The San Francisco call., 1904-09-12
LneAr NEUTRALITY-SUSPICIOUS..


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-
queeting 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, or for any OF them. which
shall be below the par value of said bonds
ment at the place and time fixed for the
sale continue such sale to the whole Of
the bonds offered, or any part thereof offered.
to such time and place he may select.
Due notice Of the time and place of sale
of all bonds must be given by said treas
lshed in the city and county of San Fran
cisco. and also by publication in one news
by publication in 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
lication shall be paid out of the San Fran
cisco harbor Improvement fund, on controllers
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
the san Francisco Seawall FUND.- and must
be used exclusively for the construction OF
seawaIls 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 as
out of the San Francisco harbor Improvement
fund.
and interest of said bonds a sinking fund, to be
known and designated as the San Francisco
Seawan Sinking Fund shall be and the same
is hereby created, follows: The state treas
urer shall, 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
eta fn1ac fGa fa
said 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 seawall
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, 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 a proper receptacle, appropri-
ately labeled; but he must keep always on
hand a sufficient amount of money in said
sinking fund with which to pay the inter
est such of the state bonds herein pro-
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 Iuho' an amouHi equai 10 the monthly
interest then due on all bonds then sold, de-
lvered 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, and above the amount .Slimited by
section two thousand five hundred and twenty
six of the Political Code of the State OF
Califoraia Between the first and the tentb
day of November, in the year nineteen hum
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 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 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 he
paid on presentation to the treasurer on or
before the second day of January, following
and that from and after such last named
cease and IT 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 1911
the said treasurer shall, in the manner afore-
said proceed to draw by lot such an amount
of bonds shall be requisite to exhaust as
nearly as may be the amount in said sinking
fund, and proceed in the manner hereinabove
stated. After the payment of all of said bonds
the surpluS or balance remaining in said sink
ing fund IL any there be, shall forthwith he
naid INTO the San Francisco harbor Improve
lnent fund. At the time of the respective dra W
ms nv 10. as aforesaid and also ar the nv
turity OF said state bonds said treasurer shall
sell the United States or other bonds then in
said sinking fund, at governing market rates,
after advertising the sale thereof in the man.
ner hereinbefore provided for the sale of bonds
hereby authorized TO be issued, and shall use
the proceeds for the payment of such bonds as
may be drawn by lot, and at the maturity OF
said bonds outstanding shall pay and redeem
said matured outstanding bonds out oi said
moneys in said fund in extinguishment of said
bonds on controllers warrants duly drawn
for that purpose.
Sec. &. The state controller and the state
treasurer shall keep full and particular account
and record OF all their proceedings under this
act. and they shall transmit to the governor
an abstract of ali such proceedings Hereunder,
with annual report, to be by the governor
laid before the legislature bienniaIlv: and ali
books and papers pertaining to the matter
provided for in this act shall al all times be
open TO the inspection of any party interested,
a committee OF either branch of the legislature
joint committee of both. or any citizen
of the state.
Sec Z. 1t shall be the duty of the state
treasurer TO pay the interest of said bonds.
when the same falls due. out Of the sinking fund
provided for in this act on controllers war
rants duly drawn for that purpose.
Sec g. This act II adopted by the people.
shall take effect on the thirty-first day of De-
cember A. d. nineteen hundred and four. as
all its provisions except those relating to and
necessary for its submission to the people,
and for returning canvassng, and proclaim
ing the votes and as to said excepted pro-
visions this act shall take effect Immediately.
people of the State of California for their
ratification at the next general election, to be
holden in the month OF November. A. d.
nineteen hundred and four; and all ballots
at said election shall have printed thereon,
and at the end thereof. the words For the
San Francisco Seawall Act" and in a sep
arate line under the the words Against
the San Francisco Seawall Act" and opposite
said lines there shall be left spaces in which
the voters may make stamp a to
indicate whether they vote for or against the
said act, and those voting for said act shall
DO so by placing a cross opposite the words
For the San Francisco Seawall Act" and all
those voting against the said act shah do
by placing opposite the words Against
the San Francisco Seawan Act" The gov
ernor Of this state shall include the submis-
sion of this act to the people, as aforesaid, in
his proclamation calling for said general cleo
tion.
Sec 10. The votes cast for or against this
act shall be counted. returned and canvassed
and declared in the Same manner and subject
70 the same rules votes cast for state
officers; and IL it appear that said act shall
have received majority OF all the votes cast
for and against IL at such election. aforesaid,
they the same shall have effect as herein
before provided. and shall be iTrepeaiable
until the principal and interest OF the liabl-
tiles herein created shall he paid and dis
charged, and the governor shall make procla-
nation thereof; but If ma ajority of the votes
cast aforesaid are against this act, then
the same shall be and become void.
oct ho kr01v and cit cd