Amador ledger., 1910-11-04


IN me county Of San Diego; .t9i create n
sinking fund for the payment OF said
5ondsi to define the duties OF state officers
IN relation thereto: to make an appropria-
ton OF one thousand five hundred dollars
for the expease OF printing said Donds, and
10 pIUVI9e lor the submission of this act to
The people Of the state Of California. rep
resented IN seRatc and assembly, do enact .
ts follows:
SECTION o. Tor the purpose OF providing
fund for the payment Of the indeN6ednpss
hereby authorized To- be incurred by the
board of state liarbor commissioners f,,r the
hay of.San Diego Tor harbor improvements,
consistOf the erection of a seawall, wiiavves
piers, state railroad, spurs, betternefNts and
appurten0nces In the county of san niego at
a cost not to exceed one million five hun.
dred Thousand dollars, which said seawall,
wharves, piers; state railroad, spurs, Better
ments and apPuFtenanceS the said board OF
state h9rborr commissioners for Sam Diego
bay are herebNe Nempowered to construct in
the manner authorized by law, at ~ cost not
dollars, the state treasurer shall, i'm mediate
ly after the issuance OF the proclamation OF
the governor provided for I'm sectiOntten OF
this act, prepare fifteen hundred suitable
bonds of the state of California in the de-
nomination of one thousand dollars each. to
be numbered from one to fifteen hundred,
inclusive, and to bear date of the second day
ofJuly, nineteen hundred eleven. The total
issue Of said bonds shall not exceed the sum
of one million Ave hundred thousand dol
lars, and they snail bear interest Mt the rate
of four pei, cent per annum from the date of
interest thereons1all be payable In gold coin
of the United States of the present standard
of value, at the office oft the state treasurer Of
said state, onrthe second day ofJulyl.nine-
teen hundred eighty-fve, subject, however
to redemption by lot as in this act Herein
after provided. The interest accruing on all
OF said bonds that shall be sold shall be pay
able at the offide of the treasurer of the state
on the second daR of January and the,second
day of July of each year after the sale OF the
same. At the expiration of seventy four
years from the D ate of said bonds, all bonds
shall cease"to bear interest, and likewise all
bonds redeemed by lot as hereinafter pro-
vided shall cease 10 bear interest according
to the provisions OF this act, and thestate
treasurer shall call in and forthwith pay
and cancel the same out of the moneys in
the San Diego senwall sinking fund provided
for in this act, and he shall on the date OF
the maturity of said bonds cancel and des-
troy all bonds mot heretofore sold. All bonds
remaing unsold shall, at the date of nrltur-
ity thereof, be by the treasurer of THE state
cancelled and destroyed. All bonds issWed
be signed by the governor of this state,
countersigned by the state controller, and
endorsed by the state treasurer and the said
bonds shall be so signed, countersigned and
endorsed by the officers who are in office on
the second day Of July nineteen hundred
eleven, and each of said bonds shGlh have
the great seal OF the State of California inn
pressed thereon, and said bonds signed,
countersigned, endorsed and sold as herein
provided shall be and constitute valid and
binding obligation upon the state of Califor-
MIA though the snle thereof be made at a date
or dates alter the person so signing, counter
signing and endorsing, or either thereof,
shall have ceeSed to be an incu RABelrt of
said Office offices.
SEC. .. Appended to each of saiCp bonds
there shall be interest coupons attached
that the sam e. neay be detached without in
jury or mutilation of said bonds, and said
coupons shall be cOnSecutvely numbered.
and shall bear the lithographic signature of
the state treasurer who shall be in Office on
the second day of July, nineteen hundred
said bonds for such time as may intervene
between the date of said bond and the day
of sale thereof, unless said accrue3i interest
shall have been, by the purchasers of said
bond, paid to- the state at the time of such
sale.
SEC. 8. .. The sum of one thousand five hun
dred dollars is hereby appropriated out of
any moneys i'm the state treaSurE.not other
wise appropriated to pay the expense that
may be incurred by the state treasurer in
having said bonds prepared. The state con-
troler is hereby authorized and directed to
draw his warrant for the expense incurred
in preparing the said bonds, and the state
treasurer is hereby directed to pay the same.
SEC, Al When the bonds authorized TO be
issued by this act shall have been signed.
countersigned and endorsed, rs, ins section
provided, the state treasurer shall sell the
same for cash, to the highest bidder i'll such
parcels and numbers as the governor of the
state shall direct, provided n resOl utiOn re-
questng 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 ,llarbOr receipts, and those reason
-
bondsr and, te consequent INCREASED burden
on ,harbor receipts. Said resolution shall
specify tho. number of bonds necessary to
produce the amount of mOney,wlliclA, in thu
Judgment of said board of harhor commits
sioners, shall be required at such. Time, and
the governor of the state shall direct the
state. treasurer to sell such inumber of said
bonds to raise said amount of mooney, and
that saidboDds shall be sold in consecutive,
order bid The Stae shall
value Of the bond, plus the intereS st which
has accrued thereon between the date of sale
and the last preceding interest maturity
date. The state treasurer may, 3t the time
andplaGe fixed by him for such sale, con-
tinue such sale as to the whole or any part
of said bonds to such time and place as he
may at the time of such continuance desig-
nate. Before Offering any of said bonds for
sale 1.-THE state treasurer shall detach there
from ala coupons which haVetmHtured or will
mature before the 1date fixed Ror such sale
The state treasurer shall give notice of the
time and place Of sale by publication in two
newspapers published in the city and 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 city ofSacramen>
to,once u week for four weeks next preceding
thedate fixed for such sale Tn addition to ,
the notice last above provided for. the state .
treasurer may giva such further notice aS he ..
may deem advisable, but the expenses and ,
COST OF such additional nouice shall not eXN
coed the sum of five hundred dollars for eachi
sale so advertised. The cost OF such publica--
tdoA shall be paid out OF the San Diego har-
Dor Improvements fund OH controllers war
rants duly drawn for that purpose, and the
treasurer must pay the Same. The proceeds
OF tho sale of such bonds, shall be forthwlsh
paid over by said treasurer into the treasury,
and must be by him. kept in separate
fund to be known and designated as the
" San Diego Seawall Fund" and must be
used exclusively for Reconstruction of a sea-
wall, wharves, piers State railroad, spurs,
betterments and appurtehances thereto ON the
water front of the bay of San Diego.
Drafts and warrants upon said fund shall be
drawn upon and shall be paid out of saidfund
In the same manner as drafts and warrants are
drawn upon aud paid out OF the Sam Diego
harbor Improvement fund.
SEC. 5. For the payment OF the principal
and interest of said bonds a sinking f0nd, to
Seawal Sinking Fund" shall be and the
same is hereby caeated, to wit: The state
tren sn rAT nfter Iha sncnnd lnV of .lnnnnrX.