Amador ledger., 1910-08-19

loI Tue expense OF printing SNu bOnuSs anu
TO provide for the Submission of this act TO
vote OF the people.
The people of The state Of california, rep
Us follows:
SECTION |. For the purpose OF providing
fund for the payment of the indebtedness
hereby authorized to he incurred by the
board OF state harbor commissioners for the
bav of san Diego for harbor improvements,
consist Of the erection of n seawall, wharVes,
piers, slate railroad, spurs, bettermentS and
appurtenances I'm the county of san Diego, ut
a cost not to exceed one million i've hun
dred thousand dollars, which said seawall.
wharves, piers, state railroad, spurs, better
mcnts and appurtenanees the said board OF
state harbor commissioners for San Diego
bay are hereby empowered to construct in
the manner authorized by law, at ~ cost not
to exceed one million five hundred thousand
dollars, the state treasurer shall, Immediate
ly after the issuance of the proclamation OF
the governor provided for In section ten 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
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 snail bear interest at the rate
of four per cent per annum from the date of
Issuance thereof. The said bonds ana the
Interest thereon shall be payable In gold coin
of the United States of the present standard
of value, at the Office of the state treasurer of
said state, on the second day OF July, nine
teen hundred eighty-five, 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 nt the office of the treasurer OF the slate
on the second day 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 li after pro-
to the provisions of this act, and the state
treasurer shall call in and forthwith pay
and cancel the same out of the moneys in
the san Diego seawall 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 not heretofore sold. All bonds
remaing unsold shall, at the date of matur-
ity thereof, be by the treasurer of the state
cancelled and destroyed. All bonds issued
pursuants to the provisions of this act shall
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 shall 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 avalid and
binding obligation upon the state Of Califor-
MIA though the sale thereof be made at u date
or dates after the person so signing, counter
signing and endorsing, or either thereof.
shall have ceased to be an incumbent of
said office offices.
SEC. 2. Appended to each of said bonds
that the same may 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
eleven. No interest shall be paid on any of
said bonds for such time as may intervene
between the date of said bond and the day
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 3. The sum OF one thousand five hun
dred dollars is hereby appropriated out 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 L. When the bonds authorized to be
issued by this act shall have been signed.
countersigned and endorsed as in section
provided, 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 resolution re-
questing 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 receipts, and those reason
ably 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 of money which, in the
| Judgment of said board of harbor commits
| sioners, shall be required ut such time, and
| the governor of the state shall direct the
| state treasurer to sell such number of said
| bonds to raise said amount of money, and
| 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 state treasurer may, at the time
and place fixed by him for such sale, con-
/ sal a a < tn whole
| of said bonds to such time and place as ne
| may at the time of such continuance deslg-
nate. Before Offering any of said bonds for
| sale the state treasurer shall detach there
| from all coupons which have matured or Will
| mature before the 9date fixed flor such sale
| The state treasurer shall give notice OF the
| time aud place Of sale by publication in two
| newspapers published in the city ana county
| of San Francisco, one newspaper publlshed
| 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 week for four weeks next preceding
| the date fixed for such sale In addition to
| the notice last above provided for. the state
| treasurer may give such further notice as he
may deem advisable, but the expenses ana
| cost of such additional notice shall not eX-
| ceed the sum of five hundred dollars for each
sale so advertised. The cost of such publica-
tion shall be paid out OF the san Diego mar
Dor improvement fund on controllers war
| rants duly drawn for that purpose, and the
| treasurer must pay the same. The proceeds
of the sale of such bonds shall be forthwith
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 the construction of sea-
wall, wharves, piers, state railroad, spurs,
bstterments and appurtenances thereto on the
water front of the bay OF san Diego
| Drafts and warrants upon said fund shall be
drawn upon aud shall be paid out of said fund
in the same manner as drafts and warrants are
drawn upon and paid out or the san Diego
harbor improvement fund.
SEC. 5. For the payment of the principal
and interest OF said bonds n sinking fund, to
be known and designated as the "San Diego
Seawall sinking Fund" shall be and the
same is hereby created, to wit: The state
treasurer after the second day OF January,
nineteen hundred and twenty-nine, shall on
the first day OF each and every month there
after. after the sale of said bonds, take from
the San Diego harbor improvement fund
such sum as. multiplied by the time in
. | LnnnIhs tnn hnnla Ihnn sold and OnIsLnnd ING