The San Francisco call., 1910-10-03
" 2 PORTER.
senate BILL 10. AGA.

700 O'Clock a. N. c. F. Curry, SeeIe@@A' -
State BY j. Hoesch. Deputy.
SENATE BILL NO. 464.
Passed the Senate. March II. a D. 1903
Lewis A. Hilborn, Secretary OF the Se1aIS 1ooo
Passed the assembly. March 20, A y A'OS'
This bill was received by the Governor; I tnis
23d day of March, A. D. 1909. az SlOSA 80
Governor.
Chapter 62s. An Act TO provide for the Issue
and sale OF state bonds to create a Iu1o -. -.
the construction By the board OF state harooE
commissioners for the bay or san bs.n blSsu
harbor improvements consist OF sgawat.' sta
wnarves, piers, state railroad spurs, s % S,
mentS and appurtenances in the county u al
Diego; to create a sinking fund Tor tnS pay ~
ment Of said bonds; to define the Gnsss sEs sn ~
appropriation OF one thousand nve luNS. =.
dollars for the expense Of pTiR6lissi pESl5issiOn Of
this act TO vote OF the DeoDle-
The people OF the State Of California repTesen.
in senate and assembly, Go enact as IolIo"s-
Section l. For the purpose Of providing a Iunl
for the payment of the Indebtedness hereby au
thorized to be incurred by the board OF SS1te e.
Dor commissioners for the bay OF San Dleso - ~.
harbor improvements consist OF for the erection
Of a seawall, wharVes, piers, stare iaiA az a.
spurs, betterments and appurtenanees ~, ~ - 80
county of San Diego, at cost not TO e1eeSu "a "a
million five hundred thousand dollars, wnleh sa-4
seawaIl wharves, piers, state Eauloa4ts, Jbloard
betterments and appurtenaZces the sald ~ ~oUato
of state harbor commissioners Tor san pies On
are hereby empowered TO construct IN Inc eaa nAIa
", q
one million five hundred thousand dollars, ~
state treasurer shall, Immediately are 80
issuance Of the proclamation OF the gossrnUs g ar
vloed for In section ten or tRis act ptSStpt oF
teen hundred suitable bonds OF the SsaSS Ss1S5
California in the denomination OF one thousanu ssa
dollars each, to be numbered from one 70 nj nAtcc
hundred inclusive, and to bear date OF the seconu
day of July, nineteen hundred eleven tne 70
tai issue of said bonds shall not exceed .ne sun I
of one million five hundred thousand dollars, anu
they shall bear interest at the rate OF IOuL II - -
cent per annuIn from the date or issuance ~ .5su
IF NE aid Dc nd he
be payable in gold coin Of the United states OF
the present standard of value, at the ofnce o. tue
of July, nineteen hundred eighty i've, suoJect,
however, to redemption by lot as IN tnls @ ace e
all of said bonds that shall be sold shall oe pay
able at the office Of the treasurer OF the S sla.I
on the second day OF January anu lIe % ILL
day Of July of each year after the saIe & u arS r
same At the expiration OF seventy four years
from the date of said bonds all bonds shali cease
TO bear interest. and likewise all DOnus 1 1-
by lot as hereinafter provided shall cease 20 pear
interest according to the provisions Oh t1-S 81
and the state treasurer shall call In ana IOrLn, IN
moneys in the San Diego seawau sinking Lunu
provided for in this and he shall on tne qate
of the maturity of said bonds cancel and destroy
all bonds not heretofore sold All Oonos
naming unsold shall, at the date OF me aIsS
thereof be by the treasurer Of the state caheeleu
and DESTROYED All bonds issued pursuant 10 tne
provisions of this act shall be signed oy Ins
Controller and Endorsed by the state treasurer,
and the said bonds shall be so signed, counter
signed % ana inaorse6 6v 9s of TnIT nineteen hun
dred eleven, and each OF said bonds shau HdVs
the great seal Of the State OF CaIIornla IN.
pressed thereon, and said bonds slgned e9uItsI
signed fndorsed and sold as herein provided shaIl
be and constitute valid and olndlng oohsaslI @ aa
upon the State of California though t1e SaIe
thereof be made at a date or dates after the per
son so signing, countersignins and indorslng, OF
either thereof. shall have ceased 10 De an In
cumbent OF said office or Offices
Sec 2 Appended TO each Of said bonds there
shall be interest coupons so attached that the
same may be detached without injury or m1riIs 1 "a
ton of said bonds. and said coupons snail De
consecutively numbered and shall bear the ntno-
graphic signature Of the state treasurer VINO
shall be in office on the second day OF JuIS,
nineteen hundred eleven. No interest shall De
paid on any Of said bonds for such time as may
Intervene between the date OF said bond ana
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. g. The sum of one thousand FIVE hun
dred dollars is hereby appropriated out OF any
moneys in the state treasury not otherwise ap-
enGFed By the state in having said
bonds prepared. The state controller Is hereby
authorized and directed to draw his warrant
bonds. and the state treasurer Is hereby directed
- See When the bonds authorized to be Is
sued BY this act shall have been signed, coun-
tersigned and endorsed as in section pro
vided 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 a resolution requesting such
sale shall have been adopted by the board or
state harbor commissioners for San Diego bay.
and said board shall not pass such resolution
mill in their Judgment the actual harbor re-
CENTS and those reasonably antfcipated will
Justify such sale of bonds and the consequent
incraosad burden on harbor receipts Said resoIu-
tfon shall specify the number OF bonds leces-
sary to produce the amount Of money which in
the Judgment of said board Of harbor commission
ers 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, and that said
bonds shall be sold IN consecutive numerical
order The state treasurer shall not 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
az fine time and place fixed by him for sncb
sale continue such sale TO the whole or any
part of said bonds such time and place as
he may at the time of such continuance desig-
the state treasurer shall detach therefrom all
coupons which have matured or will mature
treasurer shall give notice OF the time and place
of sale by publication in two newspapers pub
lshed in the city snd county OF San Francisco,
one newspaper published In the city Of Los
Angeles one newspaper published in the city Of
San Diego and one newspaper published In the
ci+v Of Sacramento, once a week for four weeks
nay+ 1recedinr the date fixed for such sele IN
addition to the notice last above provided for
the state treasurer may give such further notice
as he may deem advisable. but the expenses and
cost of such additional notice shall not exceed
tHe sun. of five hundred dollars for each sale SO
olE
he maid out of the San Diego harbo- improve
n1ent fund on controllers warrants duly drawn
for that purpose, and the treasurer must pay the
same The proceeds OF the sale of such bonds
hall he forthwith paid over by said treasurer
into the treasury, and must be by him kent in
a senarate fund to be known and dessnated as
the tsSan Diego Seawall Fund" and must be
nSsd exclusively for the construction Of q sea
terments and appurtenanees thereto on the water
front of the bay of San Diego. Drafts and
1vsrrants upon the said fund shall be drawn
mon and shall be paid out OF said fund in the
saane manner as drafts and warrants are drawn
mon and paid out OF the San Diego harbor i'm
provement fund
Sec. 3. For the payment of the principal and in
+erest of said bonds sinking fund, to be known
sn6 designated as the .'San Diego Seawal SSpE-
inc fund - shall be- and the same is hereby ere
rfed TO wit: The state treasurer. after the see
ond day of January, nineteen hundred and twenty
nine Shall on the first DAY OF each and every
month thereafter, after the sale OF said bonds
4aLe from the San Diego harbor Improvement
fnnd such sum as multiplied by the time In
noonths the bonds then sold and outstandine
AZ fbe time said treasurer shall so take said sum
from said San Diego harbor Improvement fund
1eSs the amount heretofore taken there from FOR
said purpose; and he shall place the sum in the
seoTvs1I sinking fund created by this act Said
s+ate treasurer shall, controllers warran-s
d,1v drawn for that purpose, employ the moneys
4, said sinking fund In the purchase OF bonds
~ the United States. OF the State OF CalifOr-
MS which said bonds shall be kept in a proper
receptacle appropriately labeled; but be must
taan alvyays on hand sufficient amount oS
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