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

following acts win be submitted to the people
OF the State Of California for their ratihcatlon
~ the next general election, TO be holden on the
oth day OF November, A. d. 1910, to-wlt'
SENATE BILL NO. 4s5.
Passed the Senate, March s. A. D. 1903. Lewis
a. Hilborn, Secretary of the Senate ,ooo
Passed the Assembly, March Is, A: D., l9Vs'
Cllo Lloyd. chief clerk of the Assembly
,o1 This bill was received by the Governor fhls
lSlh DAY Of March, 4. D., 1903, at IL CLOCK
q; N. +. e Cooper, Private Secretary Oh Tue
snee and sale of state bonds TO create fund
Tor the Improvement of San Francisco hareor to py
commissioners of wharves, piers state falroan' .n
spurs betterments and appurteDances ana ss3 nsceS
IA the city and county of San Francisco; 10 cry
ate sinking fund for the payment OF salu
Donas; TO define the duties Of state otneers IN IA
Lelatlon thereto; 10 make an appropIlatlu;n az, VI
nVe thousand dollars for the expense OF printing
said bonds; and to 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
Section l. For the purpose of providing
! fund for the payment of the indebtedness hereby
authorized 70 be Incurred By the board of state
harbor commissioners for the erection of wharyes,
piers. seawaIi. state railroad spurs. betterments
and appurtenances and necessary dredging and
filing in connection herewith in the city ana
county of San Francisco. at cost not TO. exceed
nine million dollars (Which said wharYes, piers,
Seawall. state railroad. spurs, betterments ana
appurtenances and necessary dredging and filling
in connection Herewith the board of state har-
stI1ct ana 90 ID ihe manner authorlZeu D! iSM.
and al a cost not to exceed said nine million
dollarsl. the state treasurer shall, Immediately
after the issuance OF the proclamation OF the
governor provided for in section 70 hereof, pre-
pare niae thousand suitable bonds of the State
% eahfornla. IN the denomination OF one thou,
sand dollars each. The whole issue of said
bonds shall not exceed the sum Of nine million
dotiars ana said bonds shall bear interest at the
rate ~ four per centum per annum. from the
date OF issuance thereof. and both principal and
interest Shall be payable IN gold COIN OF the
present standard value. and they shall be pay
able at the office of the state treasurer. ar the
expiration Of seventy four years from their date.
subject. however. redemption by lot in
this act hereinafter provided. Said bonds shall
bear date the second day Of July. A. D. nineteen
hundred and eleven. and shall be made payable
on the second day OF July. nineteen hundred and
eighfy-Gve The Interest accruinc on such of
said bonds as are sold shall be due and payable
- the office Of the state treasurer on the second
day Of January and ON the second day Of July,
vided. that the first payment OF interest shall
be made 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 dete
Of said bonds all bonds sold shall cease 10 bear
interest and likewise all bonds redeemed by lot
shall cease to bear interest in this act pro-
lortnWtth pay ana cauccl the same: out or the
moneys in the second San Francisco seawsil
shall on the first Monday OF July nineteen hun
dred and eighty-5ve. also cancel and destroy all
bonds not heretofore sold. All bonds issued
snail be signed by the governor. and counter
signed by the controller. and shall be endorsed
ny the state treasurer and the said bonds shall
be so signed countersigned and endorsed by
the officers who are in office the second day
Of July. 1911. and each Of said bonds shall have
the seal of the stale stamped thereon The said
bonds signed. cOunfeTsgned and. endorsed and
sealed as herein provided when sold shall be and
constitute valid and binding obligation upon
be made al date or dates after the person
signing. countersigning and endorsing, or any or
cuhoehts OF sucn oInce or oInces- hach bonc
shall contain clause that it Is subject to re-
and hfty
Sec . Interest coupons shall be attached TO
each of said bonds. that such coupons may be
removed without injury TO mutilation of the
bond. Said coupons shall he conSecutively num-
bered and shall bear the Autographed signature
Of the state treasurer who shall he 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
VI satu DOhuA shu me ISSUE ahu Sale tnereol 10 Il
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. 3 The of FIVE thousand dollars is
hereby appropriated to pay the expenses that
may he incurred by the state treasurer in hav-
ing said bonds prepared. Said amount shall be
paid out of the San Francisco harbor improve
ment fund on controllers warrants, duly drawn
for that purpose
sued under this act shall be duly executed they
shall be by the state treasurer sold at public
auction to the highest bidder for cash. in such
parcels and numbers said treasurer shall he
directed by the governor of the state. under seal
shall have been adopted by the board OF state
harbor commissioners and approved by either the
governor of the state mayor of the city and
county OF San Francisco, who shall only ap-
prove the same when in their Judgment the
aczllal harbor receipts. and those reasonably an
tcipeted, VIII Justify such sale of bonds and the
consequent increased burden harbor receipts;
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
plus the interest which has accrued thereon be-
tween the date of sale and the last preceding
inf r,o~ o~rrrif d14a and hn ~, 1fo
announcement at the place and time fixed for the
sale, continue such sale. TO the whole of the
ilme and place as be may select Before offer
ing any of said bonds for sale the said treasurer
matured or will mature before the date fixed for
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 he may deem
ditional notice shall not exceed the sum of FIVE
hundred dollars 100000 for each sale so 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 as may have
been paid accrued interest thereon. shall be
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 Seawsll Fund.- and must
be used exclusively for the construction of
wharves. piers. seawall, state railroad spurs
betterments and appurtensnces and necessary
dredging and filling in connection herewith on
the water front of the city and county of San
Francisco. Drafts and warrants upon said fund
shall be drawn upon and shall be paid 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. The
amount that shall have been paid at the sale of
said bonds accrued interest the bonds sold
shall be- by the state treasurer. Immediately
after such sale, paid into the treasury of the
state and placed in the Second San Francisco
Seawall Sinking Fund
Sec. .. For the payment of the principal
and interest of said bonds sinking fund to
Francisco Seawall 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 twenty-nine. shall
the first day of each and every month there
after, after the sale of said bonds. take from
the San Francisco harbor improvement fund such
as. multiplied by the time in months, the
bonds then sold and outstanding have TO run
will equal the principal OF the bonds sold and
outstanding at the time said treasurer shall so
take said from said San Francisco harbor
improvement fund, less the amount Heretofore
taken therefrom for said purpose: and he shall
place the sum in the second San Francisco sea
wall sinking fund created by this sct Said
state treasurer shall. on controllers warrants
duly drawn for that purpose, employ the moneys