The San Francisco call., 1910-10-03
LEGAL and OFFIcIAL-Con.


payment of judgments from the proceeds Of
bonds issued and sold under the provisions
or 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
narbor commissioners, of a necessary area for
tidal basin. for swharves, docks, piers, har-
bors aud appurtenances, in the city and county
OF san francisco; TO create sinking fund Tor
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 70
a a Tote OF the people, the state treascrsr ~
snail Immediately after the issuance OF the
proeiiamation of the governor. provided tor IN 10
section 10 hereof prepare thousand suitable
PONDS OF the State of California. ii the 1e-
nomination of one thousand dollars each. re
whole issue Of said bonds shall not exceed the
sum of one million dollars and said bonds
shall bear interest at the Eate Of four pef
centum per. annum, from the time OF the sai9 I9
De payaoe In gold coin Of the present tbe
vaiue, and they shall be payable at tne
oiIat; oiLce OF the state treasurer, at ehe .hair
Plratlon Of seventy-four years from snslr III
date, subject, however, TO redemption Dy
tot as in this act hereinafter pr9Slaeu;;
SAID bonds shall bear dste the second eay " "
January, A. d. 1911. and shall be MADE ppay Pay
;r 4pie on the second day OF January a js y 90
are sold, shall be due ana paysbie at the ofnce
January, and on the second day Of July, OF each
year after the sale of the same PROVIDED tndt
the nrst payment Of interest shall ee n.Aee W
on the second day of January. A. D. lslz' 1.s On ~
many OF said bonds may nave oSSal
tofore sold. At the expiration of seventy-Io yqr
years from the date of said bonds all oonas
sold shall cease to bear interest and SewlsT ~ NasT
al bonds redeemed by lot snail cease 70 oed5 ead
interest, as in this act provided, and the sala a
state treasurer shall call in. forthwith pay ana
cancel the same. out Of moneys in the bts art
and he shall on the .frst Monday in January.
d; 1885 also cancel and destroy all Hsd9 51nSs Us
not Heretofore sold. All bonds issued snaii os
signed by the governor. and countersisned y.S pS
the controller and shall be endorsed by me me
mr.
OF the state stamped thereon. Eacn Donu . sLaIi
contain clause that it is subject 10 re9enp, up
thirty nine.
Sec. 2. Interest coupons shall be attached 10
each OF said bonds, so that such coupons Hhs ~
be removed without injury to or mutilation OF tne
bond. Said coupons shall be consecutively mum
bered, and shall be signed by the state usa7, 1
urer. But no interest on any of said bonds snaI
tween the date Of any of said bonds, anu 'ne
issue and sale thereof to purchaser
Sec. g. The of thousand dollars Is Is
hereby appropriated to pay the expense tnae
may be incurred by the state treasurer IN II nay
ing said bonds prepared Said amount ShaI oe
paid out of the San Francisco Haroor improve, prove
ment Fund.- on controllers warrants, duly oEd"H
for that purpose
Sec. 4. When the bonds authorized to be Is
sued under this act shall be duly executed i tneg
snail be sold by the state treasurer at puDLS
auction to the highest bidder for cash, IN @ sucn
parcels and numbers said state treasuIet
shall determine; but said treasurer must re1ecs
any and all bids for said bonds, or for any OF
them, which shall be below the par value OF sa!d
bonds SO offered for sale, and he may by pcbic
announcement at the place and time fixed for the
sale, for good and sufficient cause, continue sucn
sale TO the whole of the bonds onered OF
any part thereof offered, to such time ana place
as he may select not exceeding, however, SKY
days. Due notice of the time and place OF sa4e 0I
all bonds, and of the postponenent OF t sate
thereof, must be given by said treasurer Dy pun
lication in two newspapers published IN lne
city and county of San Francisco, and also py
publication in newspaper published IN the
city OF Oakland, and by publication in one news,
paper published in the city of Los Angeles, ana
by publication in newspaper published IN
the city of Sacramento once week during four
weeks prior to such sale. The costs OF such pup
lcatIon shall be paid out Of the San Francisco
Harbor improvement Fund" on controIIeFs WdI-
rants, duly drawn for that purpose. The proceeoS
of the sale of such bonds shall be forthwith paid
over Dy SAID treasurer into the treasuIs az ~
must De by him Kept IN separate Iund 10 US
known and designated as the India Basin Funa,,
and must be used exclusively for the acq9lsl-
t1on OF the area described in the act re1erreu 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 draItS
and warrants are drawn upon and paid out OF the
San Francisco Harbor Improvement Fund
Sec. 8. For the payment Of the principal and
interest Of said bonds sinking fund 10 De
known and designated as the India Basin sink
ing Fund shall be, and the same is hereby
created follows, to wit: The state treasurer
shall, on the first day of each and every month
after the second day OF December, A. d. 1925,
take iIOH t.e san prdnclsCo 11ato -
ment Fund, such sum as, multiplied by the
time the bonds then sold and outstanding have
d to run a will the Rrnf&iPa & d OF the
shall take said 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.- createu by this act. Said state
treasurer shall, on controllers warrants, duiy
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,
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
may have heretofore been sold; and to
provide means for the payment OF interest on
said treasurer shall monthly take from the
''San Francisco Harbor Improvement Fund and
pay into said India Basin Sinking Fund an
amount equal to the monthly interest then due
all bonds then sold, delivered and outstand-
ing. The board of state harbor commissioners
is hereby authorized and directed by the col
cranage, TO collect a sum OF money sufficient
the amount limited by section two thousand
five hundred and twenty 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,
until the maturity of said bonds. the said treas
urer shall, in the presence of the governor. pro-
ceed to draw by lot such amount of bonds
as shall be requisite to exhaust, as nearly as may
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 q week for
two weeks in two newspapers published in the
city and county of San Francisco. and 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 newspaper
published in the city of Sacramento, stating the
number of bonds drawn, and that the prin-
cipal of said bonds shall De 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 1t shall be the dut1
of the treasurer as soon said bonds so dra Wn
by lot surrendered to him and paid, to can
eel the same, and the interest coupons thereon
and each year beginning with the year nineteen
the manner aforesaid. proceed to draw by lot
such amount of bonds shall be requisite
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 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
erning market rates, after advertising the sale
thereof, in the manner hereinbefore provided
for the sale of bonds hereby authorized 70 he
issued and shall the proceeds for the nav
ment of such bonds may be drawn nv Iof
and at the maturity of said bonds outstanding
shall pay and redeem said matured outstandfnS
bonds out of said money in said fund in ex,
tiaguishment of said bonds. controllers war
rants, duly drawn for that purpose.
Sec 6. The state controller and the state
treasurer shall keep full and particular account
and record of all of their proceedings under This
act and they shall transmit to the governor an