The San Francisco call., 1898-04-12


 acquisition of any public utility by pro- ceeding at once, without the submission of propositions to the electors as dloie said, to pass an ordinance declaTlhs us determination to acquire the sdiIie as provided in section six Of thls Article and from proceeding thereafter to ac- Quire the same in the manner herein after provided.
 Sec. 4. In case the cost of any pupllc utility sought to be acquired under lne provisions of this Article, can De pdlu out of the annual revenues or the Clty and County, in addition 10 the oIile, necessary expenditures thereoi' It shdil be lawful to acquire the same py M IiId jority vote of the electors voting there- on at any special election. In submit ting propositions to the electors TOT suCh acduisition the Supervisors snail specify in such proposition the cost or the public utility, the proposed hlelnod and manner of payment therefor, anu submit to the electors the queStloii whether the same snail pe aCquiie eu upon such terms.
 Tn case however. the cost of such nublic utility sought to be acquired under the provisions of this Article shall so far exceed the annual revenues of the City and County, in addition 10 the other necessary expenditures there- of. as to render it necessary to incur d municipal bonded indebtedness TOT such purpose, then the Supervisors, Tn SUD hitting propositions to the eleCloIs toi the acquisition thereof, shall specl1y therein the amount of the proposed bonded indebtedness, the rate of inter- est thereon. and whether such bonded indebtedness shall be incurred. AL least two-thrds of the electors voting thereon at such election shall be neces- sary to secure such acquisition ana to warrant the issuance of munlclpal bonds therefor. as hereinafter set forth.
 Sec. ,. When the electors by vote shall have determined, as hereinbefore set forth, to acquire any public utility, such action on the part of the electors shall be equivalent to the passing or the ordinance by the Supervisors de- claring such determination as set forth In section six of this Article, and the Supervisors shall proceed without de- lay to pass an ordinance calling a special election as required by section seven of this Article.
 Sec. 6. When the Supervisors shall de- termine that the public interest or ne- cessity demands the acquisition, con- struction or completion of any public utility, the cost of which will be too great to bepaid out of the ordinary an- nual income and of the City and County, the Supervisors shall, by or dinance. specifically declare such de- termination. and shall publish the same for at least two weeks in the official newspaper.
 Sec '. At the next regular meeting of the Supervisors after the publication of the ordinance declaring said deter imitation as above set forth. or at an adjourned meeting thereof. or not less than two weeks nor more than four weeks after the electors by vote shall have determined to acquire any public utility, the Supervisors by ordinance shall call a special election, at which shall be submitted to the electors the proposition of acquiring such. public utility, and of incurring a debt for the acquisition of the same as set forth in such ordinance. No question other than the acquisition of such utility and the incurrng of the indebtedness therefor shall be submitted at such election.
 Sec. &. The ordinance calling such special election shall recite the objects and purposes for which the indebted ness is proposed to be incurred. the es- timated cost of the proposed public utility the necessity for the acquisition of the same and that bonds of the City and County shall issue for the payment of the cost of the same as in such or dinance set forth eff the proposition be accepted by the electorS). and shall fix Q day on which such special election shall be held the manner of holding such election, and the manner of voting for or against mourning such indebted ness. Such election shall be held as provided by law for holding elections in the City and County.
 Sec. 9. Such ordinance shall be pub lished daily for at least ten days in the official newspaper. At the expiration of said ten days the Supervisors shall cause to be published daily for not less than two weeks in the official newspa- per a notice of such special election Such notice shall specify the purpose for which the indebtedness is to be in cured. the number and character of the bonds to be issued, the rate of in- tereSt to be paid. and the amount of tax levy to be made for the payment thereof
 Sec. 10 No indebtedness shall be in- cured for the acquisition of any public utility under the provisions of this Ar ticle. which, together with the existing bonded indebtedness of the City and County, shall exceed at any one time fifteen per centum of the assessed value If all real and personal property in the City and County.
 Sec. Il. The bonds Issued under the provisions of this Article shall be of the Cndracler or ponds Known a s serials and shall be payable in lawful money of the United States. The Supervisors shall decide at the times of the issue of the bonds in what lawful money of the United States said bonds shall be payable. Not less than one-fcrtieth part of the whole amount of indebted ness shall be paid each and every year. on day and at a place to be fixed bv the Supervisors. together with the in terest on all sums unpaid at such date.
 The bonds so issued shall be exempt from all taxation for municipal pl1r- poses, and shall be issued in denomina- tions of not less than ten dollars nor greater than one thousand dollars. and preference in the sale and allotment thereof shall be given to subscribers for the smallest amounts and lowest de- nominations.
 Said bonds must be payable on the day and at the place fixed therein. and with interest at the rate specified there In, but such interest shall not exceed four per centum per annum. payable annually. semi-annually or quarterly. as the Supervisors may determine, Such bonds, when issued, may be sold by the Supervisors from time to time as required and in such quantities as they may determine, but the same must be sold for cash in lawful money of the United States as aforesaid to the high est bidder at not less than par. after having been advertised in the offic;o1