The San Francisco call., 1910-09-19


Of the State Of California for their ratification
st the next general election, TO be holden on the
eth day OF November, A. D. 1910, to-wit;
SENATE BILL NO. ass.
Passed the Senate March 8, A. D. 1909. Lewis
A Hnborn, Secretary of the Senate.
Passed the Assembly, March Is. A: D., 1903,
Clio LLOYD. chief clerk Of the Assembly
This bill was received by the Governor this
18th day Of March, A. D.. 1909. at II O'Clock
a m E. c. Cooper. Private Secretary Oh the
Chapter 800 An act to provide for the issu
anee and sale of state bonds to create fund
for the Improvement Of San Francisco harbor by
the construction by the board of state haroor
commissioners of wharves piers state railroad
ssry dredging and flling in connection herewith
in the CRY and county Of San Francisco; TO ere.
bonds; to defne the duties of state officers in
relation thereto; TO make appropriation OF
nve & thousand dollars for the expense OF prin1g
SAID bonds; and to provide for the submission OF
this act 70 a vote Of the people
The people Of the State Of California, repre-
senteo in senate and assembly, do enact as
follows:
Section /. For the purpose of providing
lund Tor the payment of the Indebtedness hereby
GOthofized 10 be incurred by the board OF state
harbor commissioners for the erection of wharves,
piers, seawau, state railroad, spurs, betterments
sii snu appurtenances and necessary dreoging an9 @
nllng In connection herewith in the city ana
county of San francisco, at cost not TO exceed
nine million dollars (Which said wharves, piers,
seswaI. state railroad, spurs, bettermens and
~ connection herewith the board OF state mar
Dor commissioners are hereby empowered to con-
80 s1sSt snu 20 IL TIE manner aulnollLeu y .i1s
sn1 az cost not TO exceed sald nine Hliiloh
dollsrsl, the state treasurer shall Immediately
governor, provided for in section 10 hereof, pre-
pare nine thousand suitable bonds Of the state
saS LA III lHe IVu oa On id
s San9 uolafs each- Inc whole issue OF S4lu
bonds shall exceed the of nine million
dollars. and said bonds shall bear interest at the
5ate Q. lout per centum per annum. from the
date-of issuance thereof. and both principal and
interest shall be payable in gold coin OF the
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,
subject. however. TO redemption By lot in
/ this act hereinafter provided. said bonds shall
bear date the second day of July. A D. nineteen
hundred and eleven and shall be made payable
on the second day OF July, nineteen hundred and
said bonds as are sold shall be due and payable
at the Office Of the state treasurer on the second
Of each wear after the sale of the same: pro
vided, that the first payment of interest shall
hundred and twelve on so many Of said bonds
Of said bonds ali bonds sold SHAH cease TO bear
interest and likewise all bonds redeemed by lot
shall cease to bear interest as in this act pro-
vded. and the said state treasurer shall call In.
: forthwith pay and cancel the same. out of the
lHonegs ~ tue secoao san Francisco seq" 81
sinking fund provided for in this act, and. he
shall on the first Monday of July, nineteen hun
9req ana elghty-nFe. also cancer ana destroy az
bonds not heretofore sold. All bonds issued
] snail be signed by the governor. ana counter
signed by the controller and shall be enGeIsea
by the state treasurer and the said bonds shall
be so signed. countersigned and endorsed by
tie oihcers VINO are IN oInee on the seecna DAY
Of July. 1911 and each Of said bonds shall have
bonds signed, co1ntersigned and endorsed ana
sealed as herein provided when sold shall Ne and
constitute a valid and binding obligation upon
the State Of California. though the sale thereof
be made at a date ates after the person
signing. countersigning and endorsing. or any or
either Of them, shall have ceased TO be the In
cumbents Of such office or Offices. Each bond
shall contain clause that it is subject to re-
and fifty
Sec. > Interest coupons shall be attached 10
I each OF said bonds. 50 that such coupons may be
removed without injury TO or mutilation OF the
bond; said coupons shall he consecutively mum
. bered a1d shall bear the autographed signature
I Of the state treasurer who shall lie in office Oh
+ the second day Of July, 1911 But no interest
I on any of said bonds shall be paid for any time
OF said bonds and the issue and sale thereof 70
< purchaser, unless such accrued interest shall
have been. by the purchaser OF said bond paid
10 the state at the time Of such sale
4 Sec. 3. The sum OF FIVE thousand dollars Is
F hereby appropriated to pay the expenses that
+ may be incurred by the state treasurer in haT-
paid out of the San Francisco harbor improve
ment fund on controllers warrants, duly drawn
/ for that purpose.
Sec. T. When the bonds authorized 70 be is
I sued under this act shall be duly executed they
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
4 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 recepts and those reasonably an
ticipated. win justify such sale Of bonds and the
/ consequent increased burden haTbor receipts:
but said treasurer must reject any and all bids
for said bonds. for any of them. which shall
I be below the par value Of said bonds so offered
( plus the interest which has accrued thereon be-
! tween the date OF sale and the last preceding
I interest maturity cate, ana ne may, by puDllc
announcement at the place and time fixed for the
SALE continue such sale, as to the whole OF the
bonds offered, or any part thereof offered. 10 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 viii mature before the date fixed for
such sale. Due notice Of the time and place OF
sale Of all bonds must be given bv said treas
urer by publication in two newspapers published
1 In the city and county of San Francisco and.
/ also by publication in one newspaper published
I 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
4 the city Of Sacramento. once a week during four
weeks prior 10 such sale In addition to the
tice last above provided for the state treasurer
may give such further notice he may deem
ADVISABLE, but the expenses and cost OF such ad-
ditional notice shall not exceed the of five
hundred dollars (S50o.0ol for each sale ad-
/ vertised The cost Of such publication shall be
paid out Of the San Francisco harbor improve
ment fund on controllers warrants duly drawn
! ior tlat purpose lhe proceeds or the sale or
such bonds. except such amount as may have
I been paid accrued interest thereon shall be
forthwith paid by said treasurer into the
I 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 filing in connection Herewith on
/ the water front Of the city and county of San
( Francisco. Drafts and warrants upon said furd
shall be drawn upon and shall be paid out Of
said fund in the same manner as 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 as 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 Sen Francisco
/ SeswsI Sinking Fund"
Sec. 3. For the payment Of the principal
and interest Of said bonds a sinking fund to
I be known and designated the Second San
Francisco Seawsn 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
! the San Francisco hsrbor improvement fund such
sum 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
I take said sum from said San Francisco barbor
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. on controllers warrants
I duly drawn for that purpose. employ the moneys