The San Francisco call., 1910-08-08

the electors of the State of California that the
Ioiowing acts will be submitted TO the peQple t
OF the State of California for their ratincatioh
az the next general election, TO be holden Oh ine
sth day of November, A. d. 1910, to-wit:
SENATE BILL NO. 4s5.
Fassed the Senate, March 8, \. d. 1s0s- Lewis
A, hlborn, Secretary of the Senate 100
Passed the Assembly, March Is, A: D., 1903,
Clio Lloyd. chief clerk of the Assembly
This bill was received by the Governor this
i3th day of March. 4. D.. 1903. at IL O'Clock
a M E. C. Cooper, Private Secretary of the
Chapter 800. An act to provide for the issu,,
snee and sale Of state bonds TO create fund
! for the improvement of San Francisco harbor by
the construction by the board of state haroor
commissioners of wharves, piers, state railroad
spurs betterments and appurtenances and neces-
sary dredging and hlling IN connection tnerewiln
in the city and county of San Francisco 10 ere
bonds; to define the duties of state officers in
relation thereto; TO make an appropriation or
nve thousand dollars for the expense OF printing
said bonds; and 10 provide for the submission OF
this act TO vote of the people.
The people of the State Of California, repre-
sented in senate and assembly, do enact as
follows:
Section /. For the purpose. of providing a
fund for the payment of the indebtedness hereby
authorized TO be incurred by the board of state
harbor commissioners for the erection OF wharves,
piers, seawal state railroad, spurs, betterments
and appurtenances and necessary dredging and
fling IN connection Herewith in the city and
county of San francisco. at cost not TO exceed
nine million dollars (which said wharves. piers.
seawaIl. state railroad, spurs. hetterments and
appuTtenances and necessary dredging and filling
IN connection Herewith the board or state mar
Dor commissioners are hereby empowered TO con-
strGct and do in the manner. authorized by law,
and at a cost not TO EXCEED said nine million
doilarsl. the state treasurer shall Immediately
after the issuance of the proclamation of the
governor. provided for in section 10 hereof, pre-
pare nine thousand suitable bonds of the State
OF California, in the denomination of one thou
sand dollars each The whole issue of said
bonds shall not exceed the sum of nine million
dollars. and said bonds shall bear interest at the
rate of four per centum per annum. from the
date OF issuance thereof and both principal and
present sishdaru Falue, ana they shaIl pe Pay
able at the office of the state treasurer, at the
subject. however. 10 redemption by lot as In
this act hereinafter provided Said bonds shall
bear date the second day of July. \. d. nineteen
hundred and eleven. and shall be made payaple
on the second day of July. nineteen hundred and
eighty five. The interest aceruing on such Of
said bonds as are sold. shall be due ana payable
at the office of the state treasurer on the second
day Of January, and on the second day of July.
Of each year after the sale of the same pro-
vided. that the first payment of interest shall
be made on the second day Of July, nineteen
hundred and twelve, on so many OF said bonds
may have been Heretofore sold At the
expiration of seventy four years from 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 pro
Yided. and the said state treasurer shall call In.
forthwith pay and cancel the same: out OF the
moneys in the second San Francisco seawall
sinking fund provided for in this act. and. he
shall the first Monday of July, nineteen hun
dred and eighty five. also cancel and destroy all
bonds not Heretofore sold. All bonds issned
shall be signed by the governor. and counter
signed nv the controller and shall be endorsed
by the state treasurer and the said bonds shall
be signed. cOuntersigned and endorsed by
the officers who are in office on the second day
of July. 1911. and each of said bonds shall have
the seal Of the state stamped thereon. The said
bonds signed. countersgned and endorsed and
sealed herein provided when sold shall be and
constitute a valid and binding obligation upon
the State of California. though the sale thereof
he made at a date dates after the person
signing countersigning and endorsing. or any or
either of them. shall have ceased TO he the in
cumhents Of such Office or offices Each bond
shall contain clause that it is subject to re-
demption by lot after the year nineteen hundred
and fifty.
Sec . Interest coupons shall he attached to
each of said bonds SO that such coupons may be
I removed without injury to or mutilation OF the
bond. Said coupons shall he consecutiyely num-
bered and shall hear the Autographed signature
Of the state treasurer who shall be in office on
the second day Of July. 1911 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. unless such accrued interest shall
have been. by the purchaser of said bond paid
TO the state at the time Of such sale
Sec. s. The sum of five thousand dollars is
I hereby appropriated TO pay the expenses that
/ ing said bonds prepared. Said amount shall be
| paid ont Of the San Francisco harbor improve
! ment fund on controllers warrants, duly drawn
/ for that purpose.
! See 4 When the bonds authorized TO be is
sued under this act shall he duly executed they
shall be by the state treasurer sold at public
auction 10 the highest bidder for cash, in such
parcels and numbers said treasurer shall be
directed by the governor Of the state under seal
| thereof. after a resolution requesting such sale
/ shall have been adopted by the board of state
( harbor commissioners and approved by either the
county of San Francisco, who shall only ap-
! prove the when in their judgment the
actual harbor receipts, and those reasonably an
ticipated win Justify such sale of bonds and the
! consequent increased burden harbor receipts;
| but said treasurer must reject any and all bids
| for said bonds. for any of them which shall
be below the par value of said bonds offered
/ plus the interest which has accrued thereon be-
| tween the date OF sale and the last preceding
! interest maturity date; and he may, by public
| announcement 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. Before offer
ing any Of said bonds for sale the said treasurer
shall detach therefrom all coupons which have
matured or will mature before the date fixed for
I such sale. Due notice of the time and place OF
sale of all bonds must be given by said treas
urer by publication in two newspapers published
in the city and county of San Francisco and
also by publication in one newspaper published
in the city of Oakland. and by publication in one
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 In addition to the no.
tice last above provided for the state treasurer
may give such further notice as he may deem
ditionai notice shal not exceed the sum OF hve
| hundred dollars $500 0o) for each sale ad.
vertised. The cost of such publication shall be
| paid out of the San Francisco harbor improve
ment fund. controllers warrants duly drawn
| for that purpose. The proceeds of the sale OF
! such bonds. except such amount may have
/ been paid accrued interest thereon shall he
! forthwith paid by said treasurer into the
! treasury, and must be by him kept in a sepa-
rate fund to be known and designated as the
/ Second San Francisco Seawall Fund and must
/ be used exclusively for the construction OF
wharves. piers. seawall. state railroad spurs
betterments and appurtenances and necessary
dredging and filing in connection Herewith or
! the water front of the city and county of Sau
| Francisco Drafts and warrants upon said fund
| shall he drawn upon and shall be paid out OF
said fund in the same manner drafts and
warrants are drawn uron and paid out of the
San Francisco hsrbor Improvement fend The
said bonds accrued interest tho bonds sold
shall be. by the state treasurer. Immediately
after such sale. paid into the treasury of the
state aud placed in the "Second San Francisco
Seswan Sinking Fund
Sec. s. For the payment of the principal
and interest of said bonds n sinking fund T.
be known and desgna ted the Second San
Francisco SeawaII Sinking Fund" shall he. and
the same is hereby created. follows. to wit:
The state treasurer. after the second day OF
July. nineteen hundred and twentv-nine shall
on the first day of each end every month there
after. after the ssle of said bonds. take from
I the san Francisco harbor Improvement fund such
sum as. multiplied by tho time in months the
bonds then sold and outstanding have TO run
viii equal the pri1cipaifo the bonds sold and
4 outstanding at tho time said treasurer shall So
take said sum from said San Francisco harhoI
/ improvement fund less the amount heretofore
taken therefrom for said purpose: and he SHALL
| place the in the second San Francisco sea
wall sinking fund created hv this sct Said
! state treasurer shall. on controllers warrants