The San Francisco call., 1910-09-05
LEGAL AND oEFICIAL

/ tie eiectOIs OF the state OF California I1dI Tue
! following acts viii be submitted TO the people
! Of the State of California for their ratification
at the next general election, to be holden on the
Z eth day OF November, 4. d. 1910, to-wit
SENATE BILL NO. 4S5.
Passed the Senate, March s, a. D. 1909. Lewis
I a. nliooIn, Secretary of the Senate. 100
o,,i Passed the Assembly. March 10, A D. 1Sos'
Ihls bill was received by the Governor TINS
/ 18TH day Of March, a. D., 1909, at II o.eioes &
Governor. o''fe-'
Chapter 300 An act to provide for the issu,
ance and sale of state bonds to create a fund
Tor lhe improvement of San Francisco harbor by
I tne construction by the board Of state haroor
commissioners of wharves, piers, state railroad,
spurs, oetterments, and appurtenances and neces-
/ safy dredging and filling IN connection herewith
/ ln The city and county of San Francisco; to ere
bonds; to define the duties ofs state officers in
I@elaCon @ thereto; TO make an appropriation OF
said bonds; and to provide for the submission OF
/ Ihis act 10 a vote Of the people.
The people of the State of California, repre-
Sented in senate and assembly, do enact as
/ follows:
Section 1. For the purpose Of providing a
Luna Iot the payment OF the Indebtedness hereby
authorized 10 be incurred by the board of state
harDor commissioners for the erection of wharyes,
piers, Seawall, state railroad, spurs, betterments
( sI;1~ "liu HSeI9Pa.y uXLeoeIIaS -
LINZ IN connection herewith IN the city ana
county Of san Francisco. at a cost not TO exceed
set"aIi state railroad, spurs, betterments ana
{ appurjenances and necessary dredging and filling
/ ~ connection herewith the board of state har-
-. - to--t sSlonefs are hereby empowered 10 CON
street and do in the manner. authorized by law,
3n4 i at cost not TO exceed said nine million
NV-ls4sl tne state treasurer snail lnlnedlateIy
after The issuance Of the proclamation Of the
governor. provided for in section 10 hereof pre-
pare nine thousand suitable bonds of the State
I Of California in the denomination OF one thou
sand dollars each. The whole issue of said
bonds shall not exceed the sum of nine million
ooilars and said bonds shall bear interest at the
date Of issuance thereon. and both principai and
interest hp ne cr-ob1 In oo1H pni M %
present standard value. and they shall be pay
able at the office of the state treasurer at the
expiration OF seventy -four years from their date.
suoJecJ, however, TO redemption by lot as in
thls act hereinafter provided. Said bonds shall
pear daIe the second day Of July, A. d. nineteen
hundred and eleven. and shall be made payable
on Inc second day of July, nineteen hundred and
sald bonds as are sold. shall be due and payable
a. the otnce Of the state treasurer the second
DAY OF January, and on the second day of July.
~! Faen year aIter the sale OF the same; pro-
yided, that the first payment of interest shall
be made on the second day OF July, nineteen
l-unaIeu ana Twelve, on SO many OF SAID bonds
as may have been heretofore sold. At the
expiration of seyenty-four years from the date
81 81 sala bonds all bonds sold SHAH cease TO bear
interest and likewise all bonds redeemed by lot
shsu cease to bear interest as in this act pro-
yided. and the said state treasurer shall call IN.
! forthwith pay and cancel the same out of the
moneys IN the second San Francisco seaWan
sinking fund provided for in this act and he
shall on the first Monday of July, nineteen hun
dred and eighty five, also cancel and destroy al
bonds not heretofore sold. All bonds issued
y the and h. said bonds sha
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
!he seal Of the state stamped thereon. The said
ponds signed, countersigned and endorsed and
sealed herein provided when sold shall be and
constitute a valid and binding obligation upon
me State OF California. though the sale thereof
be made at a date dates after the person
I signing. countersigning and endorsing or any or
eitner OF them, shall have ceased TO be the in
cumbents of such office Offices. Each bond
shall contain clause that it Is subject to re
and fifty.
Sec. .. Interest coupons shall be attached to
each Of said bonds. so that such coupons may be
removed without injury to or mutiation OF the
pond. Said coupons shall be consecutiyely num-
bered and shall bear the Autographed signature
Of the state treasurer who shall be in office on
lhe 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 ponds and the issue and sale thereof to
purchaser. unless such accrued interest shall
have been. by the purchaser Of said bond paid
10 the state at the time Of such sale.
See. 8. The sum Of five thousand dollars is
hereby appropriated to pay the expenses that
may be incurred by the state treasurer in hsv-
Ing said bonds prepared. Said amount shall be
paid ont Of the San Francisco harbor improve
ment fund on controllers warrants, duly drawn
for that purpose,
Sec. l. When the bonds authorized TO be IS
shall be by the state treasurer sold at public
auction TO the highest bidder for cash. in such
parcels and numbers said treasurer shall be
directed by the governor OF the state, under seal
thereof. after resolution requesting such sale
shall have been adopted by the board Of state
I harbor commissioners and approved by either the
governor Of the state or mayor of the city and
prove the same when in their judgment the
actual harbor receipts. and those reasonably an
uclpsted- VIII justify such sale Of bonds and the
consequent increased burden on 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 or any part thereof offered TO such
time and place 5 he may select. Before offer
ing any Of said bonds for sale the said treasurer
shall detach therefrom all coupons which have
matured or win 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 ia 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 puDlisned IN the city OF Los Angeles,
and by publication in one newspaper published in
the city Of Sacramento, once week during four
weeks prior 10 such safe In addition TO the no
tiee last above provided for. the state treasurer
may give such further notice he may deem
dtional notice shall not exceed the sum of five
hundred dollars (SJ0O0 00) for each sale so ad-
vertised. The cost Of such publication shall be
paid out of the San Francisco harbor improve
ment fund, on controllers warrants duly drawn
for that purpose. The proceeds Of thee sale of
been paid as accrued interest thereon, shall be
forthwith paid over by said treasurer into the
treasury, and must be by him kept ia a sepa-
rate fund to be known and designated as the
second San Francisco Seawau Fund.- and must
be used exclusively for the construction of
wharves, piers. seawal, state railroad. spurs.
betterments and appurtenances and necessary
dredging and filing 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 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 on 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
Seswall Sinking Fund"
Sec >. For the payment Of the principal
and interest Of said bonds a sinking fund to
be known and designated the Second San
Francisco Seawau Sinking Fund" shall be- and
The state treasurer. after the second day Of
July, nineteen hundred and twenty mine 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 sum from said San Francisco bsrhor
improvement fund. less the amount Heretofore
taken therefrom for said purpose; and he shall
place the in the second San Francisco sea
wan sinking fund cres<ed 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