The San Francisco call., 1910-08-15
LEGAL AND OBSERVATION-DISCLOSURES

of an act entitled AN act to provide for the
fund for the acquisition by the board OF state
harbor commissioners. of a necessary area for
tidal basin, for wharves, docks. piers, har-
bors and appurtenances in the city and county
Of San Francisco to create sinking fund FOR
the payment of said bonds; and defining the
making an appropriation of thousand dol
lars for the expense of printing said bonds;
va. LOT .ne suo'nissloh ol n treasurer
shall Immediately after the Issuance of the
procianiation of the governor provided for N
bonds of the State of California. in the de-
nomination of one thousand dollars each Inc
whole issue OF said bonds shall not exceed nds 1ds
sum of one million dollars and said oonds
shall bear interest at the rate Of four per
centum per annum from the time OF the saie
thereof, and both principal and interest shali
De payable IN gold coin Of the present sldhoata aia
value value and they shall be payable at at sne
piration of seventy four years from chelr
date subject, however to redemption sdG py
January, A. D. 1911. and shall be made pay
Inc interest accruing on such OF salo ponus a.
are sold, shall be due and payable at the ofnce
OF the state treasurer on tne sefuhe % of nsy each
year after the sale cf the same; PROVIDED ina
the first payment of interest shall he made
many of said bonds as may have been there
fofore sold. At the expiration of seventy -Ioqr q
years from the date of said bonds, an pohes
sold she'll cease to bear interest. and likewise
all bonds redeemed by lot shall cease 10 bear
interest as In this act provided, and the said
state treasurer shall call in. forthwith pay ana
cancel the same. out of moneys IN the lAoia t.
Basin Sinking Fund provided for IN me Ias act
and he shall on the first Monday IN January,
A. d. 1881 also cancel and destroy all hohds
not heretofore sold All bonds issued shall be
the controller ana shall be endorsed by the
state treasurer. and each SHALL nave the sea- sea-
Of the state stamped thereon Each bond snail
contain clause that it is subject 10 redeInp,,
ton by lot after the year nineteen huhureu anu
thirty nine
Sec . Interest coupons shall be attached to
each of said bonds. that such coupons may
be removed without injury 10 or muthatlon OIL tAe
bond. Said coupons shall be copseeutiveiy mum mum
bered and shall be signed by the state treas,
urcr But no interest on any OF said bonds shaii
be paid for al time which may intervene ee-
tween the date of any of said bonds ana the
issue and sale .lereof to purchaser.
See. .. The of ono thousand dollars i
hereby appropriated to pay the expense tnat
mag be iucurred by the state treasurer IN nav
ing said bonds prepared. said amount shai DC
paid ont of the San Francisco Harbor improve
mept Fund on controllers warrants duly drawn
Sec 4 When the bonds authorized 10 be is
sued under this act shall be duly executed they
auction to the highest bidder Cor CASH in such
parcels and numbers as SAID state IfeasGect cin.t
any and all bids FOR said bonds, or for any OF
them, which shall be below the par value or said
bonds offered for sale and lie may by puplc
announcement ut the place and tine fixed for the
sale, for good and sufficient cause. continue sueh
sale to the whole of the bonds offered or
any part thereof offered. TO such time ana pace
he may select not exceeding however sixty
days. Due notice of the time aud place OF sale OF
all bonds. and of the postpouement of sale
thereof. must be given by said treasurer by pub
cation in two newspapers puhlished IN the
city and county Of San Francisco. ana also by
publication in one newspaper published in the
city of Oakland. and by publication in one news,
paper published in the city of Los Angeles. ana
the city of Sacramento, once week during four
weeks prior to such sale. The costs of such pub
lcation shall be paid out of the san Francisco
Harbor Improvement Fund on controllers war
rants. 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 separate fund to be
known and designated as the India Basin Fund.
and must be used exclusively for the acqulsl-
tion of the area described in the act referred TO
in section l hereof. Drafts and warrants upon
said fund shall be drawn upon and shall be paid
out of said fund in the same manner as dra1ts
and warrants are drawn upon and paid out or the
San Francisco Harbor improvement Fund
Sec. >. For the payment of the principal and
interest of said bonds sinking fund to De
known and designated the India Basin Sink
created as follows, to wit: The state treasurer
shall. the first day of each and every month,
after the second day of December. A D. l92S,
take from the ''San Francisco Harbor Improve
ment Fund.- such multiplied by the
time the bonds then sold and outstanding have
sold and outstanding at the time said treasurer
shall SO take said sum from said San Francisco
Harbor Improvement Fund. less the amount
Heretofore taken therefrem for said purpose;
and he shall place the sum in the India Basin
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
the United States, of the State of California,
of the several counties municipalities of
the State of California which said bonds shall
be kept in proper receptacle, appropriately
labeled but he must always keep hand
sufficient amount of money in said sinking fund
d With Which 10 ay the 10 on he sufn
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 India Basin Sinking Fund, an
amount equal to the monthly interest then due
all bonds then sold. delivered and outstand-
ing. The board of state harbor commissioners
is hereby authorized and directed by the col
lection of dockage tolls. rents. Wharfage and
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 tenth day of November. in the year nine
teen hundred and forty. and between the first and
until the maturity of said bonds. the said treas
urer shall. in the presence of the governor, pro
ceed 10 draw by lot such amount of bonds
shall be requisite to exhaust. as nearly as may
be, the amount in said sinking fund at that
time. and shall thereupon and before the tenth
day of December following, give notice by public
advertisement to. be inserted twice a week for
two weeks in two newspapers published in the
city and county of San Francisco and also in
newspaper published in the city of Oakland
and also in newspaper published in the
city of Los Angeles. and also in newspaper
published in the city of Sacramento. stating the
number of bends drawn. and that the prn-
cipal of said bonds shall he paid presentation
TO the treasurer 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 dut,
of the treasurer soon said bonds so drawn
by lot are surrendered to him and paid, to can
eel the same. and the interest coupons thereon
and each year beginning with the year nineteen
hundred and forty. the said treasurer SHALL in
the manner aforesaid. proceed to draw by lot
such amount of bonds shall be requisite
to exhaust nearly may be the amount
in said sinking fund, and proceed in the manner
hereinabove stated. After the payment of all
said bonds, the surplus or balance remaining in
said sinking fund. If any there be- shall forth
with be paid into the San Francisco Harbor
Improvement Fund At the time of the
respective drawings by lot. as aforesaid and
also at the maturity of said state bonds said
treasurer shall sell the United States bonds or
other bonds. then in said sinking fund at gov
erning market rates. after advertising tho sale
thereof, in the manner hereinbefore provided
for the sale of bonds hereby authorized to he
issued. and shall Use the proceeds for the nav
meDt of such bonds as may he drawn by lot
aud at the maturity Of said bonds outstanding
shall pay and redeem said matiIred outstanding
bonds out of said money in said fund in ey
tinsushment of said bonds. on controllers war
rants, duly drawn for that purpose
Sec. 8. me state controller and the ITO
treasurer shall keep full and particular account
and record of ali of their proceedings under This
act. and they shall transmit to the governor nm