The San Francisco call., 1904-10-31
LEGAL NOTICES.
CHAPTER ccxI.

CHAPTER CCXI
AN ACT TO PROVIDE FOR THE ISSUANCE
AND SALE OF STATE BONDS TO GRE
ATE 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 1903.l
The people of the State of California. repre-
sented in senate and assembly. do
enact as follows:
Section L. For the purpose of providing a
fund for the payment OF the indebtedness here
by authorized to be incurred by the board of
etate harbor commissioners for the erection OF
a seawall and appurtenances in the city and
county OF San Francisco at a cost not to exceed
two million dollars (which said seawall and
appurtenances the board Of state harbor COM
IN the manner authorized by law. and at
cost not to exceed said two million dolars). the
issuance OF the proclamation of the governor
provided for in section ten hereof. prepare two
thousand suitable bonds of the State of Cali
iornla. IN the denomination OF one thousand
dollars each. The whole issue of said bonds
shall not exceed the sum Of two million dollars.
ana SAID bonds shall bear interest at the rate
OF Tour 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
treasurer. at the expiration of nineteen years
from their date. subject, however. to re-
demption by lot as in this act hereinafter
provided. Said bonds shall bear date. the
second day of January, A. d. nineteen hundred
and lye, and shall be made payable on the
second day Of January. nineteen hundred and
such OF said bonds are sold shall be due
and payable at the office OF the said state
on the second day of July. of each year after
the sale OF the same; provided. that the first
second day of January A. D. nineteen huns .r,e
dred and SIX. on many of said bonds as
may have been heretofore sold. At the ex-
piration 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 cease 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
bonds issued shall be signed by the governor
and countersigned by the controller and shall
shall have the seal of the state stamped
thereon. Each bond shall contain clause
that 1t 10 subject to redemption by lot after
the year 1914
Sec. 2. Interest coupons shall be alta ched
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
of said bonds shall be paid for any time which
may intervene between the date of any of
said bonds and the issue and sale thereof to
Sec. g. The of one thousand dollars II
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 such 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 par 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. as to the whole OF
the bonds offered, any part thereof offered
to such time and place he may select
Due notice of the time and place OF sale
of all bonds 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
Sacramento, once week during four weeks
prior to such sale. The costs of such pub
cisco harbor Improvement fund, on controller' .
warrants duly drawn for that purpose Tba
proceeds OF the sale of such bonds shall he
forthwith paid over by said treasurer into the
treasury and must be by him kept In a sem
arate fund.- to be known and designated a.
the ''San Francisco Seawall Fund and must
be used exclusively for the construction of