The San Francisco call., 1904-09-05
LEGAL NoT1oEs.
cuApTER ccxI


AN ACT TO PROVIDE FOR THE ISSUANCE
AND SALE or STATE BONDS TO GRE
ATE FUND FOR THE CONSTRUCTION
CoMMIsaIoHERs or 4 sEAWALL AND
AAPruMTENANcEs IN THE CITY AND
1E nAH 1G EihASGi6Go ,iI r6s & re PhY PhY
MENT or SAID BONDS; AND PROVIDING
ron THE SUBMISSION or THIS ACT
TO A VOTE OF THE PEOPLE.
Improved March 20. l00Jl
The people OF the State OF California. repre-
sented In senate and assembly. do
enact Az follows:
Section l. For the purpose OF providing n
fund Tor the payment Of the indebtedness here
By authorized 10 be incurred by the board OF
state hArbor commissioners for the erection OK
e~hwhll ana nppurtenanccH Ia the city ana
county or San Francisco. at cost not TO exceed
two million dollars (which said seawall and
hppurtennnces tho board OF state hnrhor com
ihlHrionerH are hereby empowered 20 construct
IN the manner authorized by law, and at a
cost not 10 exceed enld two million dollars) the
ethte TREASURER shall. Immediately after the
Issuance Of the proclamation OF the governor.
provided Tor In section ten hereof prepare TWO
thousand suitable bonds of tho State or cau-
fofnia, In the denomination OF one thousand
dollars each. The whole insue OF said bonds
snail not exceed the sum OF two million dollars,
anu said bonds shall bear interest at the ratio
OF four Der ccntum per annum, from the
ana interest SHAH be payable In gold coin
ot the present standard OF value. and they
hhall be payable at the Office OF the state
treasurer at the expiration OF nineteen years
from their date. subject however. TO re-
demption by lot az in this act hereinafter
provided Said honda ehall bear date tho
second day OF January 4. u. nineteen hundred
and nNe ana shall be made payable on The
second day OF January, nineteen hundred and
such of said bonds sold shall be due
aud 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
tho sale OF the same. provided that the nrst
payment OF interest shall be made on the
second day Of January. A. - nineteen hun
dred aud sN. on 30 many OF said bonds as
may have been heretofore sold. At the eN-
piIhtion OF nineteen yoara from the date Of
said bonds, all bonds Sold shall cease TO bear
Interest. and. likewise, all bonds redeemed by
lot shall cease to bear interest as In this
act provided. and the said state treasurer shall
call In. forthwith pay. and cancel the same,
out OF the moneys in the San Francisco seawall
sinking nnd provided for In this act. and
he shall ON the nrat Monday OF January, nine
teen hundred and twenty tour. also cancel and
destroy all bonds not heretofore sold All
bonds issued shall be signed by the governor,
aud counterHigncd by the controller and shall
be endorsed by the state treasurer and each
shall have the seal OF the state stamped
thereon. Each bond shall contain clause
hat Il II subject To redemption by lot after
see :, interest coupons shall be attached
To each OF said bonds. that such coupons
may be removed without injury 60 or mutla-
secutively numbered, and shall he signed by
the state treasurer. But no interest on any
ot satd bonds shall be paid for any time which
may intervene between the date OF any VI
said bonds and the issue and sale thereof 10
purchaser.
See 3 The sum OF one thousand dollars Is
hereby appropriated 10 pay the expense that
may be incurred hy the state treasurer In
having said bonds prepared said amount shall
be paid out OF the San Francisco harbor mn
proVemsnt fund on controllers warrants duly
see 4 When the bonds authorized TO be
issued under this act shall be duly executed.
they shall he by the state treasurer sold at
public auction 60 the highest bidder for cash.
la such parcels and numbers as said treasurer
shal be directed by tho goNetnor of the state.
ll,siF he IN atft re-
guesting such sale shall have been adopted by
the board OF state hRrhor commissioners but
said treasurer must reject any anu all bids
Tor said bonds, for any OF thcm witch
shall be below the par value OF said bonds
ment at the place and time nNed for tho
sale, continue such sale. as 20 the whole OF
the bonds offered. or any part thereof offered.
10 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
urer by publication IN two newspapers pub
ilshed in the city and county % san Fran.
cisoo and also by publication In one news
paper published ia 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 ot
prior 10 such sale The costs % such pub
ilcation shalt he paid out of the san Fran
Warrants duly drawn Tor that purpose. The
proceeds OF the sale OF such bonds shall be
sSsssSrs and ana must be Sy him Kept IN "s0 ssp spe
arate iund, 20 he known and designated as
lie used exclusively Tor the construction of
seawalis aud dppuytenanceS thereto ON the
water mont Of the city and county et san
FRANCHISE, Drafts and Warrants upon said
fund shall he drawn upon and shalt be paid
out ~ said fund m the same manner aS
drafts anA warrants are drawn upOn and paid
oat of the san Francisco harhor Improvement
fgnd
Scc s. For the payment 81 the prtncipAl
and interest 81 said bonds sinking i0Nd. IA bs,
known ana derignated a. the san francisca
SSaWan sinking fuHt' shalt be and the same
l. herchN created as fellows; The state treas
utVr shalt on the frSt DAY 0f each and every
month after the sale og said bonds. take iron.
the san ftaneiseo harhor Improvement fund
such sum a.. multiplied Ny the time the bonds
then sold ana CWtstanding have % run. will
equal the prlncll,el ~ tho bonds sold and OUT