The San Francisco call., 1898-04-08


 jected.
 Nothing in this section shall be so construed as to prohibit the SuperVlS- ors from responding to the aforesaid petition of the electors requesting the acquisition of any public utility py pro ceeding at once, without the SuplnlSsIoii of propositions to the electors as alore said to mass an ordinance declaring it's determination to acquire the same as provided in section six of this Artlcie and from proceeding thereafter to ac- Quire the same in the manner herelh- after provided. ,,.-
 Sec. 4. In case the cost of any public utility sought to be acquired under tne provisions of this Article, can De pdlu out of the annual revenues of the Clty and County, in addition to the other necessary expenditures thereon, IL Sndll be lawful to acquire the same by ma jority vote of the electors young there on at any special election. In supnlit- ting propositions to the electors TOT such acouisition the Supervisors shall specify in such proposition the cost ot the public utility, the proposed method and manner of payment therefor, anu submit to the electors the questloI whether the same shall be acquired upon such terms.
 In case, however, the cost or sucn public utility sought to be acquired 
 shall so far exceed the annual revenues of the City and County, in addition to the other necessary expenditures tnere- of. as to render it necessary to incur municipal bonded indebtedness for Such purpose, then the Supervisors, Tn sup hitting propositions to the electors TOT the acquisition thereof, shall speclfy therein the amount of the proposeu bonded indebtedness, the rate or inter- est thereon and whether such bonded inde edneSS shall be incurred. AL least two-thirds of the electors voting thereon at such election shall De neceS- sary to secure such acquisition ana lo warrant the issuance Of munlclpal bonds therefor, as hereinafter set forth
 Sec 5 When the electors by vote shall have determined, as hereipbetore 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 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 revenue 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 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 ether than the acquisition of such utility and the mourning 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 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. 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 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
 
 City and County.
 Sec. II. 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 e-fcrtieth part of the whole amount of indebted ness shall be paid each and every year on a day and at 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- 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 al 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