The San Francisco call., 1910-09-26

the electors OF the state of California that the
of the State of California for their ratification
AT the next general election, to be holden on the
sth day Of November, A. d. 1910, towit:
SENATE BILL NO. 4s5.
Passed the Senate. March s, A D. 1909 Lewis
A. HilbOrn, Secretary of the Senate.
Passed the Assembly March 10. A. D., 1903,
Clio Lloyd chief clerk Of the Assembly.
THIS bill was received by the Governor this this
Governor
Chapter 800, An act to provide for the issu,
ance and sale Of state bonds TO create fund
for the improvement of San Francisco hsrbor py
the construction by the board of state haroor
commissioners Of wharves, piers, state rallroao'
spurs, betterments and appurtenances ana neces-
sary dredging and filling in connection therewlth
in the city and county Of San Francisco; to ere,
ale sinking fund for the payment OF saio 10
bonds; TO define the duties of state officers in
relation thereto; TO make an appropriation OF
I've thousand dollars for the expense of printing
said bonds; and to provide for the submission or
THIS act TO vote Of the people
The people Of the State of California. repre-
follows:
Section 1. For the purpose of providing
Iuno Tor the payment of the Indebtedness hereby
autnorlzed TO be incurred by the board OF state
harbor commissioners for the erection of wharves,
piers seawall, state railroad, spurs, bettermehts
ana appurtenances and necessary dredging ano
ming IN connection Herewith IN the city ana
county OF san francisco, at a cost not 10 exceed
nine million dollars (Which said wharves, piers,
seawall. state railroad, spurs. betterments and
appurtenances and necessary dredging and filling
in connection Herewith the board of state har-
Dor commissioners are hereby empowered to con-
struct and do in the manner, authorized by law
and at a cost not to exceed said nine million
dollarsD. the state treasurer shall. Immediately
governor 6ToTGed for in % section I0 hereof pre
pare nine thousand suitable bonds of the State
OF California, in the denomination of one thou
sah9 o0IIafs eaeh- Inc Whoie issue OF seld
bonds shall not exceed the of nine million
dollars and said bonds shall bear interest at the
rate OF four per centum per annum: rrom me
date Of issuance thereof and both principal and
interest," snall be payable IN gold coin OF the
present standard value, and they shall be pay
expiration OF seyenty-four years from their date,
subject, however, 10 redemption by lot as in
this act hereinafter provided Said bonds shall
hundred and eleven, and shall be made payable
on the second day Of July, nineteen hundred and
said bonds are sold shall be due and payable
az 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-
ylded, 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
expiration OF seventy-four wears from the date
OF said bonds all bonds sold shall cease to bear
interest and likewise all bonds redeemed by lot
shsn cease to bear interest as in this act pro-
Elded, and the said state treasurer shall call In,
forthwith pay and cancel the same, out of the
moneys in the second San Francisco seawall
shah on the first Monday of July, nineteen hun
dred and eighty-hVe, also cancel and destroy all
shali be signed by the governor. and counter
signed by the controller, and shall be endorsed
BY the state treasurer and the said bonds shall
be so signed. eountersigned and endorsed by
TIE 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, countersigned and endorsed and
sealed as herein provided when sold shall be and
consItute 8 valid and binding obligation upon
the State Of California. though the sale thereof
be made at q date or dates after the person
signing, eountersigning and endorsing, or any or
either OF them. shall have ceased to be the in
shall contain clause that it is subject to
demptiOn by lot after the year nineteen hundred
and fifty.
Sec. .. Interest coupons shall be attached to
each of said bonds. so that such coupons may be
removed without injury 10 or mutilation Of the
bond Said coupons shall be consecuuvely num-
bered and shall bear 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
purchaser. unless such accrued interest shall
have been. by the purchaser of said bond, paid
TO the state at the time Of such sale.
See 3. The sum Of FIVE thousand dollars is
hereby appropriated to pay the expenses that
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.
Sec. 4. When the bonds authorized to be is
sued under this act shall be duly executed they
shall be by the state treasurer sold at public
parcels and numbers said treasurer shall be
directed by the governor of the state, under seal
thereof. after q resolution requesting such sale
shall have been adopted by the board of state
harbor commissioners and approved by either the
governor Of the state or mayor Of the city and
county Of San Francisco, who shall only ap-
prove the same when in their Judgment the
actual harbor receipts and those reasonably an
ttcipated, 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 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. to the whole of the
bonds offered, any part thereof offered to such
time and place as 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
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 civ and county of San francisco and
also by publication in 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 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
advisable, but the expenses and cost of such ad-
dfhonal notice shall not exceed the sum of five
hundred dollars tSoOO-oo) for each sale ad-
Tertised. The cost of such publication shall be
paid out of the San Francisco harbor improve
ment fund, on controHer's warrants duly drawn
for that purpose The proceeds Of the sale of
such bonds. except such amount as NAV have
been paid accrued interest thereon, shall be
forthwith paid over 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 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 as drafts and
warrants are drawn upon and paid of the
San Francisco harbor improvement fund. The
amount that shall have been paid at the sale of
said bonds accrued interest on the bonds sold
shall be, by the state treasurer immediately
state and placed in the Second San Francisco
Seswall Sinking Fund.-
Sec. 8. 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
sum as, multiplied by the time in months the
bonds then sold and outstanding have to run
viii equal the principal of the bonds sold and
outstanding at the time said treasurer shall so
take said from said San Francisco barhor
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 act Said
state treasurer shall, controllers warrants
duly drawn for that purpose. employ the moneys
t.