Amador ledger., 1910-10-21

fund.- on controllers warrants duly drawn for
@ snaS pufpoae lne proceeds o. the sale oi suGh %
| treasurer into the reasury, and must bo by
| him Kept tn seperato fund to be known and
designated Gs the India Basin fund.- and
must be used exclusively for the acquisition Of
| the area described In the act referred TO In sec
| ton hereof Drafts and warrants upon said
| fund shall be drawn upon and shall be paid out
OF said fund In the same manner as drafts and
warrants are drawn upon and paid out Of the
san Francisco Harbor Improvement Fund
| SEC. D. For the payment OF the principal ana
/ interest Of said bonds q sinking fund 70 be
known and designated as the India Basin
Sinking Fund" shall be. and the same is here.
| by created, as follows. to wit: The state
treasurer shall, on the first day Of each
and every month after the second day OF
December a. D, 1928; take from IT ne !!
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 AZ 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 in the India basin sinking fund
| created by this act. Said state treasurer shall,
on controllers warrants duly drawn for that
| purpose, employ tho 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
| a proper receptacle appropriately labeled; but
| he must always keep on hand suthcient
| 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
| there tofore been sold. Aud 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-
bor improvement fund, and pay into said In
din basin sinking fund, an amount equal 10 the
| monthly interest then due on oil bonds then
| sold, delivered and outstanding. The board OF
state harbor commissioners is hereby author
ized and directed by the collection Of docltage
| tolls rents, wharfage and cranage, to collect
sum OF money sufficient for the purposes Of
this act, over and above the amount limited
| by section two thousand five hundred ami
| twenty-slx OF the Political Code of the State
| of California, Between the first and tenth
day of November, 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 CT 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 ana
before the tenth day of December following,
give notice by public advertisement to be in
serted twice week for twu weeks In
two newspapers published in the city and
county ef San Francisco, and also in one
newspaper publishedtin 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
cease, and 1t shall be the duty of the treas
urer as soon as said bonds so drawn by lot are
surrendered to him and paid, ito 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-
coed in the manner hereinaboye stated, After
or balance remaining in said sinking fund.- II
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 governin gmarket 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-
said money in said fund in eXtingushment
ofsaid bonds on controllers warrants duly
drawn for that purpose.
SEC. 6. 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 biennially; and all books
and papers pertaining to the matter provided
for in this act shall lat all times be open to the
inspection of any party interested or the COVER
nor, or the attorney general, or a committee OF
either branch Of the legislature, or joint com
m1ttee or 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 thirtyfrst day of Decem
Der, A. d. nineteen hundred and ten as to al
its provisions except those relating to and neces
| fOk a fO1
returning. canvasSing, and proclaiming the
votes, and as to said excepted provisions this ac
shall take effect Immediately.
SEC. o.. 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 the
month of November, A. ID. nineteen hundred anC
r 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: "HhiS act provides
for the acquisition of a tidal basin in the bay
: San Francisco for harbor purposes, and for tht
7 payment OF all costs thereof out of the 'SaI
Francisco HarbOr improvement Fund" In tht
l 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 th'
! India Basin Act" in BREWER type, shall b'
printed: "This act provides for the acquisition
: : OF Il tidal basin in the bay of San Francisco, fo
harbor purposes, and for The payment OF al
Z costs thereof out Of the "San Francisco Harbo
q q Improvement Fund.-" Opposite the words "Fo
!, ! the India Basin Act" and Against th
! spaces in which the voters may make OF
= stamp a cross TO indicate whether they vot
= for or against said act. and those voting TO
! said act shall do so by placing cross opposite
! the words For the India Basin Act" and al
those voting against said act shall do so by pac
ing a cross opposite the words against the lndii
= Basin Acl" The governor of this state shall in
I clude the submission Of this act to the people, Al
. aforesaid in his proclamation calling for SAT-
u | general election.
! SEC. 10. The votes cast for or ;.gainst this ac
i | shall be counted. returned n canvassed ant
! declared in the same manne'. and subject TO tn
a same rules votes cast for Atate officers; and
y y | it appear that said act SGall have received
" majority OF all the yoteg cast for and against /
. | at said election .loresaid. then the sam
:, shall have effect a. lerelnbefore provided. AM
. shall be irrepe-.able until the principal and in
= tereSt of ~ ilahlll1les hereln crenled Shnll h