the Second San Francisco Seawall Fund" and
must be used exclusively for the construct IN
of wharVes piers, seawall, state railroad, spurs
bettterments and appurtenances, and necessary
dredging and filling in connection herewith, on
the water front OF the city and county OF San
Francisco. Drafts and warrants upon said fund