The San Francisco call., 1898-03-29


 both propositions shall be deemed re- jscted.
 Nothing in this section shall be so construed as to prohibit the SuperVls, ors from responding to the aIoresalo u U petition of the electors requesting lne acoufsition of any public utility by pro- ceeding at once without the SupnlSSloL of propositions to the electors as aIore- said to pass an ordinance decIaFlAS ite determination to acquire the same as provided in section six or thls AItlcie and from proceeding thereafter lo dc- Quire the same in the nnallIlSA e-- after provided. ,,,,to
 Sec 4 In case the cost of any puoilc utility sought to be acquired uliuel eiis Ioroyisions of this Article, can De pau out of the annual revenues oL tne thos GloS and County, in addition to the other necessary expenditures thereof, It snail I1a Ia yyfrI to acquire the same by ma iority vote of the electors young theie on at any special election. III SupLiIit- ting propositions to the electors TOT such acquisition the SuperVisoie . os+ stif1lf nf speoify in such proposition the cost oi the public utility, the proposed nethoo and manner of payment, therefor, ana submit to the electors the Questlon whether the same shall De acQuiFeo upon such terms.
 oublic utility sought to be acquired finder the provisions of this Article shall so far exceed the annual revenues of the City and County, in addition 10 the other necessary expenditures Ineie- of as to render It necessary 10 Incur a ,7onnicipaI bonded indebtedness for such p1rpose, then the Supervisors, III SUD 1Y7itting propositions to the electors TOT the acouisitfon thereof, shall specl1y therein the amount of the proposeu bonded indebtedness, the rate or inter- est thereon, and whether such pohueu indebtedness shall De incurred: Al least two-thirds of the electors young thereon at such election shall be neces- sarv to secure such acquisition and to warrant the issuance Of municlpeI bonds therefor, as hereinafter set forth
 Sec 3. When the electors by vote shall have determined, as herelnoeIore set forth. to acquire any public utlI1ty, 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 special election as required by section seven of this Article.
 Sec. 6. When the Supervisors shall de- tern1ine that the public interest or ne cessity demands the acquisition, con- struction or completion of any pubic utflity. the cost of which will be too
  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 mourning 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 mourning of the indebtedness therefor shall be submitted at such election.
 Sec. 8. 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 Gf 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 1ished daily for at least ten days in the I-..sz 4I,1 1fv-gk ktTNv, 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 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. H. 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 shah be payable Not less than one-fortieth part of the whole amount of indebted ness shall be paid each and every year, on 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- 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 hIy ho +o