Amador ledger., 1910-07-29

sinking fund for tle payment OF said
Dondsi 10 define tho outies Of slate officers
~ relation thereto: TO make an apprOpria-
tion of one thousaudiave hundred dollars
lot the expense of prin ing said bonds, and
10 provide for the submission of this act to
The people ofthe stale af california, rep
resented ~ senate and assembly, do enact
- follows;
fund for The payment " the Indebtedness
hereby authorized TO boz incurred bv the
board or state harbor coin t0issioners iur the
bay OF san Diego for hnrbor improvements.
consist OF the erection OF a seavriIL whprves
ptcrs, state railroad, Spurs. bpt,crtnnnts and
NppuftehahcpS IN me county of san Dr9c. at
q cost not TO exceed one million ii We hun
dred thousand dollars, which said srawnIi.
Wlfurves. piers, state railroad. spurs. better
mouts ana appurteuauces tn s said board of
state harbor commissioners for san Diego
bay are hereby empowpie cd to construct I'm
the manner authorize by law,at a cost not
to exceed one million five hundred thousand
dollars, the state treasurer shall, immedInte-
ly afer the issuance OF The proclamation of
TIE governor provided Tor in section ten of
bonds Of the State of California in the de-
nomi nation Of one Thousand dCyhnts each. to
be numbered from one to iffeen hundred,
inclusive, and To bear date of the second day
of july nineteen hundred eleven The total
issue Of said bonds shall not exceed the sum
of one million five hundred thousand dol
lars, and they shall bear Interest 1T the rate
of four per cent per annum from the date of
Issuance thereof The said b0nds and the
Interest thereon SnNlI De payNDle III gold coin
of the United states of the present standard
of value at the office Ofthe state treasurer Of
said state, on the second day Of july nine
teen hundred eighty-livc, subject, however
TO redemption by lot as in this act herein
after provided The interest acoruing on all
eflsaid bonds that shall be sold shall be pay
able at the office of the treasurer OF the State
on the second day of January md the'second
Gay of July of each year after the sale OF the
same. AT the expiration of venty-four
years from the date of said bond y all bonds
snail cease to bear interest, and likewise all
bends redeemed by lot as hereiuaftcr pro-
vided shall cease to bear interest according
TO. the provisions of this act, and the state
treasurer shall call in and forthwith pay
ana cancel the same out of the moneys in
the sun Diego seawall sinking fund provided
for in this act and he shall on the date of
thelnaturlty Uf said bonds cancel and des-
troy all bonds not heretofore sold. All bonds
ren1aing unsOld snail, Mt the date of matug-
ity, thereof, be by the treasurer of tbe stats
cancelled and destroyed. All b0nds issued
pur5uants TO the provisions of this act shall
be signed by the governor OF this state.
coIntersigned by the state controller, and
embossed by the state treasurer, and the said
bonds shall be SO signed, countersgned and
endorsed by the officers who are in office on
the second day of July, nineteen hundred
eleven.. and each of said bonds shall have
th0gpeat seal of the State of California ina
pressed thereon, and said bonds signed,
countersigned. endorsed and sold as herein
provided, shall be and constitute aNaliG and
binding obligation uDOn. the State Of CalfOr
nlathOugh the sale thereof be made at date
or dates after the person so signing counter
signing and endorsing. or either thereof.
shall have ceased to be an incumbent of
said oli92 OrOtlceS.
SEC. ,. Appended to each of said bonds
there shall De interest coupons so attached
that the same may be detached without in
jury or mutllation of said bonds, and said
coupons shall be cOnsecutively numbered.
and shall bear the photographic signature of
the state treasurer who shall be in office on
the Se2ond day of July, nineteen hundred
eleven No interest shall be paid on any of
said bonds for such time as may intervene
hPtXVpDn said hCnu
of sale thereof, unless said accrued interest
shall have been, by the purchaser of said
bond, paid 10 the state at the time of such
sale.
SEC! 8. The sum of one thousand five hun
dred dollars is hereby appropriated cSlt of
any moneys in the state treasury not other
wise appropriated to pay the expense that
may be incurred by the state treasurer in
having said bonds prepared! The state con-
troller 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, 4. When the bonds authorized to be
issued by this act shall have been signed.
oountersigned and endorsed! as. in section
provided the state treasurer shalL sell the
same for cash to the htghSst bidder in snch
parcels and numbers as the governor OF the
state shall direct provided a resolution re,
questing such sale ShalEihaMe been adopted
by the board of state harO0r commissioners
Tor San Diego bay, and said board shall not
pass such resolution until in their Judgment
the actual harbOr receipts ana those reason
abby anticipated, Will Justify such sale OF
bonds, and te consequent increased burden
ON harbor receipts. said resolution shall
specify the number of bonds necessary to
produce the amount o&. money which, in the
Judgment of said board of harhof commits
sloners, shall be required at such time, and
the governor of the state shall direct the
state treasurer to SELL SUCH ntb1aber OF SAID
bonds to raise said amount OF money, ana
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 staJe treasurer may, at the time
| and place 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 deslg-
| nate Before Offering any OF said bonds Tor
| sale the state treasurer shall detach there
| from all coupons which, have matured or Will
! mature before the adate fixed ifor 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 publlSheu
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 Il week for four weeks next preceding
| the date fixed for such sale. In addit1 IN to
| the notice last above provided for. the state
| treasurer may give such further notice as mel
| may Deem advisable, but the expenses ana
boost of such additional notice shall not eX7
| ceed the sum of five hundred dollars for each|
| sale so advertised The cost of such pub lica1
ton shall be paid OSRt of the san Diego har1
| Dor Improvement fund on controllers War1
rants duly drawn for that purpose, and the
| treasures must pay the same. The proceeds
of the sale of such bonds shall be forthwith
i paid over by said treasurer into the treasury
and Iaust be by him kept in a separate
fund to be known and designated as thd
| " San Diego Sea.wall Fund" and must hd
used exclusively FOR the construction of seal
| wall wharves, piers state railroad spursl
b att5rments and appurtenances thereto on thd
water front of the bay of San Diego
Drafts and warrants upon said fund shall bd
drawn upon and shall be paid out of said fund
in the same manner as drafts and warrants ara
drawn upon and paid out of the San Diego
harbor improvement fund.
SEC. 3. For the payment of the principal
AMI interest OF said bonds a shaking fund u
be known and designated as the "San Dlegt
saawull Sinking Fund" shall be and thI
same is hereby created to wit: The stat
treasurer, after The second day Of january
nineteen hundred and twenty shall OF