The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-10-24
LEGAL NOTICES.
CHAPTER CCxI

CHAPTER CCXL
AN &C act TO PR 70, g2i FOR THE ISSUANCE
ATE A FUND FOR THE CONSTRUCTION
BY THE BOARD OF STATE HARBOR
CppnnfM1IS SSSIe1 EF.s OF A SEAWALL AND
COUNTY OF SAN FRANCISCO: TO GRE
ATE A SINKING FUND FOR THE PAY
FOR THE SUBMISSION OF THIS ACT
TO VOTE OF THE PEOPLE.
Improved March 20. 1901
The people of the State of California, repre-
sented in senate and assembly do
enact as follows:
Section 1. For the purpose of providing q
fund for the payment of the Indebtedness here
by authorized TO be incurred by the board Of
state harbor commissioners for the erection OF
county OF San Francisco at a cost not to exceed
two million dollars (which said seawall and
appurtenances the board OF state harbor COM
mlssioners are hereby empowered to construct
In the manner authorized by law, and at a
cost not to exceed said two million dollars), the
Issuance Of the proclamation of the governor.
provided for in section ten hereof. prepare two
fornia. in the denomination OF one 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 per centum per annum. from the
time OF the sale thereof. and both principal
ana interest shall be payable in gold coin
OF the present standard of value. and they
treasurer. at the expiration of nineteen years
from their date, subject, however, to re-
demption by lot as in this act hereinafter
provided. Said bonds shall bear date. the
second day OF January. A. d. nineteen hundred
and nve, and shall be made payable the
twenty-four A. D. The interest H accruing on on
such Of said bonds as are sold shall be due
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
second day OF January A. D. nineteen hum
dred and six. on many OF said bonds as
piration Of nineteen Years rom the date Of
said bonds. all bonds sold shall cease to bear
interest and. likewise. all bonds redeemed by
lot shall cease to bear interest as in this
act provided. and the said state treasurer shall
call In forthwith pay. and cancel the same.
sinking fund provided for in this act, and
he shall on the first Monday of January, nine
destroy all bonds not heretofore sold. All
bonds issued shall be signed by the governor,
and countersgned 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 a clause
that 1t IL subject to redemption by lot after
Sec. 2 Interest coupons shall be attached
to each OF said bonds. that such coupons
may be removed without injury to mutila-
ton OF the bond. Said coupons shall be con-
secutively numbered. and shall be signed by
the state treasurer. But no interest any
of said bonds shall be paid for any time which
may intervene between the date Of any IF
said bonds and the issue and sale thereof to
a purchaser.
D.
hereby appropriated to pay the expense that
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 on 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 said treasurer
shall be directed by the governor of the state,
under the seal thereof after a resolution pe-
shall haVa hear al cd NV
the board Of state harbor commissioners; but
said treasurer must reject any and all bids
shall be below the par value of said bonds
ment Al the place and lime fxed 1" for n.
sale continue such sale to the whole OF
the bonds offered, any part thereof offered.
Due notice of the time and place of sale
OF all bonds must be given by said treas
iished in the city and county of San Fran
cisco. and also by publication in one news
by publication in one newspaper published in
the city of Los Angeles, and by publication
in newspaper published In the city OF
Sacramento. once a week during four weeks
prior to such sale. The costs of such pub
location shall be paid out Of the San Fran
warrants duly drawn for that purpose. The
proceeds of the sale Of such bonds shall be
forthwith paid over by said treasurer into the
treasury. and must be by him kept in a sep
arate fund. to be known and designated As
be used exclusively for the construction of
seawaIls and appurtenances thereto on the
Francisco. Drafts and warrants upon said
fund shall be drawn upon and shall be paid
out of said fund In the same manner a.
out of the San Francisco harbor improvement
fund.
and interest of said bonds sinking fund. to be
known and designated the San Francisco
!. hereby created as follows: The state treas
urer shall. the first day of each and every
month after the sale Oh rh SAD bonds take from
such sum as. multiplied by the time the bonds
then sold ana "a tha hs 70 run, wiz
standing at the time said treasurer shall SO take
said sum from said San Francisco harbor i'm
movement fund, less the amount Heretofore
taken therefrom for said purpose and he shall
place the sum in the San Francisco seawaIl
sinking fund created by this act. Said state
treasurer shall on controllers warrants duly
drawn for that purpose, employ the moneys in
said sinking fund in the purchase OF bonds of
the United States. of the State OF California.
eor of the several counties 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
hand sufficient amount OF money in said
est on such OF the state bonds herein pro-
vided to be issued as may have theretofore
payment OF interest the bonds that may
be sold and outstanding, said treasurer shall
i IMPROVE fund. and pay into said seawa1l
sinking fund, an amount equal to the monthly
interest then due on all o0noS then sold, de-
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 a sum
of money sufficient for the purposes OF this
act over and above the amount limited by
section two thousand five hundred and twenty
six of the Political Code of the State Of
/ California. Between the first and the tenth
day of November, in the year nineteen hun
bred 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
amount of bonds shall be requisite to
exhaust nearly 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 one 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 80 drawn
and that the principal of said bonds will 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 it shall be the duty of the treas
urer as soon as said bonds drawn by lot
are surrendered to him and paid to cancel