Amador ledger., 1910-08-19

trehSuref lntO tne reaSufY, ana must Db w
him Kept in separate fund TO be known ana
DESIGNATED as the india Basin fund.-" and
must be used exclusively for the acquisition OF
the area described i'm the act referred to in sec
ton hereof Drafts and warrants upon sald
fund shall be drawn upon and shall be paid OUT
Of said fund in the same manner as drafts and
warrants are drawn upon aud paid out OF the
San Francisco Harbor Improvement Fund"
SEC. .. For the payment Of the principal ana
interest OF said bonds sinking fund, 10 pc
known and designated rs the India Basin
Sinking Fund" shall be, and the same is here
| by created, as follows, to wit: TIC state
| treasurer shall, on the first day OF each
and every month after the second day OF
| December A. ID. 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 the principal Of the bonds sold and
| outstanding at the time said treasurer shall so
| take SAID sum from said San Francisco harbor
| improvement fund less the amount heretofore
/ taken therefrom for said purpose; and he shall
place the sum I'm the India basin sinking fund
| created by 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. orof 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
| he must always keep on hand Sunhcient
amount OF money in said sinking fund with
which to pay the interest on such OF the state
bonds herein provided to be issued as may have
heretofore been sold And to provide means
| for the payment of interest on the bonds that
may be 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 an amount equal to the
monthly interest then due on all bonds then
| sold, delivered and outstanding. The board Of
| state harbor commissioners is hereby author
| ized and directed by the collection of dockage
tolls. rents, wharfage and cranage, to collect
% sum of money Sufhcient for the purposes OF
| this act, over and above the amount limited
| by section two thousand five hundred and
twenty.six Of the Political Code of the state
| IOf Gal np11i1 of hn first a M
| day of Novem Der, in the year nineteen hun
| dred and forty, and between The first and
after until the maturity of said bonds the said
| treasurer shall, in the presence CT the COVER
nor, proceed to draw by lot such an amount
| of bonds as shah 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 twice week for two weeks in
two newspapers published in the city and
county ef San Francisco, and also in one
| newspaper published in the city OF Oakland,
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 IS shall
be requisite to exhaust as nearly as may be
the amount in said sinking fund, and pro-
ceed in the manner hereinabove stated, After
the payment of all said bonds, the surplus
or balance remaining in said sinking fund, If
any there be,'Shall forthwith be paid into the
San Francisco harborimprovement 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
herein before 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 eXtinguishment
of said bonds on controllers warrants duly
drawn for that purpose.
SEC g. The state controller aud state treas.
urer shall keep full 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 be by the governor laid be
fore the legislature bennially and all books
and papers pertaining to the matter provided
for in this act shall pat all times be open to the
inspection of any party interested, or the COVER
nor, the attorney general, or committee o
either branch of the legislature, or joint com
mittee of both, or any citizen Of the state.
SEC. T. 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-first day of Decem
ber, A. ID. nineteen hundred and ten, as to al
it's provisions except those relating to and neces
= : sary for its submission to the people. and fol
returning. canvassing, and proclaiming the
votes and as to said excepted provisions this ac
' 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 elaction to be holden in thu
month of November A. ID. nineteen hundred anC
ten, and all ballots at said election shall have
: printed thereon, the words, For the India Bash
Act,' and in the same square, under said words
the following in BREWER type: 'ThiS act provides
for the acquisition of tidal basin in the bay o
: San Francisco for harbor purposes, and for thu
payment Of all costs thereof out of the Sal
= Francisco Harbor Improvement Fund" In thu
= square Immediately below the square containing
! u said words there shall be printed on said bal
. lot the words against the India Basin Act,
= and Immediately below said words against tn
u India Basin Act in BREWER type, shall b
. printed: "ThiS act provides fOr the acquisition
. harbor purposes. and for the payment of al
,, costs thereof out of the "San Francisco Harbo
I, the India Basin Act" and Against tn
:; India Basin Act" there shall be lef
y spaces in which the voters may make o
y | stamp a cross to indicate whether they vot
u for or against said act and those voting 70
= = said act shall do so by placing a cross oppost
u the words I" For the India Basin Act" and al
. those voting against said act shall do so by pac
a ing cross opposite the woods against the lndi
y Basin Acl." The governor of this state shall IN
!, cude the submission Of this act to the people, a
:, aforesaid in his proclamation calling for sal
~ | genera election.
~ SEC. 10. The votes cast for or against this ac
~ shall be counted, returned and cdnvassed an
"a | declared in the same manner and subject 10 th
u same rules votes cast for state officers; and
u u it appear that said act shall have received
a majority OF all the votes cast for and against
u at said election as aforesaid then the sam
], shall have effect as herenbetore provided an
n shall be irrepealable until the principal and IN
= terest of the Liabilities herein created shall b
u paid and discharged, and the governor shal
y make proclamation thereof; but If a majority
"a | the votes cast as aforesaid are against this aC
" then the same shall be and become void.
a. SEC. H. II shall be the duty Of the secretary