The San Francisco call., 1904-11-07
LEaA1 Now1cEs-continuea.

having said bonds prepared said amount shall
be paid out OF the San Francisco harbor an
prov ement fund controllers warrants duly
drawn for that purpose.
issued under this act shall be duly executed.
they shall be by the state treasurer sold al
pubic 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-
qteeting such sale shall have been adopted by
the board of state harbor commissioners; but
said treasurer must reject any and all bids
shall be below the par value of said bonds
so offered; and he may, by public announce
sale continue such sale, to the whole Of
the bonds offered, or any part thereof offered.
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
cisco. and also by 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
ication shall be paid out Of the San Fran
cisco harbor Improvement fund, on controller >
iporrbvifh paid over by said treasurer into the
arate fund. to be known and designated as
the san. Francisco Seawall Fund" and must
he used exclusively for the construction OF
eeawalls and appurtenances thereto on the
water front OF the city and county OF san
francisco.
fund shall be drawn upon and shall be paid
out OF said fund in the same manner as
drafts and warrants are drawn upon and paid
SGn funs p 'Hs san '' ~ '-'p'O's-''e II
Sec 8 For the payment OF the principal
and interest OF said bonds sinking fund. to be
Known and designated the San Francisco
Seawan Sinking Fund shall be and the same
i 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. VIII
soual the principal OF the bonds sold and out
standing al the time said treasurer shall SO take
aid sum from said San Francisco harhor i'm
provement fund. less the amount heretofore
taken Iherefrom for said purpose; and he shall
Mace the sum in the San Francisco seawaI
sinking fund created by this act. Said state
treasurer shall controllers warrants duly
drawn for that purpose. employ the moneys in
seaid sinking fund in the purchase OF bonds OF
the United States. or Of the State Of California
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 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
interest then due on all bonds then sold. de-
livered ana outstanding. The board of state
directed by the collection of dockage. tolls
rents, wharfage and cranage. to collect sum
of money sufficient for the purposes Of this
act, 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 Gay 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 10. such an
amount Of bonds as shall be requisite to
exhaust nearly as may be the amount in
said sinking fund at that time and shall
cember following give notice by public ad-
vertisement to be inserted twice a week for
the city and county of san Francisco. and also
in one newspaper published in the city of Oak
the city OF Los Angeles. and also in one
newspaper published in the city of Sacra-
and that the principal of said bonds will be
paid on presentation to the treasurer on or
md 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 soon as 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 1871 /
the sid treasurer shall, in the manner afore-
said proceed to draw by lot such an amount
nearly as may be the amount in said sinking
f1n6 and proceed in the manner hereinab boye
stated After the payment of all of said bonds
the surplus OF balance remaining in said sink
ing fund II any there be. shall forthwith be-
paid into the San Francisco harbor improve
rnent fund. At the time Of the respective draw
ings by lot aforesaid. and also at the ma
turity Of said state bonds. said treasurer shall
sell the United States 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 OF said
moneys in said fund in extinguishment of said
bonds on controllers warrants duly drawn
Sec. 6. 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 all such proceedings thereunder
with an annual report to be by the governor
laid before the legislature biennially; and all
books and papers pertaining TO the matter
open to the inspection OF any party interested.
or the governor; or the attorney o.. y general, or
Joint committee Of both or any citizen
Of the state.
treasurer to pay the interest of said bonds,
when the same falls due. out of the sinking fund
pT0vloee s Iod IN this US as on controllers war
Sec. 8. This act. If adopted by the people,
shall take erect on the thirty-hTst day OF De-
eember, A. d. nineteen hundred and four as
10 all its provisions except those relating TO and
necessary for its submission TO the people.
and for returning. canvassing. and proclaim
visions this act shall take effect Immediately.
Sec. g. This act shall be submitted to the
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 same the words Against
the San Francisco Seawall Act" and opposite
said lines there shall be left spaces in which
the voters may make or stamp a cross to
indicate whether they vote for against the
said act, and those voting for said act shall
Go so by placing cross opposite the words
For the San Francisco Seawan Act" and all
those voting against the said act shall do so
by placing cross opposite the words Against
the San Francisco Seawall Act" The gov
ernor OF this state shall include the submis-
sion OF this act to the people. aforesaid, In
his proclamation calling for said general cleo
tion.
Sec. TO- The votes cast for against this
act shall be counted, returned and canvassed
and declared in the same manner and subject
TO the rules votes cast for state
officers; and II It appear that said act shall
have received a majority OF all the votes cast
for and against IL at such election. aforesaid.
then the same shall have effect herein
before provided, and shall be irrepealable
until the principal and interest of the liabii-
ities herein created shall be paid and dis
charged, and the governor shall make procla-
nation thereof: but II majority of the votes
cast aforesaid against this act, then
the same shall be and become void.
Sec. IL. This act may be known and cited