The San Francisco call., 1910-09-19
LEGAL AND oFFfcIsI.--confinued

bonds issued and sold under the provisions
issuance and sale of state bonds to create a
Iund Tor the acquisition by the board of state
harbor commissioners of necessary area for
a tidal BASIN for wharves docks piers har-
pors and appurtenanees, in the city and county
of San Francisco: to create sinking fund for
the payment of said bonds; and defining the
dutles Of state officers in relation thereto;
iiishihg an appropriation of thousand uoi-
ana providing for the submission of this act to
a wore OF the people, = the state treasurer
snail Immediately after the issuance OF the
section 10 hereof, prepare one thousand suitable
bonds Of the State of California. in the de-
domination OF one thousand dollars eacn ne
whole issue of said bonds shall not exceed me
SUN OF one million dollars and SAID pohos
shall bear interest at the rate of four per
eentum per annum, from the time of the sale
.nefeof, and both principal and interest shdl.
pe payable IN gold coin of the present tb
office of the state treasurer. st the e1
piration of seventy-four years from tnelr
lot as IN this act hereinafter proViaeo
Said bonds shall bear date the second day OF
aI ape on the second day Of January. A. y. isoo
lhe interest accruing on such Of said Donus a.
are sold, shall be due and payable at tne oihcs
OF the state treasurer. the second oay %
January, and ON the second day Of July OF eacH
yesr after the sale of the same: PROVIDED lnse sa
the FIRST payment of interest shall be made
on the second day of January, A. d. 1917, on so
many Of said bonds may have been tneLe s
tofore sold. At the expiration of seventy four
sold shall cease to bear interest. and likewise
all bonds redeemed by lot snail cease TO pear pear
interest, as in this act provided. ana lne sdIu
state treasurer shall call in, forthwith pay anu
cancer the same, out Of moneys IN the lnlia 1
and he shall on the 9rst Monday in January.
A. D. 1882 also cancel and destroy all no 61nes as
signed by the governor. and countersigned by
the controller. and shall be endorsed .oy tl5
Of the state stamped thereon. Each bond shsA
contain clause that it is subject TO re9ehlp
tion by. lot atter the year nineteen nundreo anu
thirty nine.
Sec q Interest coupons shall be attached to
each Of said bonds, 50 that such coupons inady
be removed without injury or mutnetlon OF the
bond. Said coupons shall be coDsecutITeiy NUM-
hered, aud shall be signed by the state treas usas,
urer But no interest on any OF said bonds snaii az
be paid for any time which may i1tersene g tss Ge
tween the date of any of said bonds, ana lAe
issue and sale thereof TO purchaser.
Sec. 8. The sum OF Thousand dollars IS
hereby appropriated TO pay the expense @ snat
ing said bonds prepared Said amount shall be
paid ont Of the ''Ssn Francisco Harbor Improve,
ment Fund controllers warrants, duly ura"h
tor that purpose.
Sec. A. When the bonds authorized TO be Is
sued under this act shall be duly executed t tney
shall be sold by the state treasurer at public
auction to the highest bidder foG cash. In such
parcels and numbers said state treasurer
shah determine; 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 SAG %
bonds offered for sale. and he may by puoic
ahuuunccnlenr at the place anu time HAet lOt tue
safe for Socd and sufficient cause, eontinas stcn
sale 10 the whole Of the bonds offered or
any part thereof offered 10 si.ch time ana place
IS lie may select, not exceeding, however, Sky
Gays Due notice OF the time aud place OF SAFE Vl
all bonds. and of the postponement OF safe
thereof. must be given by said treasurer by pup
location two newspapers published IN the
city and county of San Francisco. ana aiso pg
publication in one newspaper published in the
city of Oakland ana by Dublcation in one news
paper published in the city of Los Angeles. ana
by publication in one newspaper puollshed IN
the city of Sacramento. once week during rour
weeks prior 70 such sale. The costs OF such pup
llcaten shall be paid out of the ''San FRANCISCO
Harhor improvement Fund on controller war
rants, duiy drawn for that purpose Inc proceeuss
Of the sale OF such bonds shall be forthwith PAID
over by said treasurer into the treasury. ana
must be by him kept IN separate fund 10 be
known and designated the India Basin Fund,
aud must be used exclusively for the acqulsl-
tioa OF the area described in the act referred 10
IN section 1 hereof Drafts ana warrants upon
said fund shall he drawn upon and shall be PAID
ont OF said fund in the same manner as drafts
and warrants drawn upon and paid out OF the
san Francisco Harbor Inprovenient Fund-
Sec. 5. For the payment Of the principal and
interest OF said bonds sinking fdnd TO De
known and designate ed az the india Basin Sink
ing Fund" shall be. and the same IS hereby
created as follows to wit: The state treasurer
shall, on the first day of each and every monIn,
after the second day of December. a. D. 1878.
take from the san Francisco Harbor Improve
ment Fund.- such sum multiplied by the
time The bonds thea sold and outstanding have
Sold and outstanding at HE time said treasurer
Harbor Improvement Fund less the amount
heretofore taSen therefronl for said purpose:
and he shall place the sum in .he India Basin
sinking Fund" erearec bs inis act Said state
treasurer shall. on controllers warrants, duly
said sinking fund in tbe purchase of bonds of
the United States, or OF the State of California,
the STATE OF California. which said bonds shall
BE kept IN proper receptacle, appropriately
Labelled; liut he must always keep hand
sufhciept amount Of money in said sinking fund
With which to pay tie interest on such of
the state bonds herein provided 10 be Issued
as nay have heretofore been sold; and to
provide means for tie payment OF interest on
tie bonds that may be sold and outstanding,
said treasurer snail monthly take from the
San Francisco Harbor improvement Fund and
amount equal TO the monthly interest then due
On all torls then sold delivered and outstand-
ing The board Of state harbor commissioners
* hereby authorized ana directed by the col
cranaee to collect a OF money sufficient
Tor ,5e ,lirposes of tbis act over and above
five hundred and twenty six of the Political Code
Of the state of California. Between the first
.Ind teIth day nf November. in the year nine
5een hundred and forty. and between the first and
tenth day, Of Nerember of each year thereafter
until the maturity of said bonds the said treas
eeed to draw by lot such an amount af bouds
as shall be requisite to exhaust nearly as may
be, tie amount IN said sinking fund at that
time. and shall thereUpon and before the tenth
dsy of December following. give notice by public
! advertisement to be inserted twice week for
two weeks in two newspapers published in the
city and county Of San Francisco sud also j
ere newspaper published ia the city of Oakland
ana also in one newspaper published III the
city OF Los Angeles aud also in newspaper
published In tie city OF Sacramento stating the
iiGnber of bonds drawn. and that the prin-
eipal of said bonds shall paid on presentation
to the treasurer before the second day Of
January. following. and that from and after
sleL last named date, all interest unon bonds
thus drawn shall cease, and it shall be the duty
| of the treasurer soon s2id 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 tie year nineteen
hundred and forty, the said treasurer shall in
the manner aforesaid. proceed ia draw hv lot
10 exhaust aS nearly as may 10 the anouat
in said sinking fund. and proceed in the manner
hereinahove stated. After the payment of all
said bonds. the surplus OF 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
resnective drawings by lot. as aforesaid sni
treasurer shall sell the United States bonds or
I other bonds then in said sinking fund at gov
erning market rates. after advertising the sale
thereof, in the manner bereinhefore provided
for the sale of bonds hereby authorized TO be
issued and shall use the proceeds for tie pay
ment of such bonds may be drawn By lot
and at the maturity of said bonds outstanding
bonds out of said money in said fund in ex,
tiagltishnent of said bonds, on controllers war.
rants, duly drawn for that purpose.
See g. Inc state controller and the state
treasurer shall keen full and particular account
and record of ali of their proceedings under This
act and they shall transmit to the governor an
abstract of all such proceedings Hereunder with