The San Francisco call., 1904-10-10

AN ACT TO PROVIDE FOR THE ISSUANCE
ATE A FUND FOR THE CONSTRUCTION
BY THE BOARD OF STATE HARBOR
COMMISSIONERS OF A sEAWALL AND
APPURTENANCES IN THE CITY 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.
LApproved March 90 19O5.l
The people Of the State of California, repre-
sented in senate and assembly, do
enact as follows:
Section /. For the purpose Of providing q
fund for the payment of the indebtedness here
by authorized TO be incurred by the board OF
etate harbor commissioners for the erection OF
e So 81 ~ ana appuI IN IN tne cry anu
two million dollars (which said seawalI and
appuTtenances the board OF state harbor COM
missloners are hereby empowered to construct
in the manner authorized by law. and at a
cost not to exceed said two million dollars), the
state treasurer shall, Immediately after the
issuance Of the proclamation of the governor.
provided Tor in section ten hereof, prepare two
thousand suitable bonds OF the State Of Cali
fornia. in the denomination OF thousand
collars 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
of the present standard OF value. and they
shall be payable at the office of the state
from their date. subject however. to re-
demption by lot in this act hereinafter
second day of January, A. D. nineteen hundred
and five, and shall be made payable on the
second day OF January nineteen hundred and
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. on so many Of said bonds as
a Of nneeh yeSs tSt s Safe 6
said bonds all bonds sold shall cease to bear
interest, and, likewise. all bonds redeemed by
lot shall 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
teen hundred and twenty-four, also cancel and
destroy all bonds not Heretofore sold All
bonds issued shall be signed by the governor,
be endorsed by the state treasurer and each
shall have the seal Of the state stamped
thereon. Each bond shall contain a clause
that IT is subject TO redemption by lot after
the year 1914.
Sec. ?. Interest coupons shall be attached
TO each Of said bonds. so that such coupons
may be removed without injury to or mutila-
ton Of the bond. Said coupons shall be con-
Eecutively numbered. and shall be signed by
the state treasurer But no interest on 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
Sec. 3. 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. 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 sueh parcels and numbers as said treasurer
shall be directed by the governor of the state
under the seal thereof, after resolution re-
questing 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 bar 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, 10 the whole OF
the bonds offered, or any part thereof offered
10 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
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
ncation shall be paid out Of the San Fran
cisco hsrbor improvement fund, on controllers 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
srate fund 10 be known and designated as
the San Francisco Seawall Fund" and must
seawaIls and appurtenances thereto on the
water front of the city and county of san
Frsncisco Drafts and warrants tinon said
fund shall be drawn upon and shall be paid
out OF said fund in the same manner "a
drafts and warrants are drawn upon and paid
out OF the San Francisco harbor improvement
fund
Sec s. For the payment of the pripc,Dal
and interest OF said bonds sinking fund 10 he
known and designated the San FrancIsoo
Seawsll 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 honds. take from
the san Francisco barbor 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 at the time said treasurer shall SO take
SAID sum from said San Francisco harbor i'm
provement fund. less the amount theretofora
taken therefrom for said purpose; and he shall
place the in the San Francisco seawaii
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. or Of the State OF California
or Of the several counties municipalities OF
the State OF California. which said bonds shall