The San Francisco call., 1910-10-10

NOTICE to yoters-Notice is hereby given TO
following acts win be supmitted to the people
Of the State of California for their ratification ion
at the next general election. TO be holden on the
sth day of November. A. D. 1910. to-wit;
SENATE BILL NO. 4s5.
Passed the Senate, March s. A d. 1909. Lewis
A. Hilborn, Secretary of the Senate.
Passed the Assembly, March 15.. A. D.. lSO5'
Clio LLOYD. chief clerk of the Assembly
This bill was received by the Governor this
18th day Of March. A. D., 1909. at IL O'Clock
Governor.
Chapter 32o. An act to provide for the issu,
ance and sale of state bonds TO create tuna nsl
the construction by the board Of state haroor
commissioners of wharves, piers. state ralIroae, a
ssry. dredging and filling in connection Herewith
in the city and county of San Francisco; to ere, ere,
bonds to define the duties s of state officers in
relation thereto; TO make an appropriation 80, oa
said. bonds; and TO provide for the submission OF
this act to a vote Of the people
Inc people of the State of California, repre-,
senteo In senate and assembly, DO enact DIS
follows:
Section 1. For the purpose of providing
fund for the payment of the indebtedness hereby
authorized to be incurred by the board of state
Aarber commissioners for the erection OF WharFes,
piers, seawal, state railroad, spurs, betterments
ana appurtenances and necessary dredging ana
fling in connection herewith in the city ana
county Of San Francisco. at a cost not to exceed
seawall, state railroad. spurs, betterments and
sppGrtenanceS and necessary dredging and hlling
Dor commissioners are hereby empowered TO con-
struct and do in the manner authorized by law,
dollars). the state treasurer shall, Immediately
after the issuance Of the proclamation OF the
pare nine thousand suitable bonds of the state
OF California, in the denomination Of one thou,
bonds shall not exceed the sum of nine million
DOLLARS and said bonds shall bear interest at me
date Of issuance thereof. and both principal and
interest shall be payable in gold coin or the
able at the office Of the state treasurer, at the
expiration Of seventy four years from their date.
subject, however, 10 redemption by lot as 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 payaois
on the second day of July. nineteen hundred and
said bonds sold shall be due and payable
at the office of the state treasurer on the second
day of January. and on the second day of July.
OF each year after the sale of the same; pro,
yided. that the first payment of interest shah
be made on the second day Of July, nineteen
as may have been heretofore sold At the
Of said bonds all bonds sold shall cease TO bear
shall cease TO bear interest in this act pro-
Eided and the said state treasurer shall call In,
forthwith pay and cancel the same: out Of the
sinking fund provided for in this act. and. he
shall the first Monday OF July. nineteen hum
bonds not Heretofore sold All bonds issued
shall be signed by the governor, and counter,
by the state treasurer and the said bonds shall
be so signed. countersigned and endorsed by
Of July; 1911, and each of said bonds shall have
the seal of the state stamped thereon. The said
bonds signed. eountersigned and endorsed and
sealed as herein provided when sold shall be and
constitute valid and binding obligation upon
the State Of California. though the sale thereof
be made at date or dates after the person
signing, countersigning and endorsing, or sny or
either of them. shall have ceased TO be the in
shall contain clause that 1t Is subject to re-
demption by lot after the year nineteen hundred
and fifty.
each of said bonds, so that such coupons may be
removed without injury TO or mutflation OF tne
bered and shall bear the autographed signature
of the state treasurer who shall be in office on
the 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 bonds and the issue and sale thereof to a
purchaser. unless such accrued interest shaI
have been, by the purchaser of said bond, paid
to the state at the time of such sale.
Sec. 3. The sum of five thousand dollars is
may be incurred by the state treasurer In hay
ing said bonds prepared Said amount shall be
ment fund on controllers warrants, duly drawn
for that purpose.
Sec. f. When the bonds authorized to be is
sued under this act shall be duly executed they
shah be by the state treasurer sold at public
auction TO the highest bidder for cash. in such
parcels and numbers as said treasurer shall be
directed by the governor of the state. under seal
thereof. after q resolution requesting such sale
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-
actual harbor receipts, and those reasonably
ticipated. win justify such sale Of bonds and the
but said treasurer must reject any and all bids
for said bonds, for any of them, which shall
be below the par value of said bonds so onered
plus the interest which has accrued thereon be
tween the date Of sale and the last preceding
announcement at the piace'and time fixed for the
sale. continue such SALE as to the whole of the
bonds offered or any part thereof offered, to such
ing any of said bonds for sale the said treasurer
shall detach therefrom all coupons which have
matured or will 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 in two newspapers published
also by publication in newspaper published
in the city of Oakland. and by publication in one
and by publication IN one newspaper published in
the city Of Sacramento once week during four
weeks prior to such sale. In addition to the no.
tice last above provided for. the state treasurer
may give such further notice as he may deem
ditionaI notice shall not exceed the sum of five
hundred dollars (s50O.oo) for each sale so ad-
vertised The cost Of such publication shall be
paid out of the San Francisco harbor improve
ment fund, 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 sepa-
rate fund to be known and designated as the
Second San Francisco SeawaIl Fund" and must
be used exclusively for the construction of
wharves, piers, seawall, 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 manner drafts and
San Francisco harbor improvement fund The
amount that shall have been paid at the sale of
said bonds accrued interest 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 8. For the payment Of the principal
and interest Of said bonds sinking fund to
be known and designated as the Second San
Francisco Seawan Sinking Fund.- shall be- and
the same is hereby created. follows to wit
The state treasurer. after the second day of
July, nineteen hundred and twenty nine, shall
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
win equal the principal of the bonds sold and
outsta nding at the time said treasurer shall so
take said sum from said San Francisco bsrbor
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
state treasurer shall. controllers warrants
dulv drawn for that purpose, employ the moneys