The San Francisco call., 1910-09-05
LEGAL AND oFFICIAL-Continued

Of an act entitled AN act TO provide for the
issuance and sale of state bonds to create
iund Tor the acquisition by the board OF state
harbor commissioners of a necessary area for
a tldal basin. for wharyes, docks. piers mar
pofs and appurtenances, in the city and county
oh o. pan francisco; to create sinking Iuno b roa
dt 5ne payment Of said bonds; and denn.hg my tne
making an appropriation of one thousand DOL.
lars Tor the expense of printing said oonas,
vote ~ iOr lne s9pinisslon fstte treasurer
shall Immediately after the issuance OF the
prociamaton of the governor, provided iSr ~
section 10 hereof, prepare one thousand sultaple
bonds of the State of California. IN the ,a. 9e,
nomination of one thousand dollars eacn he the
whole issue of said bonds shall not exceed the
sum of one million dollars and said bonds
snail bear interest at the rate or 1our psI
tnereof, and both principal and interest," shal, i
De payable IN gold coin of the present stanuale a.
value value and they shall be payable at at e1e
plration of seventy four years from thelr
date subject however to redemption pIo1,deG 5y
Said bonds shall bear date the second day OF
January, A. ID. 1911. and shall be MAGE pay pay
ape on the second day of January. a. " 1902,
Inc interest sccruing on such OF SAID pohos as
are sold, shall be due and payable at the oincs
/ OF the state treasurer. the second DAY OF
January, and on the second day OF July; OF eacI @
| year after the sale of the same: provided that
| the hrst payment of Interest shall be maue
/ on the second day of January. A. D. 1872, on SO
many of said bonds as may have been there
tofore sold. At the expiration OF seventy -loqr q
| sold shall cease to bear interest. and likewise
all bonds redeemed <by lot shall cease to bear
interest as in this act provided, and the said
state treasurer shall call in, forthwith pay and
cancel the same, out of moneys In the inoia
Basin Sinking Fund provided for in TINS act
| and he shall the first Monday In January,
! A. D. 1850 also cancel and destroy al! oohas
not heretofore sold All bonds issued snail be
the controller. and Shall be endorsed by the
! state treasurer, and each shall nave the sea-
oo tne state Stamped tRereoh fact EaSn 10 redep
! tion by lot after the year nineteen hundred ana
| thirty-nine.
Sec. 2. Interest coupons shall be attached to
each of said bonds, so that such coupons may
be removed without injury to mutilatlon OF the
bond. Said coupons shall be consecutiYely mum
bered, and shall be signed by the state treas,
be paid for any time which may intervene be
tween the date of any Of said bonds ana 'ne
issue and sale thereof to purchaser .
Sec. g. The of thousand dollars Is
hereby appropriated to pay the expense tnat
may be incurred by the state treasurer IN y, naF, "
| ing said bonds prepared. Said amount shall De
paid out of the ''San Francisco Harbor Improve
ment Fund, on controllers warrants, duly drawn
for that purpose.
Sec. 4. When the bonds authorized TO be is
sued under this act shall be duly executed they
shall be sold by the state treasurer at puDhc
auction to the highest bidder for cash, In such
parcels and numbers said state treasurer
shall determine; but said treasurer must reJect
any and all bids for said bonds. or Tor any OF
them, which shall be below the par value OF SAID
bonds so offered for sale. and he may by pubic
announcement at the place and time fixed for the
sale, for good and sufficient cause, continue such
sale as to the whole of the bonds offered or
any part thereof offered, to such time and place
as he may select, not exceeding, however, sixty
days. Due notice of the time and place OF SAFE OF
all bonds, and of the postponement OF safe
thereof, must be given by said treasurer by pup
llcatlon in two newspapers published In the
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, and
by publication in one newspaper published In
Tue city OF sacramento. once week during l lour
weeks prior TO such sale The costs OF such pup
lication shall be paid out of the san Francisco
Harbor improvement Fund on controllers war
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. and
must be by him kept in separate fund to be
known and designated as the India Basin Fund
and must be used exclusively for the aoquisi-
ton of the described in the act referred to
in section 1 hereof Drafts and warrants upon
said fund shall be drawn upon and shall be paid
out of said fund in the manner as drafts
ana warrants are drawn upon and PAID out OF the
San Francisco Harbor improvement Fund"
interest of said bonds sinking fund to be
known and md designated as the india Basin sink Sink,
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
ment Fund.- such as, multiplied by the
time the bonds then sold and outstanding have
to run. will equal the principal of the bonds
shall take said sum from said San Francisco
Harbor Improvement Fund.- less the amount
and he shall place the sum in the India Basin
Sinking Fund.- created by this act. Said state
treasurer shall, controllers warrants, duly
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,
or OF the several counties municipalities Of
the State of California, which said bonds shall
labeled; but he must always keep on hand
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
said treasurer shall monthly take from the
''San Francisco Harhor Improvement Fund, = and
pay INTO said India Basin Sinking Fund. an
amount equal to the monthly interest then due
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 doekage, tolls. rents, wharfage and
cranage to collect a sum of money sufficient
for the purposes of this act. and above
the amount limited by section two thousand
five hundred and twentv-six of the Political Code
of the State of California. Between the first
and tenth day of November, in the year nine
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 week for
two weeks in two newspapers published in the
city and county OF San Francisco. aud 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 rewspaper
published in the city of Sacramento stating The
number of bonds drawn, and that the prin
clpai OF said bonds shall oe paid on presentation
to the treasurer or before the second day Of
January. following. and that from and after
such last named date, ell interest upon bonds
thus drawn shall cease. and 1t shall be the dut,
of the treasurer as said bonds so drawn
by lot are surrendered to him and paid TO can
eel the same, and the interest coupons thereon
and each year beginning with the year nineteen
hundred and forty, the said treasurer shall in
the manner aforesaid proceed to draw bv lot
such amount of bonds shall be reouisfte
to exhaust nearly may be the amount
in said sinking fund and proceed in the manner
hereinabove stated. After the payment of nj
said bonds. the surplus balance remaining in
said sinking fund if any there be. shall forth
with be paid into the t.San Francisco Hsrbor
Improvement Fund.- At the time of tbe
respective drawings by lot. 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 TO he
issued, and shall use the proceeds for the nav
ment of such bonds may be drawn by LOT
and at the maturity of said bonds OUTSTANDING
shall pay and redeem said matured OUTSTANDING
bonds out of said money in said fund in er.
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 tbis
act and they shall transmit to thee Sgoyernor an
abstract of all such proceedings Hereunder with
an the Iafd