The San Francisco call., 1910-08-22
LEGAL AND oFFTc1AL-continued

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
harbor commissioners. of. necessary area for
tidal basin, for wharves, docks. piers, har-
bors and appurtenances, in the city and county
of San Francisco; TO create sinking fund for
the payment of said bonds; and defining the
making an appropriation Of one thousand dol
lars for the expense of printing said bonds;
and providing for the submission of this act TO
shall Immediately after the issuance of the
proclamation of the governor, provided FOR IN
section 10 hereof prepare thousand suitable
bonds Of the State of California in the de
nomination of one thousand dollars eacn. Inc Inc
sum Of one Of mon doars and said
shall bear interest at the rate of four per per
centum per annum, from the time OF the saie M
be. payable in gold coin Of the present standard
value and they shall be payable al tne
piration Of seventy-four years from their
date, subject however to redemption by
lot as in this act hereinafter provided:
Said bonds shall bear date the second day OF
January, A. D. 1911 and shall be MAGE pay pay
able on the second day of January A. y. 1909.
are sold, shall be due and payable at the office
of the state treasurer, on the SECOND Gay l u
January, and the second day of July. OF eaen @
year after the sale of the same proSiueo tndt
the first payment of interest shall be made
on the second day of January. A D. IsIZ' .s on 80
tofore sold At the expiration OF seventy -Iogr
years from the date of said bonos, an =, ooIus i
all bonds redeemed by lot snail cease 10 oed5 edd
interest, in this act provided. ana lhe sai9
state treasurer shall call in forthwith pay ana
cancel the same out of moneys IN the inoia at
Basin Sinking Fund provided for in this act
and he shall on the first Monday in January,
A. d. 1885. also cancel and destroy al no p0has S
not heretofore sold. All bonds issued shaii De
signed by the governor, and countefslgneu py
the controller and shall be ENDORSED + Us saaI enI
of the state stamped thereon Each bond shall
contain clause that it is subject TO redemp,
ton by lot after the year nineteen hundred anu
thirty-nine.
Sec. 2. Interest coupons shall be attached 10
each of said bonds, that such coupons may
be removed without injury TO or mutilatlon OF lhe
bond Said coupons shall be consecutively mum
bered and shall be signed by the state trsaS, S,
urer But no interest on any OF SAID ponus snaii h
be paid for any time which may intervene pc
tween the date of any of said bonds, ana the
issue and sale thereof to purchaser :.
Sec. 3. The of one thousand doliars Is
hereby appropriated to pay the expense @ .nal
may be incurred by the state treasurer IN nay "
ing said bonds prepared SAID amount Iaoro snan oe
paid out of the San Francisco Haroor 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 punIc
auction to the highest bidder for eash, IN sucn
shall determine; but said treasurer must REJECT
any and ali bids for said bonds. or for any OF
them. which shall be below the par value or SAID
bonds so offered for sale, and he may by puonc
announcement at the place and time fixed for the
sale, for good and sufficient cause, continue Such
sale as 70 the whole of the bonds oHered OF
any part thereof offered 10 such time and pace
he may select. exceeding, however, sixty
DAYS Due notice of the time ana place of sale OF
all bonds, and of the postponement of sale
thereof, must be given by said treasurer by pno-
leation in two newspapers published IN the
city and county of San Francisco ana also py
publication in one newspaper published in the
city of Oakland. and By publica ton IN one news
paper published in the city of Los Angeles. ana
by publication in one newspaper published in
the city of Sacramento. once week during tour
weeks prior to such sale The costs OF sqch pun
hcation shall be paid out Of the san Francesca
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. and
must be by him kept in a separate fund 10 ne
known and designated as the India Basin Fund.
and must be used exclusively for the acquisi-
ton of the described in the act referred 10
in section l hereof. 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 drawn upon and paid out of the
San Francisco Harbor Improvement Fund
Sec D. For the payment OF the principat ana
interest of said bonds sinking fund to be
known and designated the India Basin Sink
ing Fund shall be- and the same is hereby
created as follows, to wit; The state treasurer
snail. on the first day of each and every month.
after the second day Of December, A. D. 1928,
take from the san Francisco Harbor Improve
ment Fund. such as. multiplied by the
time the bonds then sold and outstanding have
sold and outstanding at the time said treasurer
shall so take said sum from said san Francisco
heretofore taken therefrom for said purpese;
and he shall place the sum in the India Basin
Sinking Fund created by this act Said state
treasurer shall, on controller 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 proper receptacle, appropriately
labeled; but he must always keep on hand
sufficient amount of money in said sinking fund
with which to pay the interest on such Of
10 Statn bar rrnV a1 IN he
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
amount equal to the monthly interest then due
all bonds then sod 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
eranage, to collect sum of money sufficient
for the purposes of this act. over and above
the amount limited by section two thousand
five hundred and twenty-six of the Political Code
of the State of California. Between the first
and tenth dav of November. in the wear nine
teen hundred and forty, and between the first md
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
be. the amount in said sinking fund at that
time. and shall thereupon and before the tenth
day of December following, give notice by public
advertisement to be inserted twice week for
two weeks in two newspapers published in the
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 drawn. and that the prfn-
cipal of said bonds shall be paid presentation
TO the treasurer Oh or 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 he the dut,
of the treasurer as soon said bonds so drawn
by lot are surrendered to him and paid to can
eel the same. and the interest coupons thereon.
and each year beginning with the year nineteen
hundred and forty, the aid treasurer shall in
the manner aforesaid. proceed TO draw by lot
such amount of bonds shall be reuuisfte
to exhaust nearly may be the amount
in said sinking fund, and proceed in the manner
hereinabove stated. After the payment of all
said bonds. the surplus balance remaining in
said sinking fund. if any there be. shall forth
with be paid into the san Francisco Harbor
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 be
issued, and shall use the proceeds for the paw
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 ey,
tinguishment of said bonds on controllers war
rants, duly drawn for that purpose
Sec. g. 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
rol pnrf m hQ hv fha r-.,