The San Francisco call., 1898-03-30


 6oth propositions shall be deemed re- jected .o construed as to prohibit the SuperVlS. ors from responding to the aIolesaio t ' petition of the electors requesting tne acoufsition of any public utility py pro- oeeding at once. without the submission of propositions to the electors as aloIe- said. to pass an ordinance declaring US determination to acquire the Sa.le as and from proceeding thereafter to ac- ouire the same in the manner nereln- after provided. ,.,,. utility sought to be acquired unuer ene Oroytsions of this Article, can De paIo 0ut of the annual revenues Of the City and County in addition to the other necessary expenditures thereon, IL sna1i he lawful to acquire the same by ma 1ority vote of the electors voting tnere- m at any special election. In submit ting propositions to the electors TOT such acquisition the Supervisors snail specify in such proposition the cost or the public utility, the proposed method and manner of payment therelor, anu anu submit to the electors the Questlon 1rbether the same shall be acquired upon such terms.
 Tn case. however, the cost Of such public utility sought to De acQulreu finder the provisions Of this Arucle Gh91 far exceed the dlIluei4 of the City and County, in addition to she other necessary expenditures there Of as to render it necessary to incur a -nI1nicipal bonded indebtedness TOT sucn 1ourpose, then the Supervisors, 1n sup uniting propositions to the electors TOT she acquisition thereof, shall specl1y therein the amount of the proposed bonded indebtedness, the rate Of inter- est thereon, and whether such ponoeo indebtedness shall be incurred. At least tWO-thirds of the electors young thereon at such election shall be neceS- sorv to secure such acquisition and to warrant the issuance Of munlclpal bonds therefor, as hereinafter set forth.
 Sec. 3. When the electors by vote shall have determined, as herelnpelore set forth, to acquire any public utility, such action on the part of the electors shall be equivalent to the passing of Hhe ordinance by the Supervisors de- clariug such determination as set forth Hn section six of this Article, and the Supervisors shall proceed without de- day to pass an ordinance calling special election as required by section seven of this Article.
 Sec S. When the Supervisors shall de- termine that the public interest or ne- cessity demands the acquisition, con- struction or completion of any pubic utility, the cost of which will be too great to be paid out of the ordinary an- nual income andrevenue of the City and County, the Supervisors shall, by or [linance, 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 animation as above set forth, or at an adjourned meeting thereof, or not less than two weeks nor more than four II,o a1o hTy nfn cI 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 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 fer 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 Iished daily for at least ten days in the official newspaper. At the expiration of said ten days the Supervisors shall tn hn Y111h1 nN 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. TO- 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. 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 snail decide at the times or 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 fhe 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- nominations.
 Said bonds must be payable on the day and at the place fixed therein, and with interest at the rate specified there 1n, 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