The San Francisco call., 1910-08-15


said bonds accrued interest the bonds sold
shall be. by the state treasurer Immediately
state and placed in the Second San Francisco
Seawall Sinking Fund
See. o. For the payment of the principal
and interest of said bonds a sinking fund to
be known and designated the Second San
Francisco seawall Sinking Fund.- shall be. and
the same is hereby created, as follows, to wit:
The state treasurer. after the second day of
July. nineteen hundred and twenty-nine. shall
on 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 rum
viii equal the principal of the bonds sold and
take said sum from said San Francisco harbor
improvement fund, less the amount Heretofore
taken therefrom for said purpose and he shall
wall sinking fund created by this sct. Said
state treasurer shall. controllers warrants
in said sinking fund in the purchase of bonds
of the United States, or of the State of Cali
ties Of the State Of California. which said bonds
shall be kept in a proper receptacle approDri-
stely labeled; but he must keep always on hand
a sufhcient amount of money in said sinking
fund with which TO pay the interest on such of
the state bonds herein provided 10 be issued as
may have heretofore been sold. And to pro-
vide means for the payment of interest the
bonds that may be sold and outstanding, said
treasurer shaH monthly take from the San Fran
cisco harbor improvement fund. and pay into
said seawaH sinking fund, amount equal to
the monthly interest then due on all bonds then
sold delivered and outstanding. The board of
state harbor commissioners are hereby author
lied and directed by the collection Of dockace
tolls. rents wharfage and cr2nage to collect a
sum Of money sufficient for the purposes of
this act. and above the amount limited hy
section two thousand five hundred and twenty
six Of the Political Code of the State of Calf
fornis Between the first and tenth dsv Of
May in the year nineteen hundred and ffty-one
and between the first and tenth day of Nav
Of each year thereafter until the maturity OF
said bonds. the said treasurer shall in the
presence of the governor. proceed TO draw hy
lot such 2n amount of bonds as shall he
requisite TO exhaust as nearly as NAV he fhe
amount in said sinking fund at that time and
shall thereupon and before the tenth day of
June following. give notice by public advertise
ment 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
and also in one newspaper published in the city
Of Los Angeles, and also in newspaper puh
lished in the city of Sacramento. stating the
number Of bonds drawn and that the PRINCIPAL
OF said bonds will be paid presentation to
the treasurer or before the second dav of
July, following, and that from and after such
last named date. all interest upon bonds thus
drawn shall cease, and il shall be the duty
of the treasurer soon said bonds so drawn
by lot are surrendered TO him and paid to
cancel the same, and the interest coupons
nineteen hundred and ffty-one. the said treas
urer shall. in the manner Aforesaid proceed
TO draw by lot such amount of bonds as
shall be requisite to exhaust as nearly as NAV
be the amount in said sinking fund, and proceed