The San Francisco call., 1899-01-28

CALL HEADQUARTERS, SACRA-
MENIO, Jan. 27-The Senate will un-
doubtedly pass the act of Senator Braun
hart providing for the issuance and sale
of State bonds in the sum of S1,OOO,OOO to
create a fund for the extension and i'm
provement of the seawall and thorough
fare of the harbor of San Francisco and
providing for the submission Of the act
to the vote of the people.
The bill came up in the Senate this
morning, and Senator Cutter of Yuba and
Senator Simpson of Los Angeles en-
deavored by every power and influence
they possessed to defeat it, but they were
almost alone
The bill was amended by reducing the
amount of interest the bonds shall bear
from to 31a per cent, and the State was
made preferred purchaser or the bonds
at par. The bill was then advanced to
third reading.
The important provisions of Senator
Braunhart's bill are as follows:
For the purpose of providing a fund for the
payment of the Indebtedness to be incurred
for the construction and extension of the sea-
wall and thoroughfare of the harbor OF San
Francisco southwark from it's present southcrly
terminus the foot of Mission street. on
the water front of San Francisco. the State
Treasurer shall, Immediately after the issuance
of the proclamation of the Governor hereinafter
State in denominations of from 500 to $1,000
each. The whole issue OF bonds shall not eX
ceed 81 900, COO which bonds shall bear interest
at the rate of 81 per centum per annum from
their respective dates, and shall be payable in
twenty years from their said respective dates.
Said bonds shall. respectively, bear date the
first day of January the first day of July,
of the year in which they shall be sold. The
interest accruing said bonds shall be pay
able semi annually.
The of $1,000 is hereby appropriated to
pay the expense that may be incurred by the
a Vrna in IA rod
Said amount shall be paid out of the San Fran
cisco harbor improvement fund.
When the bonds authorized to be issued un-
der this act shall have been duly executed,
they shall be dated and sold by the State
following to wit: The State Treasurer shall
proceed forthwith TO date and sell, at public
auction, to the highest bidder for cash, and in
such parcels as said State Treasurer shall
deem best such number and amount of said
bonds as shall equal the sum of $780, 900. COM
puted according to the face or par value there
Of. and he must reject any and all bids for
said bonds any of them, which shall be
below the par value of said bonds; and the
State Is made a preferred purchaser, and he
may by public announcement at the place of
sale, continue such sale. as to the whole or
may select. Said Treasurer shall. in the same
manner, when authorized SO to do, proceed TO
date and sell such additional number and
amount of said bonds as shall equal said sum
OF S200, 900, computed according to the face or
par value thereof; and said treasurer shall, In
the same manner, when authorized so to do,
proceed to date and sell the remainder of said
bonds in number and amount as above set
forth until all of said bonds shall have been
so sold; provided, that no more of said ponds
shall be dated or sold at any one time than
shall equal said sum of $500, 00O computed as
Whenever the Board of State Harbor Com
nissioners shall desire a sale of any of such
bonds for the purposes herein set forth, they
shall cali a meeting of the board for the con-
sideration thereof, and shall, at least ten days
prior to such meeting, notify the Governor or
the State and the Mayor of the city and county
of San Francisco thereof, and OF the time,
place and object of such meeting, which meet
ing must be held at the office OF said Board OF
state Harbor Commissioners. At said meeting,
or at any adjourned meeting thereof the Gov
ernor and the Mayor shall be deemed additional
members of said board, with like powers and
rights as the other members thereof. If the
Governor and the Mayor, or either OF them.
should fail to be present at such meeting, the
board shall adjourn to day certain, and
notify the Governor and Mayor anew, as be-
fore and If either be present at such adjourned
meeting with all the members of said board,
action NAV be had as if all were present. Said
board as thus constituted, shall proceed to
consider the question of the sale of said bonds
to the face or par value thereof, and vote
shall be taken theron and record made of
such vote upon the minutes of said board An
affirmative vote of four members of said board,
constituted as in this section provided shall
be sufficient to authorize sale OF said bonds
to the amount of S200, 900, computed as afore-
said; but any less vote shall be deemed mega
tive vote If the vote be in the affirmative.
as herein provided that fact together with a
Guiding all adjourned meetings thereof, shall
be certified by the president and secretary of
said board, and under the seal thereof. to the
State Treasurer, who shall file and preserve
the among the records of his office; and
the said Treasurer shall thereupon proceed to
date and sell in the manner set forth in sec
ton of this act, such number and amount of
said bonds as shall equal the sum of 5000 900,
computed according to the face or par value
thereof.
Section provides for the creation of the
San Francisco seawall and thoroughfare sink
ing fund and directs the manner in which the
State Treasurer shall transfer money from the
harbor Improvement fund to the seawall fund.
This act shall be submitted to the people of
the State of California for their ratification at
the next general election to be held in the
month of November. 1900.
Senator Bulla moved to amend the bill
by fixing the rate of interest at Sh per
cent instead of per cent
This amendment carried, and then the
same Senator asked that a provision be
added to section 4, which read: '"The