The San Francisco call., 1898-04-17

pellllOn OI the SlSClOfS requesting lnS acquisition of any public utility by pro- Ceeding at once, without the submission of propositions to the electors as afore- said, to pass an ordinance declaring it's determination to acquire the same as provided in section six of this Article and from proceeding thereafter to ac- Quire the same in the manner herein after provided.
 Sec 4 In case the cost of any public utility sought to be acquired under the provisions of this Article, can be paid out of the annual revenues of the City and County, in addition to the other necessary expenditures thereof, it shall be lawful to acquire the same by a ma jority vote of the electors voting there on at any special election. In submit ting propositions to the electors for such acquisition the Supervisors shall specify in such proposition the cost of the public utility, the proposed method and manner of payment therefor, and submit to the electors the question whether the same shall be acquired upon such terms.
 In case, however, the cost of such public 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 to the other necessary expenditures there Of as to render it necessary to incur a municipal bonded indebtedness for such purpose, then the Supervisors in sub hitting propositions to the electors for the acquisition thereof shall specify therein the amount of the proposed bonded indebtedness, the rate of inter- est thereon, and whether such bonded indebtedness shall be incurred. At least twO-thirdS of the electors voting thereon at such election shall be neces- sary to secure such acquisition and to warrant the issuance of municipal 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 of 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 andrevenue 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 a iaI all at Ixrhi hiol, 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 incurring of the indebtedness therefor shall be submitted at such election.
 Sec. S. 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 a day on which such special election shall be held, the manner of holding |
 
 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. g. 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 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 of 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 character of bonds known as 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-fortieth part of the whole amount of indebted ness shall be paid each and every year, on a day and at a place to be fixed by 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 pur- poses. and shall be issued in denomina- lions 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- 
 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 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 It |