The San Francisco call., 1910-10-17
LEGAL and OFFICIAL-Con.

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payment of Judgments from the proceeds of
Of an act entitled AN act to provide for the
issuance and sale of state bonds to create
harhor commissioners. of necessary area for
tidal basin, for wharves, docks, piers har-
Of San Francisco; to create a sinking. fund fos
the payment of said bonds; and defining me
duties OF state officers in relation therele'
making an appropriation Of one thousand doi-
lars for the expense of printing said BONDS;
and providing for the submission of this act %
shall Immediately after the Issuance of the
proclamation of the governor. provided Ior IL
section 10 hereof, prepare one thousand sna'aese @
ponds OF the State of California. IN the 1e-
nomination of one thousand dollars eacl. !Ls ~
whole issue of said bonds shall not exceed as Ias
sum or one million dollars, and salu oVnus
s1 saan pear interest at the rate OF lanl ~, pals
centum per annum, from the time OF the sa,s
thereof and both principal and interest spsa
value. and they shall be payable at the
oinee of the state treasurer at f, the heir
date, subject however, to redemption By
lot as in this act hereinafter provided;
sad bonds shall bear date the second cay 10 OF
a apie on the second day Of January a lds ~ ~
Inc interest accruing on such of said ponus ss az
of the state treasurer on the second day oI
January. and the second day of July OF eaca esa
the first payment G nts Of interest int shall bs made
on the second day of January D. Isa1' thars gm 80
tofore sold. At the expiration Of seventy four
years from the date Of said bonds, an IA ooaus ;
SOD shall cease to bear interest, and uhemisr mas
interest, in this act provided. and the sa1a na
state treasurer shall call in. forthwith pay
Basin Sinking Fund. provided for in this act,
and he shall on the first Monday in January, Sy.
not heretofore I sold. E All bonds issued shall be
signed by the governor, and counterslgneo %
the controller. and shall be endorsed Dy seai sng
L frao hall
of the state stamped thereon. Each bond snaii
contain clause that it is subject 10 9 re9eI,p s
thirty mine.
Sec 2. Interest coupons shall be attached aU 70
eacn OF said bonds, so that sucn coupons >, M ths
be removed without injury to or mutilat1on OF Ine
bond Said coupons shall be consecutively mum
bered, and shall be signed by the state sSaI,
urer. But no interest on any OF sala Donus sna. h
De paid for any time which may intersenSS tha
tween the date of any of said bonds, anu ZIG
issue and sale thereof to a purchaser. .
Sec 8. The sum of one thousand dollars 3, Is Is
may be Incurred by the State treasurer in hay,
ing said bonds prepared. Said amouns Iaroxe snan %
ment Fund. on controllers warrants duly drawn
Tor that purpose.
Sec. 4. When the bonds authorized to be IS
sued under this act shall be duly executed tnsS
shall be- sold by the state treasurer at puoitsS
auction to the highest bidder for casn, IN SUI suen
PARCELS and numbers as said state tressaae saaet
shall determine; but said treasurer must relecs
any and all bids for said bonds, or for any OF OF
them which shall be below the par value OF sac
bonds SO offered for sale. and he may by pubic
announcement at the place and time fixed for tne
sale, for good and sufficient cause, continue sucn
sale as to the whole of the bonds onered or
as he may select, not exceeding hoVeTer, siAty {,
days. Due notice of the time and place OF SAFE OF
thereof, must be given By said treasurer by pub
neation In two newspapers pu6hsned aiso Ia th hg
publication in one newspaper published in the
city OF Oakland and by publication In one news,
paper published in the city of Los Angeles, anu
by publication in one newspaper published IN
the city of Sacramento. once a week during -FOUR
weeks prior to such sale. The costs OF sucn pup-
caslon shall be paid out OF the san
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 anu
must be by him kept in separate fund TO pe
known and designated as the India Basin FUND.-,
ana must be used exclusively Tor tne acqaisti, -
In section 1 hereof. Drafts and warrants upon
said fund shall be drawn upon and shall be PAID
out OF said fund in the same manner as oraIts
and warrants are drawn upon and paid out OF the
San Francisco Harbor Improvement Fund
Sec. 5. FOR the payment of the principal and
known and designated as the India Basin Sink
ing Fund.- shall be, and the same is hereby
created as follows, to wit: The state treasurer
shall, 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
time the bonds then sold and outstanding have
to run, will equal the principal of the bonds
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 sum in the India Basin
Sinking Fund.- createo by this act Said state
treasurer SHALL on controllers warrants, duly
said sinking fund in the purchase of bonds of
the United States, or of the State Of California.
the State Of California, which said bonds shall
be kept in proper receptacle, appropriately
sufficient amount of money in said sinking fund
with which to pay the interest on such OF
the state bonds herein provided to be issued
as may have heretofore been sold; and to
provide means for the payment of interest on
the bonds that may be sold and outstanding,
''San Francisco Harbor Improvement Fund" and
pay into said India Basin Sinking Fund" an
on 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
for the purposes of this act; over and above
five hundred and twenty-sx of the Political Code
of the State of California. Between the first
teen hundred and forty, and between the first and
tenth day Of November of each year thereafter.
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
city and county of San Francisco Ind 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 drawn. and that the prin-
cipal of said bonds shall be paid on 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 dut,
of the treasurer as soon as said bonds so drawn
by lot surrendered TO him and paid to cam
eel the same, and the interest coupons thereon
and each year beginning with the year nineteen
the aforesaid. proceed to draw by LOT
such amount of bonds shall be requisite
to exhaust nearly as may be the amount
in said sinking fund, and proceed In the manner
hereinabove stated After the payment of all
said bonds. the surplus or balance remaining In
with be paid into the 'San Francisco Harbor
Improvement Fund.- At the time of tbe
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
thereof in the manner hereinhefore provided
for the sale of bonds hereby authorized to he
issued, and shall use the proceeds for the nav
ment of such bonds may be drawn by Iot
and at the maturity of said bonds outstanding
shall pay and redeem said matured outstsndinS >
bonds out of said money in said fund in ey
tinguishment of said bonds. on controllers wsr
rants duly, drawn for that purpose
See. 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