The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-08-29

Bf THE BOARD OF STATE HARBOR
COMMISSIONERS OF SEAWALL AND
AA6PPURTENANCEs IN THE CITY AND
COUNTY OF SAN FRANCISCO; TO GRE
ATE A SINKING FUND FOR THE PAY
MENT OF SAID BONDS: AND PROVIDING
FOR THE SUBMISSION or THIS ACT
40 a VOTE OF THE PEOPLE.
Improved March 20 1901
Inc people OF the State of California, repre-
scented in senate and assembly, do
enact a. follows:
Section l. For the purpose of providing a
Dy authorized to be incurred by the board OF
state harbor commissioners for the erection OF
Co,11ar - ana appurtenances IN me city ahG
- OF San Francisco at cost not to exceed
Two million dollars (Which said seawall and
@abjPuiIuenances the board of state harbor com
nassloners are hereby empowered to construct
al the manner authorized by law, and at
cosC not to exceed said two million dollars) the
STATE treasurer SHALL Immediately after the
issuance Of the proclamation OF the governor.
ptloslueu Tor in section ten hereof. prepare Two
.oTnla, in the denomination of thousand
uoiiSrs each. The whole Issue Of said bonds
ena4I NOT exceed the sum Of two million dollars
anu salo bonds shall bear Interest at the rate
oi iour per centum per annum, from the
tlme OF the sale thereof. and both principal
Of the present standard Of value. and they
t snaI De payable at the Office of the state
Treasurer, at the expiration OF nineteen years
d,Urn tnelT date, subject. however, to re-
aenption by lot in this act hereinafter
PROVIDED. Said bonds shall bear date. the
secoha day of January. a. d. nineteen hundred
aHu I'VE, and shall be made payable on the
second day of January, nineteen hundred and
tMehty-tour A. D. The interest accruinE on
such OF said bonds as are sold shall be due
ana 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
tne sale OF the same; provided. that the first
payment OF interest shall be made on the
dred and six. on so many of said bonds
may have been heretofore sold. At the ex-
PtIauon OF nineteen years from the Gate OF
SAID bonds, all bonds sold shall cease to bear
interest, and, likewise, all bonds redeemed by
sot snail 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 seawali
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.
and countersigned by the controller. and shall
be endorsed by the state treasurer. and each
thereon Each bond shall contain a clause
that 1t Is subject to redemption by lot after
the year 1914.
Sec. . Interest coupons shall be attached
10 each Of said bonds. so that such coupons
tion OF the bond. Said coupons shall be con-
sec seeutively numbered and and shall be signed by
OF said bonds shall be paid for any time which
may intervene between the date of any u
said bonds and the issue and sale thereof TO
See 3. The sum of one thousand dollars IS
hereby appropriated to pay the expense that
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 such parcels and numbers as said treasurer
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
for said bonds for any OF them. which
shall be below the par value Of said bonds
so offered; and he may. by public announce
sale, continue such sale, as to the whole of
10 such time and place as he may select
Of all bonds must b given BY said treas
lished in the city and county OF San Fran
cisco. and also by publication in news
by publication in newspaper published in
the city Of Los Angeles. and by publication
in newspaper published In the city OF
Sacramento, once week during four weeks
prior TO such sale. The costs OF such pub
LEGATION shall be paid out OF the San Fran
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
arate fund, TO be known and designated as
the "San Francisco Seawall Fund" and must
be used exclusively for the construction OF
seawalls and appurtenances thereto the
water front of the city and county of San
Francisco. Drafts and warrants upon said
fund shall be drawn upon ana shall be paid
out of said fund in the same manner as
drafts and warrants drawn upon and paid
out Of the San Francisco harbor Improvement
fund
Sec. 5. For the payment OF the principal
and interest OF said bonds sinking fund. to DO
known and designated the San Francisco
Seawau Sinking Fund ,.,i shall be t7 and the same
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 will
equal the principal OF the bonds sold and out
standing at the time said treasurer shall so take
proyement fund less the amount theretofore
taken therefrom for said purpose: and he shall
place the sum in the San Francisco seawall
sinking fund created by this act. Said state
treasurer shall. controllers warrants duly
drawn for that purpose employ the moneys in
said sinking fund in the purchase OF bonds of
the United States. OF the State Of California
or OF the several counties or 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 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
payment of Interest on the bonds tbat NJ
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 and outstanding The board OF state
directed by the collection OF dockage, tolls
rents, wharfage and cranage, to collect a sum
of money sufficient for the purposes of this
act over 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
bred 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 as shall be requisite 70
exhaust 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 adj
Vertisement TO be inserted twice a 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 OsIt
land and also in one newspaper published In
the city OF Los Angeles and also in one
newspaper published in the city of Sacra-
mento stating the number of bonds 50 drawn
and that the principal OF said bonds will he
paid on presentation to the treasurer on or
before the second day Of January, following
and that from and after such last naneS
date all interest upon bonds thus drawn shall
cease and 1t shall be the duty OF the treas
urer as said bonds drawn by Iot
are surrendered to him and paid to cancel
and each year beginning with the year 1a1s
Ill