The San Francisco call., 1910-11-07
LEGAL and OFFICIAL

NOTICE to Voters-Notice is hereby given to
the electors OF the State of California that the
following acts will be submitted to the people
OF the State of California for their ratincatlon
at the next general election. to be holden on tne
Sth day OF November, A. D. 1910. to-wit:
SENATE BILL NO 4s5-
Passed the Senate, March s. A. d. 1903. Lewis
A. Hilborn Secretary of the Senate.
Passed the Assembly, March 10, A D.. 1903.
Clio LLOYD chief clerk of the Assembly.
This bin was received by the Governor this
18th day Of March, A. D.. 1909. at II O'Clock
a. N. Z. c. Cooper, Private Secretary Of the
Governor
Chapter 32o. An act 10 provide for the issu,
for the Improvement Of San Francisco harbor oy
the construction by the board OF state naIoor
spurs. betterments, and appurtenances ana neces
sary dredging and hlng in connection tneIe|,en H a
ate a sinking fund forS the payment e. o. saia 10
bonds; 10 define the duties of state ofneers N
five thousand dollars for the expense OF printing
said bonds; and 10 provide for the submission oi
this act to vote Of the people.
The people Of the State of California, repre-
sented in senate and assembly. do enact as
follows:
Section /. For the purpose OF providing a
fund for the payment of the Indebtedness herepy
harbor commissioners for the erection OF wharves
piers seawal state railroad, spurs, hetteInnents
and appurtenances and necessary dredging anu
filing in connection herewith IN the city anu
county of San Francisco, at cost not 10 eAceeu
nine million dollars (Which said wharves, piers
seawall.-state railroad, spurs, betterments ana
sppUrtenances and necessary dredging ana lining
in connection Herewith the board Of state har
Dor coDaInissioners are hereby empowered 10 CON
struct aid do in the manner, authorlzed by Iatw,
a1d al cost not TO exceed said nlne 9.lte9Y t9
0yernor bs9dsS fo n t seeion 10 hereof pre-
pare nine thousand suitable bonds Of the state
sand dollars each. The whole issue of said
rfno a mt cd he n
dollars and said bonds shall bear interest," a. tle
rate Of four per centum per annuno; fTom me
interest shall be payable in gold coin OF the
present standard vslue, and they shall De ps!
esp1catlon OF seVentyfoor years from tnsIl @ ooe e
subject, however. TO redemption by lot as IN
bear 6zte lie second dsv Of July. A D. nineteen
hundred and eleven. snd shall be MADE payaols
0ghty-fve. The interest accruing such of
said bonds SIS are sold. shall be due and payapis
day Of January. and on the second day OF july
OF each year after the sale of the semei pro-
yided that the first payment OF interest 1nan snsn
be made on the second day OF July. nine zen
hundred and twelve, many of said bonds
as may have been heretofore sold At the
expiration OF seventy four years from the aate
OF said bonds all bonds sold shall cease TO pear
interest and likewise al, bonds redeemed BY lot
shall cease to bear interest as in this act pro
vidsd and the said state treasurer shall call In.
forthwith pay and cancel the same, out or iIe me
moneys in the second San Francisco seswaH
sinking fund provided for In this act, and. ne
shall on the first Monday of July, nineteen hum
dreo and eighty-fve, also cancel and destroy all
bonds not heretofore sold. All bonds issued
SHAH be signed by the governor. ana colhIer,
BY the state treasurer and the said bonds shan
the 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 sald
sealed herein provided when sold shall be and
constitute a valid and binding obligation upon
the State of California though the sale thereof
q a. eN ID eto nereOl
signing countersigning and endorsing, or any or
either OF Them, shall have ceased 70 be the IN.
shall contain clause that it is subject to re.
demption by lot after the year nineteen hundred
and fifty
Sec ,. Interest coupons shall be attached TO
eseh OF said bonds so that such coupons may be
removed without injury to mutilaton OF tne
bered ana shall bear the Autographed signature
of the state treasurer who shall be IN ofhce on
the second day Of July. 1911. But no interest
any Of said bonds shall be paid for any time
which may intervene between the oate OF any
OF said bonds aud the issue and sale thereof 10 a
purchaser. unless such accrued interest," shaii
have been. BY the purchaser OF said bond, paid
10 the state ST the time of such sale
Sec. 3. The sum of five thousand dollars is
hereby appropriated TO pay the expenses that
may be incurred by the state treasurer IN nav
paid out of the San Francisco harbor improve
ment fund on controllers warrants culy drawn
for that purpose.
Sec i. When the bonds authorized to be Is
sued under this act shall be caly executed they
shall be By the state treasurer sold at pubic
auction TO the highest bidder for cash, IN sucD
parcels and numbers said treasurer shall De
directed by the governor Of the state. under sesl
thereof after resolution requesting such sale
shan have been adopfed by the board of state
hsrbor commissioners and approved by either the
governor of the state or mayor OF the city ana
county Of San Francisco. who shall only ap
prove the same when In their judgment the
actual harbor receipts, and those reasonably an
ticipsted. viii justify such sale Of bonds and the
consequent increased burden on harbor receI pts;
but said treasurer must reject any and all bids
z, cot hr~G or n
be below the par value of said bonds offered
plus the interest which has accrued thereon be-
tween the date Of sale snd the last preceding
interest maturity date; and be may, by puonc
announcement at the pace and time fixed for the
bonds offered or any part thereof offered, TO such
time and place as he may select BEFORE oner-
shall detach therefrom all coupons which have
stured viii mature before the date fixed for
such sale Due notice OF the time ana place OF
sale Of all bonds must be given by said treas
urer by publication in two newspapers published
also by publication in one newspaper publ1shed
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 a week during four
weeks prior to such sale. In addition to the
may give such further notice as be may deem
advisable but tie expenses and cost Of such at-
ditionaI notice shall not exceed the sum Of five
hundred dollars $500 OO) for each sale so ad-
vertised. The cost Of such publication shall be
paid out of the San Francisco harbor improve
nept fund on controllers warrants duly drawn
for that purpose. The proceeds of the sale of
such bonds except such amount as may have
been paid as accrued interest thereon shall be
forthwith paid over by said treasurer into the
treasury, and must be by him kept in e sepa-
rate fund to be known and designated as the
Second San Francisco Seawan Fund.- and must
be used exclusively for the construction of
wharves, piers, seawal, 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 same manner drafts and
warrants 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 San Francisco
Seawall Sinking Fund"
Sec 5. 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 state treasured 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
will equal the principal of the bonds sold and
outsts snding at the time said treasurer shall sd
take said from said San Francisco bqrhor
Improvement fund. less the amount theretofore
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
Sha roIIa