The San Francisco call., 1904-08-08
LEGAL NOTICES.
CHAPTER CCXI.

z
FOR THE SUBMISSION OF THIS ACT
TO A VOTE OF THE PEOPLE.
IApprOved March 20, 1903.l
The people Of the State OF California, repre-
sented in senate and assembly, do
enact as follows:
Section 1. For the purpose Of providing a
fund for the payment OF the Indebtedness here
Dy authorized 10 be incurred by the board OF
state harbor commissioners for the erection OF
seaWall and appurtenances in the city and
county or San Francisco, at cost not 70 exceed
two million dollars (which said seawall and
appurtenances the board of state harbor COM
missioners hereby empowered to construct
in the manner authorized by law, and at a
cost not TO exceed said two million dollars). the
state treasurer shall. Immediately after the
issuance of the proclamation Of the governor,
provided for in section ten hereOf prepare two
thousand suitable bonds Of the State OF Cali
fornia. in the denomination of thousand
dollars each The whole issue OF said bonds
shall not exceed the sum OF two million dollars
and said bonds shall bear interest at the rate
of four Der centum per annum, from the
time of the sale thereof, and both principal
Of the present standard Of value, and they
shall be payable at the office OF the state
treasurer. at the expiration OF nineteen years
from their date subject. however TO re-
dempt1on by lot as In this act hereinafter
second day of January, A. D. nineteen hundred
and five, and shall be made payable on the
second day Of January, nineteen hundred and
twenty-four A d. The interest accruinE on
such of said bonds sold shall be due
and payable at the office Of the said stare
treasurer the second day Of January, and
on the second day Of July, Of each year after
the sale OF the same; provided. that the first
payment Of interest shall be made on the
second day Of January a. d. nineteen hun
dred and six. on so many or said bonds as
may have been Heretofore sold At the eN-
piration Of nineteen years from the date CT
said bonds. all bonds sold shall cease TO bear
interest, and, likewise all bonds redeemed by
lot shall cease 10 bear interest as IN this
act provided. and the said state treasurer shall
call in, forthwith pay, and cancel the same.
out OF the moneys in the San Francisco seawall
sinking fund provided for in this act, ana
he shall on the hrst Monday Of January nine
teen hundred and twenty-four, also cancel and
destroy all bonds not heretofore sold All
bonds issued shall be signed by the governor,
and eountersigned by the controller. and shall
be endorsed by the state treasurer, and each
shall have the seal of the state stamped
thereon. Each bond shall contain clause
that it is subject to redemption by lot after
the year 1914.
Sec 2 Interest coupons shall be attached
TO each of said bonds. so that such coupons
may be removed without injury to or mutia-
tion of the bond. Said coupons shall be con-
secutiveiy numbered and shall be signed oy
OF said bonds shall be paid for any time which
may intervene between the date of any )f
Sec 8. The sum Of one thousand dollars is
may be incurred by the state treasurer in
having said bonds prepared. said amount shall
be paid out Of the San Francisco harbor I'M
prOvement fund controllers warrants duly
drawn for that purpose.
Sec. 4. When the bonds authorized to be
issued under this act shall be duly executed,
they shall be by the state treasurer sold at
public auction to the highest bidder for cash,
in such parcels and numbers as said treasurer
shall be directed by the governor OF the state,
under the seal thereof, after a resolution re-
questing such sale shall have been adopted by
the board of state harbor commissioners; but
said treasurer must reject any and all bids
for said bonds, OF for any OF them. which
shall be below the par value OF said bonds
so offered and he may, by public announce
ment at the place and time hxed for the
the bonds offered. any part thereof offered.
to such time and place as he may select.
of all bonds must be given by said treas
urer by publication in two newspapers pub
llshed in the city and county or san fran
cisco, and also py publication in one news
paper published in the city OF Oakland, and
by publication in one newspaper published in
the city OF Los Angeles and by publication
in one newspaper published in the city OF
Sacramento, once week during four weeks
prior to such sale. The costs OF such pub
lcation shall be paid out Of the San Fran
cisco harbor Improvement fund, on controller
warrants duly drawn for that purpose. The
proceeds of the sale Of such bonds shall be
forthwith paid over by said treasurer into the
treas sury and must be by him kept in a sep
arate fund to be known and designated as
the san Francisco Seawall Fund and must
be used exclusively for the construction Of
water front of the city and county of San
Francisco Drafts and warrants upon said
out Of said fund in the same manner as
drafts and warrants are drawn upon and paid
out of the San Francisco harbor improvement
Sec. .. For the payment Of the principal
interest De
known and designated as the san FRANCISCO
Seawan Sinking Fund shall be and the same
is hereby created. as follows: The state treas
uTer shall, on the nrst day OF each and every
month after the sale OF said bonds, take from
the san Francisco harbor improvement fund
such sum as, multiplied by the time the bonds
then sold and outstanding have to rum will
equal the principal OF the bonds sold and out
standing at the time said treasurer shall so take
said sum from said San Francisco harbor i'm
provement fund. less the amount heretofore
taken the-efrom for said purpose and he shall
4 -.FIn, ~.NN
sinking fund created oy THIS act. SAID state
treasurer shall, on controllers warrants duly
said sinking fund in the purchase OF bonds OF
the United States or or the state OF California,
or Of the several counties or municipalities OF
| the State OF California, which said bonds shall
| be kept in a proper receptacle, appropri-
ately labeled; but he must keep always on
sinking fund with which to pay the inter
| est on such Of the state bonds herein pro-
| vided to be issued as may have theretofore
| been sold And 70 provide means for the
! payment Of interest the bonds that may
| be sold and outstanding, said treasurer shall
| Improvement fund, and pay into said seawau
sinking Iuhd' an dIlOunI Squai 70 ths monthly
| livered and outstanding. The board Of state
| harbor commissioners are hereby authorized and
/ directed by the collection Of dOckage, tolls,
rents wharfage and cranage, to collect sum
\ OF money sufficient for the purposes OF this
| section two thousand i've hundred and twenty
six of the Political Code OF the state OF
/ California. Between the ufSL ana tne tenth
/ day Of November, in the year nineteen hun
dred and fourteen, and between the first and
/ the tenth day OF November of each year there
| after until the maturity OF said bonds, the
/ said treasurer shall. in the presence OF the
governor. proceed to draw, by lot such an
I amount Of bonds shall be requisite to
| exhaust as nearly as may be the amount in
| said sinking fund at that time, and shall
/ thereupon and before the tenth day OF De-
/ cember following give notice by public ad-
! vertisement TO be inserted twice a week for
| two weeks in two newspapers published in
| the city and county Of San Francisco and also
{ in one newspaper published in the city of Oak
! land. and also in newspaper published in
the city of Los Angeles, and also in one
newspaper published in the city OF sacra-
| mento stating the number Of bonds 90 drawn
| and that the principal of said bonds win be
| paid on presentation to the treasurer on or
| before the second day OF January, following
| and that from and after such last named
| date all interest upon bonds thus drawn shall
! cease and 1t shall be the duty Of the treas
! urer as soon said bonds so drawn by lot
| are surrendered to him and paid TO cancel
| the same and the interest coupons thereon
| and each year beginning with the year 1914
| the said treasurer shall, in the manner afore-
| said proceed TO draw by lot such amount
| Of bonds shall be requisite to exhaust as
/ nearly may be the amount in said sinking
1 fund. and proceed in the manner herefna hove