The San Francisco call., 1898-04-01

 both propositions shall be deemed re- 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 oy pro ceeding at once, without the submlsslon of propositions to the electors as afore' said, to pass an ordinance declaring Its determination to acquire the same aa provided in section six of this Article and from proceeding thereafter to ac- Quire the same i'll the manner nerelh- 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 or the Clty and County, in addition to the otIer necessary expenditures thereol, IL shaA be lawful to acquire the same py a hId- -jority vote of the electors voting there on at any special election. In suomit- ting propositions to the electors TOT such acouisition the Supervisors snall specify in such proposition the cost oi the public utility, the proposed nletho1 and manner of payment thereIor' ana submit to the electors the questloH whether the same snail De acqu1leu upon such terms.
 In case. however. the cost of such puhlic 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 municipal bonded indebtedness for such purpose, then the Supervisors, in sub hitting propositions to the electors Tor 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-Ihirds 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. 5. 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 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 be paid 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 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 incurr!ng 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 OL l1l@ Sttllle, anu lildt JULIUS OI II6 NllN and County shall issue for the payment of the cost of the same as in such or dinance set forth if the proposition be accepted by the e1ectors), and shall fix 8 day on which such special election shall be helG, the. manner of holding such election, and the 71anrer of voting for. or against incurring 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 leastrten 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 ore time fifteen per: centum- of the assessed value of all real and personal property in the 1llS .dllQ +11uIllA.+f. -
 Sec. 1.-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 denomfna- 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 atNthe rate; ;specified there in. but such interest shall not exceed four per, :centun:~ per annurn, payable annually, senli=annually: or quarterly. as the Supervisors may. determine Such. bonds. when: issued, may be sold