The San Francisco call., 1910-08-29
LEGAL AND oFFrclAr-continued

DOHuS ISSUED and sold under the provisions
of an act entitled An act to provide for the
issuance and sale of state bonds to create
fund for the acquisition by the board of state
haroor commissioners. of a necessary area IVr
a tidal basin, for wharves. docks, piers, mar
bors and appurtenances, in the city and county
OF San Francisco; to create a sinking FUND 1or
the payment of said bonds; and defining the
duties of state officers in relation thereto'
making an appropriation of one thousand aol-
lars for the expense of printing said houds,
ana providing for the submission Of TINS act 20
a vote of the people. . the state treasury '
shall Immediately after the issuance OF the
proclamation of the governor, provided Ior IA
section 10 hereof prepare one thousand sultaple
bonds of the state of California IN the & 9e.
nomination OF. one thousand dollars eacu- ~
whole issue of said bonds shall not exceed t1e
sum OF one million dollars. and sad oehus
shall bear interest at the rate of four per
centun per annum from the time of the sale
thereof, and both principal and interest shal
be payable in gold coin Of the present standard
office of the state treasurer. at the ex-
plration of seventy-four years from thelr
lot as in this act hereinafter PROVIDED:
Said bonds shall bear date the second day OF
able on the second day of January A 5 ~, LSoS: 20
The interest accruing such of SAID Dohus az
are sold, shall be due and payable at the oincs
Of the state treasurer, on the second gay b u
January, and the second day of July, OF eacl
year after the sale of the same; proYiueu tudt a
the first payment of interest shall be maue
on the second day of January, A d. 1872, on so
many of said bonds as may have been there-
tofore sold At the expiration Of seventy seven 9 -IodL
sold shall cease to bear interest, and lkeWlse
all bonds redeemed by lot shall cease TO oeaI a5
interest, as in this act provided, ana tne saII
state treasurer shall call in, forthwllh pay anu
cancel the same, out of moneys in the lnuIa
Basin Bias b % Fund provided GIdsT tGF in in January
A D. 1885, also cancel and destroy all poh9s
not heretofore sold. All bonds issued sha4 De
signed by the governor, and counterslgueu .S ~
the controller. and shall be endorsed oy tne
state treasurer, and each shall have the sea- sea-
of the state stamped thereon. Each BOND shaIl
contain a clause that ii is subject TO re9enp,
tIon by lot after the year nineteen hunuieu anu
thirty nine
Sec. ?. Interest coupons shall be attached TO
each of said bonds, so that such coupons may lay
be removed without injury to or mutilatlon OF lne
bond: Said coupons shall be consecutlvely nun nun
bered, and shall be signed by the state ISa S1I
urer. But no interest on any OF SAID Dohus sIali
be paid for any time which may intervene oe-
tween the date of any of said bonds, ana tne
issue and sale thereof to purchaser
Sec g. The sum of one thousand dollars Is
hereby apprc eriated TO pay the expense tuat
ing said bonds prepared Said amount shall De
paid out of the ''San Francisco Harbor improve
ment Fund.- on controllers warrants, duly drawn
for that purpose
Sec T. When the bonds authorized to be is
sued under this act shall be duly executed they
shall be sold by the state treasurer at pubhG
auction to the highest bidder for cash, IN sucn
parcels and numbers as said state treasurer
shall determine; but said treasurer must re]ect
any and all bids for said bonds or Tor any of5 1I
them, which shall be below the par value OF Saiu
bonds so offered for sale, and he may Dy pupiIc
announcement at the place and time hxed Tor tne
sale, for good and sufficient cause, continue such
sale as to the whole of the bonds offered or
any part thereof offered, to such time ana place
as he may select not exceeding. however, sixty
days. Due notice of the time and place or sale OF
all bonds, and of the postponement or saie
thereof, must be given by said treasurer py pun
hcation in two newspapers publlshed IN tne
city and county of San Francisco, and also by
publication in newspaper published IN the
city of Oakland, and by publication IN one news,
paper published in the city Of Los Angeles, ana
by publication in one newspaper publlshed In
the city of Sacramento, once week during Iour
weeks prior to such sale. The costs of such pub
lication shall be paid out of the ''San Francisco
Harbor Improvement Fund on controllers war
rants, duly drawn for that purpose. The proceeds
of the sale of such bonds shall be forthwith paid
over by said treasurer into the treasury. ana
must be by him kept in a separate fund to be
known and designated as the India BASIN a, Funqa,,
and must be used exclusively for the acqglSi-
tion of the described in the act referred TO
in section hereof. Drafts and warrants upon
said fund shall be drawn upon and snail De paio
out of said fund in the same manner as drafts
and warrants drawn upon and paid out or the
''San Francisco Harbor Improvement Fund"
Sec 3 For the navment of the principal and
interest Of said bonds a sinking fund to be
known and designated as the India Basin Sink
ing Fund.- shall be, and the same is hereby
created follows, TO witt The state treasurer
SHALL the first day of each and every month,
take from the San Francisco Harbor Improve
ment Fund, such sum as, multiplied by the
time the bonds then sold and outstanding have
to run, Will equal the principal OF the pohos
sold and outstanding at the time said treasurer
shall SO take said sum from said 'San Francisco
Harbor improvement Fund less the amount
heretofore taken therefrom for said purpose;
and he shall place the in the India Basin
Sinking Fund" created by this act. Said state
treasurer shall, 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,
of the several counties municipalities of
the State of California which said bonds shall
be kept in d proper receptacle, appropriately
labeled; but he must always keep on hand
sufficient amount of money in said sinking fund
with which 70 pay the interest on such ;l.,,ef Of
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
pay into said India Basin Sinking Fund, an
amount equal TO the monthly interest then due
all bonds then sold, delivered and outstand-
ing. The board of state harbor commissioners
is hereby authorized and directed by the col
lection of dockage, tolls, rents, wharfage and
cranage to collect sum of money sufficient
the amount limited by section two thousand
five hundred and twenty-six of the Political Code
and tenth day of November, in the year nine
teen hundred and forty, and between the first and
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 an amount of bonds
as shall be requisite TO exhaust. as nearly may
be- the amount in said sinking fund at that
time, and shall thereupen and before the tenth
day of December following, give notice by public
advertisement to be inserted twice a 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 one newspaper
published in the city of Sacramento, stating the
number of bonds so drawn, and that the prin-
cipal of said bonds shall De paid presentation
to the treasurer 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 it shall be the dutl
of the treasurer as soon as said bonds so drawn
by lot are surrendered to him and paid, TO
eel the same. and the interest coupons thereon
and each year beginning with the year nineteen
hundred and forty, the said treasurer shall in
the manner aforesaid. proceed to draw by LOT
such amount of bonds shall be re0uisite
to eXhat st nearly may be the amount
in said sinking fund, and proceed in the manner
hereinabove stated. After the payment of all
said sinking fund.- if any there be- shall forth
with be paid into the 'tSan Francisco Harbor
Improvement Fund At the time of the
respective drawings by lot. as aforesaid and
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 he
issued and shall use the proceeds for the nav
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-
tiaguishment 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 This
act and they shall transmit to the governor an
abstract of all such proceedings Hereunder with