The San Francisco call., 1904-08-22
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 VOTE OF THE PEOPLE.
lApproved March 90 1e03.]
The people of the State of California. repre-
sented in senate and assembly. do
enact as follows:
Section /. 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 seaWall and appurtenances in the city ana
county OF San Francisco, at a cost not to exceed
two million dollars (Which said seawall and
dppurtenances the board of state harpor coln-
mlssloners are hereby empowered to construct
IN the manner authorized by law, and at
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
IOrlia. In the denomination OF one thouSanc
dollars each The whole issue of said bonds
shall not exceed the sum of two million dollars,
ana said bonds shall bear interest at tne 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
treasurer. at the expiration of nineteen years
from their date, subject, however, TO re-
provided. Said bonds shall bear date. the
second day of January, A. ID. nineteen hundred
and five; and shall be made payable on the the
second day OF January, nineteen hundred ana
twenty-four A. d. The interest aceruinS on
such Of said bonds are sold shall be due
and payable at the office OF the SAID state
treas asurer on the second day OF January, and
on the second DAY of July. OF each year alter
the sale OF the same; provided. tnat the hrst
payment of interest shall be made on the
second day of January. A. d. nineteen nun
dred and six on SO many OF said bonds
may have been heretofore sold At the ex-
piraton OF nineteen years from the date OF
said bonds, all bonds sold shall cease to bear
In md flrnrr all hfall Vadn ms
lot shall cease to bear interest as in this
act provided. and the said state treasurer. shall
out OF the moneys in the San Francisco seawall
sinking innd provided for in this act, and
he shall on the first 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,
and counterslgned 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 a clause
the year 1914.
Sec 2 Interest coupons shall be attached
10 each Of said bonds, that such coupons
may be removed without injury to or mutiia-
secutfveiv numbered and shall be signed by
of said bonds shall be paid for any time which
NAV intervene between the date Of any If
said bonds and the issue and sale thereof to
purchaser.
hereby appropriated to pay the expense that
may be incurred by the state treasurer IN
be paid out OF the San Francisco harbor I'M
provement fund on controllers warrants duly
drawn for that purpose.
Sec l. When the bonds authorized to be
issued under this act shall be duly executed,
they shall be by the state treasurer said 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,
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
bonds. them,
shall be below the par value OF said bonds
offered and he may, by public announce
ment at the place and time fixed for the
sale continue such sale. to the whole of
the bondsN offered, any part thereof offered,
Due notice Of the time and place OF sale
OF all bonds must be given by said treas
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 one newspaper published In
the city Of Los Angeles. and by publication
in 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 controller
warrants duly drawn for that purpose. The
proceeds OF the sale of such bonds shall be
forthwith paid over by said treasurer into the
~ ..ess,, Tr,srcieco eeaxali TTurd,; and non1t
be used exclusively for the construction of
seawalls and appurtenances thereto on the
water front OF the city and county OF san
fund shall be drawn upon and shall be paid
out OF said fund in the same manner
drafts and warrants are drawn upon and paid
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 the San Francisco
SeawaH 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 out
standing at the time said treasurer shall so take
SAID sum from said San Francisco harbor i'm
proyement fund, less the amount Heretofore
taken therefrom for said purpose; and ne shall
place the sum in the San Francisco seawall
sinking fund created by this act Said state
drawn for that purpose, employ the moneys in
said sinking fund in the purchase of bonds of
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-
vided to be Issued as 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
sinking fund, amount equal to the monthly
interest then due all bonds then sold de-
livered and outstanding. The board OF state
directed by the collection of dockage. tolls,
rents wharfage and cranage ito collect a sum
OF money sufficient for the purposes of this
act over and above the 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 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 as nearly 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 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-
rnento, stating the number of bonds so drawn
and that the principal of said bonds will be
paid on presentation to the treasurer on or
before the second day of January, following.
and that from and after such last named
date all interest upon bonds thus drawn shall
cease and II shall be the duty OF the treas
urer as said bonds drawn by lot