The San Francisco call., 1910-11-07
LEGAL and OFFICIAL-con.


payment of Judgments from the proceeds Of
Of an act entitled AN act TO provide for the
issuance and sale Of state bonds to create a
harbor commissioners of a necessary area for
tidal basin. for wharves, docks. piers. mar
Of San Francisco; to create a, sinKing. fund for
tne payment OF said bonds: and denning ~. sns
making an appropriation of one thousand dol
lars for the expense of printing said oonds; -
and providing for the submission Of this act 70
shall immediately after the issuance OF the
proclamation of the governor provided iur sa,I ~
section 10 hereof. prepare one thousand suita9le
bonds Of the State Of California, in the re re,
nomination of one thousand dollars eacn. the th
whole issue of said bonds shall not eSSeeq honas &
eentum per annum, from the time OF the sSaTi ssis
be payable in gold coin the present ssandabbe tbe
offcs oa5us' az and they shall be payable tse m ex
piration of seventy four years from their sr
GATE ,at subject, however. to redemps,on ps,ro2tdeS
lot as In this act hereinafter pr9slaeu; =;
January, A. d. 1911. and shall be mage ,poayy
ape on the second day of January. A. ds y, 49, %
The interest accruing such of said ponos osacs
are sold, shall be due and payable at the oInce
OF the state treasurer. on the seeona % Gay ys,cb n
year after the sale of the same: provided that lat
the hrst payment Of interest shan Dc on SO so
many of SAID honJs ~ ,nsv have been there
tofore sold At the expirafion of seventy four
years from the date of said bonds al Ioeise ooIs
sold shall cease to bear. interest, and ukewtse ~
all bonds redeemed by lot shall cease 20 sdd
interest, as in this act provided. ana inc saS az
cancel the same. out Of moneys In me e,, aet
Basin Sinking Fund" provided for IN lhlS srv
and he shall on the first Monday In ganuSly. norg:
A. D.. 1885. also cancel and destroy all nc 9on9s I
not heretofore sold. All bonds issued snan pe
signed by the governor; and countersispu cas pv tbe
state treasurer, and each shall have me sea sea
of the state stamped thereon. Each oona ssn snaii
contain. clause that 1t Is subject 10 ze9 reSe S
thirty nine.
See. 2. Interest coupons shall be attached 70
eaeh OF said bonds, that such coupons ~
be removed without injury to or uluttstlon OF .ne
bered. and shall be signed by the state III ssiI
urer But no interest on any of said ponuS she be-
tween the date of any of said bonds. anu 'ne
issue and sale thereof to purchaser
Sec. 8. The sum of one thousand dollars - -
hereby appropriated to pay the :sIsr eHpeusi IL bs1
ing said bonds prepared Said amount 1.arove %
paid out of the ''San Francisco Harpos lnprov o
ment Fund.- on controllers warrants, duly ura"n
Tor that purpose.
Sec 4. When the bonds authorized to pe Is
sueG under this act shall be duly executeu hiic
auction to the highest bidder for cash, In sncn
parcels and numbers said state tIeas91aet 1aet
any and all bids for said bonds, for any OF
them, which shall be below the par value OF said
bonds so offered for sale. and he may oy puphs az
announcement at the place and time nxeu Ior tne
sale, for good and sufficient cause, continue sucn
sale as to the whole of the bonds onereo OF
as he may select not exceeding. however, Sky ~
days. Due notice OF the time and place OF sale 3I
all bonds. and OF the postponement OF OF eTb sate
thereof, must be given by said treasurer Dy puo
lcation in two newspapers published IN me
city and county of San Francisco and also py
publication In one newspaper publlshed IN @ .ne
city of Oakland, and by publication In one news,
paper published in the city Of Los Angeles, anu
by publication in one newspaper published 10
the city of Sacramento once week during Iour
weeks prior to such sale. The costs or sucn pup
Ieation shall be paid out OF the San Francisco
rants. duly drawn for that purpose. Inc proceeas
OF the sale of such bonds shall be forthwith pala
must be by him kept in a separate fund to be
known and designated the india Basin Fund
tlon 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 De psia p
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. .. FOR the payment Of the principal and
known and designated the India Basin Sink
ing Fund" shall be. and the same IS hereby
shall, on the first day of each and every month,
after the second day of December. A. D. 1879,
ment Fund such an sum 1ns as multiplied By the
time the bonds then sold and outstanding have
tod tS and S ta a m e said Of @
shall SO take said sum from said San Francisco
heretofore taken therefrom 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, or of the State Of California
or of the several counties or muniefna Iities Of
the State Of California. which said bonds shall
but IN he @ @aTs Keen an Pand
sufficient amount of money in said sinking fund
the state bonds herein provided to Oh be issued
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
amount equal TO the monthly interest then due
on all bonds then sold, delivered and outstand-
is hereby authorised and directed By the col
lection of dockage, tolls rents. wharfage and
the amount limited by section two thousand
Of the State Of California Between the st arst
and tenth day of November. in the year nine
teen hundred and forty, and between the first aud
tenth day of November of each year thereafter,
until the maturity Of said bonds. the said treas
urer shall. in the presence of the governor. pro-
ceed to draw by. lot such amount Of bonds
as shall be requisite to exhaust nearly as may
be. the amount In said sinking fund at that
day 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 and also In
one newspaper published in the city of Oakland
city of Los Angeles and also In one newspaper
published in the city of Sacramento, stating the
number of bonds drawn, and that the prin.
cpal of said bonds shall 5e paid on presentation
to the treasurer 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 II shall be the dut,
of the treasurer as soon as said bonds so drawn
by lot 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
such an amount of bonds as shall be requisite
to exhaust as nearly as 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 ssSan Francisco Harbor
Improvement Fund.- At the time of the
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 the sale
thereof in the manner hereinbefore provided
for the sale of bonds hereby authorized TO be
issued and shall use the proceeds for the pay-
ment of such bonds as may be drawn by LOT
and at the maturity of said bonds outstanding
shall pay and redeem said matured Outstanding
bonds out Of said money in said fund in ex
tinguishment of said bonds. on controllers war
rants duly drawn for that purpose
Sec. 6. The state controller and the state
treasurer shall keep full and particular account
and record of ali of their proceedings under tbis
act and they shall transmit to the governor an
abstract of all such proceedings Hereunder wfth