The San Francisco call., 1904-10-17

AN ACT no PROVIDE EOR lEE ISSUANCE
AND SALE OF STATE BONDS TO GRE
ATE FUND FOR THE CONSTRUCTION
BY THE BOARD OF STATE HARBOK
GPPTRTESANcRs PHRszSA S;t: u IN q TIE I> CITY AID
COUNTY OF SAN FRANCISCO: TO GRE
ATE A SINKING FUND FOR THE PAY
MENT OF SAID BONDS; AND PROVIDLNQ
FOR THE SUBMISSION OF THIS ACT
TO A VOTE OF THE PEOPLE.
IApproved March 20, 1903
The people OF the State OF California. repre-
sented in senate and assembly. do
enact follows;
Section /. For the purpose OF providing
fund for the payment OF the indebtedness hero
by authorized TO be incurred by the board OF
state harbor commissioners for the erection OF
county OF San Francisco, at a cost not to exceed
two million dollars (Which said seawall and
missioners 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 for IN section ten hereof, prepare two
thousand suitable bonds OF the state OF Can,
tornia, in the denomination or one thousand
shall not exceed the sum OF two million dollars,
and said bonds shall bear interest at the rate
Of four Der 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
from their date, subject, however to re-
provided Said bonds shall bear date tho
second day of January, A. d. nineteen hundred
and five, and shall be made payable the
tWenty-four A d. The interest accrunE on
such of said bonds as are sold shall be due
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
may have been theretofore sold At the exs Us
piraton Of nineteen years rom the date OF
said bonds, all bonds sold shall cease to bear
interest, and, likewise, all bonds redeemed by
lot shall 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 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,
and countersigned 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
that it is subject to redemption by lot after
the year 1914.
to each OF said bonds, SO that such coupons
tion Of the bond. Said coupons shall be con-
secutively 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 1f
said bonds and the issue and sale thereof to
a purchaser.
Sec. 3. The sum of one thousand dollars is
hereby appropriated to pay the expense that
may De inquired Dy 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 such parcels and numbers said treasurer
shall be directed by the governor of the state
under the seal thereof, after a resolution re-
questing such sale shall have been adopted by
the board of state hNrbor commissioners; but
aHd rnlflE ra1a rA
tIa1i ~ beio1g tba nsr 1aire of sHi HlISn nS
ment at the place and time fixed for the
sale continue such sale. as to the whole OF
10 such time and place as he may select
Due notice Of the time and place Of sale
urer by publication in two newspapers pub
lished In the city and county of San Fran
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
Sacramento, once a week during four weeks
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
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
seawaIIs and appurtenances thereto on the
water front of the city and county OF san
Erancisco Drafts and warrants lpon sad
go hall be drawn upon and shall ba Satd 5
out of said fund in the same manner a.
drafts and warrants are drawn upon and maid
out OF the San Francisco harbor improvement
Sec. 8. For the payment of the princ,naI
nnd interest of said bonds a sinking fund TO he
SeawaIl Sinking Fund shall be and the sams
IS hereby created, as follows: The state treas
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
prcvement fund, less the amount heretofore
taken therefrom for said purpose; and he shall
place the sum in the san Francisco seawaIl
sinking fund created by this act. Said state
treasurer SHALL on controllers warrants duly
drawn for that purpose, employ the moneys in
said sinking fund in the purchase OF bonds OF
or of the several counties or municipaIities OF
the State of California. which said bonds shall
be kept in a proper receptacle appropri-
etely 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-
been sold. And to provide means for the
payment Of interest on the bonds that may
monthly take from the san Francisco harbor
improvement fund. and pay into said seawall
sinking fund. an amount equal to the monthly
interest then due all bonds then sold. de-
livered and outstanding. The board of state
harbor commissioners are hereby authorized and
directed by the collection of dockage. tolls,
rents, wharfage and cranage. to collect sum
OF money sufficient for the purposes of this
act, 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
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 tho
governor, proceed to draw by lot such an
amount of bonds as shall be requisite to
exhaust nearly may be the amount in
said sinking fund at that time, and shall
thereupon and before the tenth day Of De-