The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1904-09-19
LEcA1 NorrcEs-continued.

destroy all bonds not Heretofore Sold All
bonds issued shall be signed by the governor;
be endorsed by the state treasurer, and each
shall have the seal Of the state stamped
thereon. Each bond shall contain clause
the year 1914.
Sec. 2. Interest coupons shall be attached
to each of said bonds. SO that such coupons
may be removed without injury to or mutila-
ton 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 of
said bonds and the issue and sale thereof to
a purchaser.
Sec B. The sum of one thousand dollars is
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 ouiy
drawn for that purpose.
Sec. T. When the bonds authorized to be
issued under this act shall be duly executed,
they shall be by the state treasurer sold at
in such parcels and numbers as 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 harbor commissioners; but
said treasurer must reject any and all bids
for said bonds, or for any OF them. which
shall be below the par value of said bonds
SO offered; and he may, by public announce
nent at the place and time fixed for the
sale. continue such sale, to the whole of
the bonds offered, any part thereof offered.
to such time and place as he may select.
OF all bonds must be given by said treas
by publication in two newspapers pub
CISCO and also by publication in one news
paper published in the city OF Oakland, and
the city of Los Angeles, and by publication
in one newspaper published in the city OF
Sacramento once week during four weeks
LEGATION shall be paid out OF the San Fran
cisco harbor Improvement fund, on controllers
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 SeawaH Fund" and must
be used exclusively for the construction of
water front OF the city and county of San
Francisco. Drafts and warrants upon said
out of said fund in the same manner as
drafts and warrants are drawn upon and paid
out OF the San Francisco harbor improvement
fund
Sec. s. For the payment of the principal
and interest of said bonds sinking fund, to be
known and designated the San Francisco
Seawan Sinking Fund" shall be and the same
is hereby created. 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 rum 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
provement fund, less the amount heretofore
taken therefrom for said purpose; and he shall
place the sum IN the san FRANCISCO SedWall
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. or of the State of California,
of the several counties or municipalities of
the State of California which said bonds shall
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 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
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 a sum
of money sufficient for the purposes of this
act. and above the amount limited by
section two thousand five hundred and TWENTY.
xiv Of the Political Code of the STATE ~
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 the
governor. proceed to draw by lot such an
amount of bonds shall be requisite TO
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 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 Oak
land and also in newspaper published in
the city of Los Angeles, and also in one
newspa per published in the city of Sacra
mento stating the number of bonds 50 drawn
and that the principal of said bonds will be
paid 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 it shall be the duty of the treas
urer as soon as said bonds so drawn bv lot
are surrendered to him and paid to cancel
the same and the interest coupons thereon
and each year beginning with the year 1914
the said treasurer shall, in the manner afore-
saic proceed TO draw by lot such an amount
OF bonds shall be requisite to exhaust as
nearly as nay be the amount in said sinking
fund, and proceed in the manner hereinaboye
stated After the payment of all of said bonds
the surpuS balance remaining in said sink.
ing fund. if any there be. shall forthwith be
maid into the San Francisco harbor juprove-
ment fund. At the time of the respective draw
ings by lot aforesaid, and also at the ma
turity of said state bonds. said treasurer shall
sell the United States other bonds then in
said sinking fund, at governing market rates
after advertising the sale thereof in the man.
hereby authorized to be issued, and shall use
the proceeds for the payment of such bonds as
may be drawn by lot, anu at the maturity of
said bonds outstanding shall pay and redeem
said matured outstanding bonds out of said
moneys in said fund in extinguishment of said
bonds on controllers warrants duly drawn
See G. The state controller and the state
treasurer shall keep full and particular account
and record of all their proceedings under this
act and they shall transmit to the governor
an abstract of all such proceedings Hereunder
with an annual report, to be by the governor
laid before the legislature biennially and all
books and papers pertaining to the matter
provided for in this act shall at all times be
open to the inspection of any party Interested
or the governor. or the attorney general,
a committee of either branch of the legislature
or joint committee of both, or any citizen
of the state.
Sec I. 1t shall be the duty of the state
treasurer to pay the interest of said bonds
when the falls due, out of the sinking fund
provided for in this act, controllers war
rants duly drawn for that purpose.
Sec. s. This act, IL adopted by the people,
shall take effect the thirty first day of De-
cember, A. d. nineteen hundred and four as
all it's provisions except those relating to and
necessary for its submission to the people,
and for returning, canvassing, and proclaim
ing the votes. and as to said excepted pro-
visions this act shall take effect Immediately.
Sec. o. This act shall be submitted to the
people OF the State of California for their
ratification at the next general election, to be
holden in the month of November, A. d.
nineteen hundred and four; and ali ballots
at said election shall have printed thereon,
and at the end thereof, the words For the
San Francisco Seawall Act" and in sep
arate line under the the words Against
the san Francisco Seawall Act" and opposite
SAID lines there shall be left spaces in which
the voters may make stamp to
indicate whether they vote for against the
said act, and those voting for said act shall