The San Francisco call., 1910-11-07
sENATE Sill SO. 4s4.

SENATE BILL NO. 464
Passed the Senate. March r. A. y. 1903.
Lewis A. Hilborn Secretary of the Senate
:, Passed the Assembly. March 90 4; d. lso9
Clio Lord, Chief Clerk Of the Assembly
., This bill was received By the Governor; re1ss
25d day of March. A D. 1909. at Sioa ~
p m E c. Cooper. Private Secretary Oh 1ns
Governor
Chapter 623. An Act 70 nrovjds for the issue
and sale of state bonds to create rund Tor
the construction By the board Of state @ narOos ~
commissioners for the bay OF san pieso ~
hsToor improvements consist Of sea.an' snsta
wharves piers: state railroad. spurs. oetSer
Diego; TO create sinking fund for the pay,
ment of said bonds; to define the QUITS =.
state officers in relation thereto; 70 mas n,-5 a.
appropriation Of one thousand nEe '+,ne nu-siS sad
collars for the expense Of prinIiing, so ~
bonds and to provide for the suonliSSio" -
this act to vote of the people
The people of the State q california. representa-
in senate and assembly. do enact as follows
Section l. For the purpose OF providing a lunu
i9r the payment Of the Indebtedness ueLeu' ba-
thorized to be incurred by the board OF STATE rs
Dor commissioners for the bay of San Diego tor
harbor improvements consist Of for the 5 eISsea25p
Sr S69s seawa wharves piers in the
county Of San Diego, at cost not 10 e1CeSu - u
million five hundred thousand dollars wnlca sa.H
betterments and appurtenazces the said board
of state harbor commissioners for San piego Day
ner authorized by law, at a cost not 70 sexcesd
one million five hundred thousand dollars. th
issuance Of the proclamation Of the governor psS
vided for in section ten Of this act. prspale ~
teen hundred suitable bonds OF the sssev tsess.15
California in the denomination OF one tnousano so
dollars each, to be numbered from one 20 5 n1.ee55
hundred inclusive. and TO bear date OF tne 70
day of July, nineteen hundred eleven ! ne "
tai issue of said bonds shall not exceed the sun
of one million five hundred thousand dollars: anu
cent per annum from the date OF issuance there,
of. The said bonds and the interest thereon snat
be payable In gold coin Of the United STATES ~. ..
the present standard OF value at the Office OF tne
state treasurer OF said state on the secOnG uaS
Of July, nineteen hundred eighty-hye. s1OJect,
however to redemption by lot as in this act
hereinafter provided. The interest acSrulns on
all of said bonds that shall be sold snail ne pay
able at the office OF the treasurer OF the STATE
the second day OF January and the secono
day Of July OF each year after the sale OF .ne
from the date OF said bonds all bonds shall cease
to bear interest. and likewise all bonds Feaeenec ne
interest according TO the provisions OF this act.
and the state treasurer shall call In anu iorJn, IN
moneys in the San Diego seawan sinking fund
provided for in this act, and he shall On tne uale
Of the maturity Of said bonds sancsr anu bonSs re-
naming unsod shall. at the date or the maturiyy
thereof be by the treasurer OF the STATE eAeetsu @
and destroyed All bonds issued pursuant 70 t9e
provisions Of this act shall be signed by rne
governor of this state. countersgned oy tne sIate
controller and indorsed by the state treasurer
aud the said bonds shall be so signed; counter
signed and fndorsed by the ofncers VINO are @ ~
dred eleven and each OF said bonds shan have
the great seal OF the State of California i'm
pressed thereon and said bonds signed: counter
signed indorsed and sold as herein provided shall
be and constitute a valid and binding opilgaLl9n
upon the State Of California though me sals
thereof be made at a date or dates after the per
son so signing. countersigning and tndorsing. or
either thereof. shall have ceased 10 be an IN
cumbent Of said Office Offices
See 2 Appended to each OF said bonds there
shall be interest coupons attached that the
same may be detached without injury or mutiia-
tion of said bonds. and said coupons snail oe
consecutively numbered and shall bear the htho-
graphic signature Of the state, treasurer who
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 and
the dav 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 : The sum OF one thousand nve hun
dred dollars is hereby appropriated out Of any
moneys in the state treasury not otherwise sp-
Cured by the state treasurer in having said
bonds prepared The state controller Is hereby
for The expense incurred in preparing the said
bonds and the state treasurer Is hereby directed
to pay the same
Sec. f. 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 OF
state harbor commissioners for San, Diego bay,
and said board shall not pass such resolution
until in their Judgment the actual harbor re-
CENTS and those reasonably anticipated win
Justify such sale of bonds and the consequent
Increased burden on harbor receipts Said resolu-
tion shall specify the number OF bonds neces-
sary to produce the amount or 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
Fas boHss sba be- sold in Consecutive numsriesi
order The state treasurer shall not accept any
bond pIus the interest which has accrued thereon
between the date of sale and the last preceding
at the time and place fixed By him for such
sale continue such sale as 10 the whole or any
part of said bonds rv such time and place as
he may at the time OF such continuance desig-
nate Before offering any of said bonds for sale
the state treasurer shall aetach therefrom all
connons which have matured or will matnre
Treasurer shall give notice Of the time and place
of sale by publication in two newspapers pub
Iished in the city snd county OF San Francisco
one newspaper published In the city OF Los
Angeles one newspaper published in the city OF
citv Of Sacramento, once a week for four weeks
neyt preceding the date fixed for such sale II
th stste treasurer NAV give such further notice
.s be NAV deem advisable, but the expenses and
Of such sdSGps Sn1S9s 6ofe Ose. sa IA not exceed
advertised The cost OF such publication shah
be paid out Of the San Diego harbor improve
for that purpose. and the treasurer must pay the
1S-na THE proceeds OF the sale OF such ho1dz
shall be forthwith paid over by said treasurer
snta the treasury, and must be by him kent In
senarate fund TO be known and designated as
aha ssSan Diego Seawall Fund and must hs
nsed exclusively for the construction OF So
raM vvharves. piers state railroad. spurs het
ta,ts and appurtenanceS thereto on The 80
snt IF the bay of San Diego. DraffsS.a5
rrants nTon. upon the said fund shall be drsyr anu
mon and shall be paid out Of said fund in ths
upon s manner as drafts and warrants are d-,n .ns
saLne @ and paid out OF the San Diego harbor i
movement fund
Sec 3 For the payment Of the prlncipal and a,
..rsat of said bonds sinking fund to he Enr--.
and designated the San Diego SeavsII SirL
ins Fund :" shall be, and the same Is herehv -
atsd to wit: The state treasurer. after fbs sac.
ond say of January, nineteen hundred and tyve5tS
uHu ino shall on the first day OF each ana svay
monfh thereafter. after the sale OF said bond:5
80 from the San Diego hsrbor fmprovemen,
tnnd such sum as. multiplied by the time ~
neonths the bonds then sold and outsSan3{n--
- +he time said treasurer shall take said s,1,
srono said San Diego harbor improvement f1n5
ron , +5e amount heretofore taken therefror ~,
ssid nurpose: and he shall place the sum IN fhs
searalI sinking fund created by this acr Ss5a
stota treasurer shall, on controllers warrac-s
dniv drawn for that purpose. employ the mon-vS
~ said sinking fund In the purchase Of bon5s
- the United States. or OF the State of CaIifo-
receutacle appropriately labeled; bur be mnst
teen always on hand sufficient amounf~ ~
money in said sinking fund with which 70 nav
tba interest on such OF the state bonds herar33
nrovided 10 be issued may have therefofo-a
heen sold And to provide means for the nav
sold and outstanding. said treasurer shall montb
Iv fake from the San Diego harbor i'm proYer1ent
fnnd and pay into said seawafl sinking fnnd
an amount equal to the monthly interest then