Amador ledger. (Jackson, Amador County, Calif.) 1875-19??, 1910-09-16

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that purpose The proceeds Of the sale of such
bonds shall be forthwith paid over by said
treasurer tuto the reasury, and must be by
him kcps u separate fund 10 be known aud
deN mated as the "fndi Basin fund" ard
must b3 used exclusively for the acquisition OF
the area described In the act referred TO in sec
ton hereof Drafts and warrants upon sal
fund shall Ue drawn upon and shall be paid out
OF said fund In the same manner as drafts ana
warrants are drawn upon and paid out OF the
san FRANCISCO Harbor improvement Fund"
SEC. D. For the payment OF the principal and
interest of said bonds " sinking fund, to be
known and desigraled ~ the India Basin
Sinking Funt," shall be, and The same is here
by created, rs follows. to wit; The state
treasurer shall, on tho first day Of each
and every month after the second day OF
December a. y. 1928. take from the
San Francisco harbor Improvement fund.
such sum as. multiplied by the the time the
bonds then sold and outstanding have TO run
will equal tho principal OF the bonds sold and
outstanding NJ the time said treasurer shall so
take sal sum from said San Francisco harb1r
Improvement fund. less the amount heretofore
taken therefrom FOR said purpose; aud he shall
place the sum in the India basin sinking fund
created bv this act. Said state treasurer shall,
on controllers warrants duly drawn for that
purpose, employ the moneys in said sinking
fund in the purchase Of bonds OF the United
States. or of the State Of California, or OF the
several counties or municipalities Of the State
Of California, whicn said bonds shall be kept in
proper receptacle appropriately labeled; but
ne must always Keep on hand u suIhclent
which to pay the interest on such OF The state
bonds herein provided to be issued as may have
thereto fore been sold. Aud to provide means
for the payment of interest on the bonds that
may he sold and outstanding, said treasurer
shall monthly take from the San Francisco har-
Dor Improvement fund and pay into said In
dia basin sinking fund, au amount equal TO the
monthly interest then due on all bonds then
sold, delivered and outstanding. The board OF
state narbOr commissioners is hereby author
lied and directed by the collection OF dockGge
tolls, rents wharfage and cranage, to collect
sum of money SUFFICIENT for the purposes OF
N lie not nd al fp1
by section two thousand five hundred an
twenty-six OF the Political Code of the State
of California. Between the first and tenth
day of Novem Der, in the year nineteen hun
dred and forty. and between The first and
tenth day of November of each year there
after until the maturity of said bonds the said
treasurer shall, in the presence OF the COVER
nor proceed to draw by lot such an amount
of bonds as shall be requisite to exhaust as
nearly as may be the amount in said sinking
fund at that time, and shall thereupon and
before the tenth day of December following.
give notice by public advertisement to be In
serted twi ce q week for two weeks in
two newspapers published in the city and
county eff San Francisco, and also in one
newspaper published in the city of Oak land,
and also in one newspaper published in The
city of Los Angeles. and also in one news
paper published in the city of Sacramento,
stating the number of bonds so drawn. and
that The principal of said bonds shall be
paid on presentation to the treasurer on or
before the second day of January, following,
and that from and after such last named
date all interest upon bonds thus drawn shall
cease, and it shall be the duty of the treas
urer as soon as said bonds so drawn by lot are
| surrendered to him and paid, to cancel the
same, and the interest coupons thereon, and
| each year, beginning with the year nine
teen hundred and forty, the said treasurer
| shall, in the manner aforesaid, proceed to
draw by lot such an amount of bonds shall
| be requisite to exhaust as nearly as may be
the amount in said sinking fund, and pro-
| coed in the manner hereinabove stated, After
| the payment of all said bonds the surplus
or balance remaining in said sinking fund If
any there beishall forthwith be paid into the
San Francisco harbor prOvement fund. AT
the time of the respective drawings by lot, as
aforesaid, and also at the maturity of said
state bonds, said treasurer shall sell the
United States or other bonds then in said
sinking fund, at governing market rates, after
advertising the sale thereof in the manner
hereinbefore provided for the sale OF bonds
hereby authorized to be issued. and shall use
the proceeds for the payment of such bonds
as may be drawn by lot, and at the maturity
OF said bonds outstanding shall pay and re-
deem said matured outstanding bonds out of
said money in said fund in eXtinguiSh ment
of said bonds on controllers warrants duly
drawn for that purpose.
| SEC. 6. The state controller aud state treas
| urer shall keepfull and particular account and
| record of all their proceedings under this act,
and they shall transmit to the governor an alb
stract OF all such proceedings hereunder, with
an annual report, to DO by the governor laid be-
fore the legislature biennially; and all books
| and papers pertaining to the matter provided
for in this act shall iat all times be open to the
inspection of any party interested, or the COVER
| nor, or the attorney general or committee of
either branch of the legislature, or joint COM
| mittee of both, or any citizen of the state
SEC. 7. 1t shall be the duty of the state treas
urer TO pay the interest Of said bonds, when the
| same falls due, out Of the sinking fund provid-
| ed for in this act, on controllers warrants duly
drawn for that purpose.
SEC s. This act, if adopted by the people,
shall take effect on the thirty-frst day of Decem
| Der, A. d. nineteen hundred and ten, as to all
its provisions except those relating to and neces-
| 4 A
| returning, canvassing, and procaming the
votes, and as to said excepted provisions this act
shall take effect Immediately.
SEC. .. This act shall be submitted to the peo-
pie of the state Of California for their ratification
at the next general eaction TO be holden in the
month of November, A. ID. nineteen hundred and
ten, and all ballots at said election shall have
printed thereon the words. "For the India Basin
Act, and in the same square, under said words.
the following in BREWER type: 'ThiS act provides
for the acquisition of a tidal basin in the bay OF
| San Francisco for harbor purposes and for the
| payment of all costs thereof out of the San
Francisco Harbor Impros ement Fund" In the
| square Immediately below the square containing
| said words. there shall be printed on said bal
lot, the words against the India Basin Act"
and Immediately below said words against the
India Basin Act in BREWER type. shall be
printed This act provides for the acquisition
of tidal basin in the bay of san Francisco, for
harbor purposes, and for the payment OF all
costs thereof out Of the ''San Francisco Harbor
Improvement Fund.-" Opposite the words For
| the India Basin Act" and gainst the
India Basin Act" there shall be left
spaces in which the voters may make or
stamp cross TO indicate whether they vote
for or against said act, and those voting for
said act shall do so by placing n cross opposite
the words - For the India Basin Act" and all
those voting against said act shall do 50 by plac-
ing cross opposite the words against tn q India
Basin Act" The governor of this state shall in
clude the submission of this act to the people, as
aforesaid. in his proclamation calling for said
genera election.
SEC. 10. The votes cast for or against this act
shall be counted, returned and cdnvassed and
declared in the same manner and subject To the
same rules votes cast for state officers and II
it appear that said act shall have received n
majority of all the votes cast for and against II
at said election as aforesaid, then the same
shall have effect as hereinbeIore provided, and
shall be irrepealabe until the principal and in
terest of the liabilities herein created shall be