The San Francisco call., 1904-08-15
LEGAL NOTICES.
CHAPTER CCXI.

ATE A SINKING FUND FOR THE PAY
MENF MEN OF SAID BONDS; AND PRONiDiNG Nc
TOR THE SUBMISSION OF This AL
~ VOTE OF THE PEOPLE:
lApproved March 20 19O3.1
me people of the State Of California, repre-
Seheeo In senate and assembly, 10
enact as follows:
section l. For the purpose Of providing a
tonu t lor the payment of the Indebtedness mere
seAte narbor commissioners for the erection OF
cos = wall and appurtenances In the city an9
two 1i san Francisco at cost not 20 EAcee G
apPurtenances the board OF state haroor COM
i,,i'sslohers a. are hereby empowered TO construct
~ lne manner authorized by law ana at
cost not to exceed said two million dollars)i the
state treasurer shall immediately atter the
issuance Of the procla nation OF the governor,
provided for in section ten hereof. prepare two
thousand suitable bonds OF the State OF Cal,
dollars each The whole issue OF said bonds
sn1h s Hot exceed the sum OF TWO nhlllon oolaIs'
ana SAID bonds shall bear interest al the rate
I'M sIlIe on the sale thereof. and ootn princIPa. i
af alu interest shall be payable IN goid com corn
shall be payable at the office of the state
treasurer, at the expiration OF nineteen years
an dtom tneir date, subject; however, 70 ,te. re-
oeinptlon by lot as in this act hereinafter
provided Said bonds shall bear date. me
second day OF January. A. D. nineteen nunoreo
s ana hVe and shall be made payable on the the
t"enty-four A. D. The interest accruinE on
such of said bonds as sold shall be due
and payable at the office Of the said state
treasurer on the second day or January ana
On on the second day Of July, OF each year aIter
the sale OF the same; provided, that the hrst
payment of interest shall be made on the
second DAY of January A D. nineteen nun
may have been heretofore sold. At the ex-
plratlon OF nineteen years from the date Oh
sac oonds all bonds sole shall cease 10 pear ar
interest. and, likewise all bonds redeemed oy
Iot snail cease to bear interest as IN thiS
act provided and the said state treasurer snail
call In, forthwith pay. and cancel the same;
out of the moneys in the San Francisco seawall
s sinking king fund provided for In TINS acS ana
teen hundred and twentyfour, also cancel and
destroy all bonds not heretofore sold All
bonds issued shall be signed by the governor,
and countersigned by the controller, ana snail
be endorsed by the state treasurer ana eacn
shall have the seal Of the state stamped
thereon. Each bond shall contain clause
the year 1914
Sec. p Interest coupons shall be attached
to each OF said bonds, so that such coupons
may be removed without injury TO or mutila-
tion OF the bond. Said coupons shall be con-
the state D anf 5o 5a interest on any
OF said bonds shall be paid for any time which
sa1S bnnds nd tne nd ale thereof to
purchaser.
Sec. 8. The sum Of one thousand dollars is
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 I'M
drawn for that purpose
Sec T. 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 biddfr for cash,
in such parcels and numbers as said treasurer
under the seal thereof after q resolution re-
questing such sale shall have been adopted by
said treasurer must reject any and all bids
for said bonds, 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 fixed for the
sale, continue such sale. as to the whole OF
the bonds offered, any part thereof offered.
to such time and place as he may select
Due notice Of the time and place of sale
of all bonds must be given by said treas
urer by publication in two newspapers pub
lished in the city and county OF San Fran
cisco, and also by publication IN one news
paper published in the city Of Oakland, and
by publication in newspaper published in
the city of Los Angeles and by publication
Sacramento. week during four weeks
prior to such sale. The costs OF such pub
lication shall be paid out OF the San Fran
cisco harbor Improvement fund, on controller 8
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
the San Francisco Seawall Fund and must
be used exclusively for the construction Of
seawalls and appurtenances thereto the
water front of the city and county of San
Francisco Drafts and warrants upon said
fund shall be drawn upon and shall be paid
out Of said fund in the same manner
out OF the San Francisco harbor improvement
fund
Sec 5. For the payment Of the principal
and interest OF said bonds sinking fund, to be
known and designated as the san Francisco
Seawall Sinking Fund shall be and the same
is hereby created. as follows: The state treas
urer shall, on the first 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 run, will
equal the principal of the bonds sold and out
standing al the time said treasurer shall so take
said sum from said San Francisco harbor i'm
provement fund. less the amount heretofore
taken therefrom for said purpose; and he shall
place the sum in the San Francisco seawaII
sinking fund created by this act. Said state
drawn for that purpose. employ the moneys in
said sinking fund in the purchase of bonds OF
the United States, or Of the State of California
or Of the several counties or municipalities of
the State OF California, which said bonds shall
be kept in proper receptacle, appropri-
ately labeled; but he must keep always
hand a sufficient amount of money in said
sinking fund with which to pay the inter-
est on such OF the state bonds herein pro-
vided to be issued may have Heretofore
been sold. And to provide means for the
payment Of interest on the bonds that may
be sold and outstanding, said treasurer shall
monthly take from the San Francisco harbor
Improvement fund and pay into said seawall
sinking fund, an amount equal to the monthly
interest then due on ali bonds 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
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
amount of bonds shall be requisite to
exhaust nearly may be the amount in
aid 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
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 so drawn
and that the principal of said bonds will be
paid 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 said bonds so drawn by lot
are surrendered to him and paid to cancel
the 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
nttraff In cofd