The San Francisco call., 1904-10-03
LEGAL NOTICES.
CHAPTER CCXI.

ATE A FUND FOR THE CONSTRUCTION
BY THE BOARD OF STATE HARBOR
APPURTENANCES IN THE CITY AND
COUNTY OF SAN FRANCISCO; TO GRE
MENT OF SAID BONDS; AND PROVIDING
FOR THE SUBMISSION OF THIS ACT
TO A VOTE OF THE PEOPLE.
LApproved 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
fund for the payment Of the Indebtedness here
by authorized TO be incurred by the board OF
state harbor commissioners for the erection of
a seawal and appurtenances in the city and
county of San Francisco, at a cost not to exceed
two million dollars (which said seawall and
appurtenances the board OF state harbor COM
in the manner authorized by law, and 1T
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
ioTnia, IN the denomination or 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
and interest shall be payable in gold coin
Of the present standard of value and they
shall be payable at the office Of the state
treasurer. at the expiration of nineteen years
demption by lot in this act hereinafter
provided. Said bonds shall bear date. the
and hve, and shall be made payable the
second day OF January, nineteen hundred and
twenty-tour A. d. The interest accruinE on
such Of said bonds as are sold shall be due
and payable at the office of the said state
treasurer on 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. so many of said bonds as
may have been Heretofore sold. At the ex-
piration Of nineteen years from the date of
all E1-l ~,
interest; and, likewise, all bonds redeemed by
lot shall cease to bear interest a in this
call in, forthwith pay, and cancel the same
out Of the moneys in the San Francisco seawaIl
sinking innd provided for In this act and
he shall on the first Monday Of January nine
teen hundred and twenty-four, also cancel and
destroy all bonds not heretofore sold. All
and countersigned by the controller, and shall
be endorsed by the state treasurer, and each
thereon. Each bond shall contain a 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 mutila-
tion Of the bond Said coupons shall be con-
the state treasurer. But no interest any
may intervene between the date Of any of
said bonds and the issue and sale thereof to
a 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
provement fund on controllers warrants duly
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 bidder for cash.
IN such parcels and numbers said treasurer
shall be directed by the governor of the state,
questins such sale shall have been edopted bv
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
so offered; and he may, by public announce
nnent at the place and time fixed for the
sale continue such sale as to the whole Of
the bonds offered, or any part thereof offered,
Due notice OF the time ana 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
in one newspaper published in the city Of
prior to such sale. The costs Of such pub
lication shall be paid out Of the San Fran
cisco harbor improvement fund, on controllers 3
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 SEN
the San Francisco Seawall Fund and must
seawalls and appurtenances thereto on 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
Of said fund in the same manner az
drafts and warrants drawn upon and maid
out of the San Francisco harbor Improvement
fund
Sec. 8. For the payment of the principal
and interest of said bonds sinking fund TO be
known and designated as the San Francisco
Seawan Sinking Fund shall be and the same
Is hereby created. as 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 ouf-
standing a. the time said treasurer shall so tska
said sum from said San Francisco harbor i'm
proyement fund. less the amount theretofore
taken therefrom for said purpose; and he shall
place the sum in the San Francisco seawau
sinking fund created by this act. Said state
treasurer shall. on controllers warrants duIv
drawn for that purpose, employ the moneys in
said sinking fund in the purchase of bonds OF
the United States. of the State of CaIifornia
or OF the several counties municipalities OF
the State of California. which said bonds shall
be kept in proper receptacle, appropri-
ately labeled; but he must keep always on
hand sufficient amount OF money in said
sinking fund with which TO pay the inter-
est such Of the state bonds herein pro-
vided TO be issued may have theretofore
been sold And to provide means for the
nav N he hcrde hat