The San Francisco call., 1910-10-17

NOTICE to voters-Notice is hereby given to
following acts viii be submitted to the people
of the State of California for their ratification
at the next general election. to be holden on the
Sth day of November, A. D. 19lO to-wlt-
SENATE BILL NO. 4s5.
Passed the Senate, March S, A. D. 1909. Lewis
A. Hilborn, Secretary of the Senate.
Passed the Assembly March 10. A. D.. 1903,
Clio LLOYD chief clerk of the Assembly.
This bill received by the Governor this
18th day Of March, A. D., 1909, at II O'Clock
a. E. c. Cooper, Private Secretary OF the
Governor
Chapter $50. An act to provide for the issu,
for the Improvement Of San Francisco harbor by
the construction by the board Of state harpor
commissioners Of wharves, piers state rairose'
sary dredging and filing in connection Herewith
in the city and county Of San Franciscoi to ere,
bonds to define the tT duties se Of state officers
relation thereto; to make an appropriated, ,na OF
said bonds; and TO provide for the SUBMISSION u
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 1. For the purpose. OF providing q
lune Ior the payment of the indebtedness
authorized TO be incurred by the board OF state
harbor commissioners for the erection or wharVes,
pes @ seawaI state rallroaa spurs; odine and
Hing in connection herewith In the city anu
county OF San Francisco, at cost not 10 eAceso
nine million dollars (which said wharves, piers,
seawan state railroad spurs, betterments ,, anu
appurtenances and necessary dredging and hlllng
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 .ne
pare nine thousand suitable bonds of the STATE
Of California. in the denomination of one thou,
bonds shall not exceed the of nine million
dollars. and said bonds shall bear interest at tne
date Of ISSUANCE thereof. and both principal and
interest shall be payable in gold com OF .ne
able at the office Of the state treasurer, at the
explra ton OF seventy four years from their cate
this act hereinafter provided. Said bonds snail
bear date the second day Of July, A. ID. nineteen
hundred and eleven. and shall be made. payable
eighty-fve. The interest accruing on such of
said bonds are sold. shall be due and payable
day of January. and on the second day of July,
OF each year after the sale of the same; pro,
be made the second day Of July. nineteen
hundred and twelve, on so many of said oonds
as may have been heretofore sold. At the
expiration of seventy four years from the date
OF said bonds. all bonds sold shall cease to bear
interest ana lkew1se an bonds reoeemeo py ro rot
yided. and the said state treasurer shall call IN.
pay ana cancer me same out seawaII
sinking fund provided for in this act, and he
dred and Ell eighty also cancel I and destroy all
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 py
OF July. 1911. and each of said bonds shall have
the seal of the state stamped thereon Inc SAID
sealed herein provided when sold shall be and
constitute a valid and binding obligation upon
the State Of California though the sale ale tnereo1 rso1
signing, countersigning and endorsing, or any or
either of them. shall have ceased to be the IN;
shall contain clause that it is subject to re,
demption by lot after the year nineteen hundred
Sec 3 Interest coupons shall be attached to
each of said bonds. that such coupons may pe
removed without injury TO or mutilation OF tne
bond. Said coupons shall be copsecutively num-
bered and shall bear the Autographed signature
OF the state treasurer who shall be In oince on
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 Thereon 10 a
purchaser. unless such accrued interest snail
have been. by the purchaser of said bond PAID
! TO the state at the time of such sale
Sec g. The sum of five thousand dollars is
hereby appropriated TO pay the expenses that
may be incurred by the state treasurer In hav-
ing said bonds prepared Said amount i snail De
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
shall be by the state treasurer sold at public
! auction the highest bidder for caSn, IN sucn
| parcels and numbers said treasurer shall be
directed by the governor of the state, under seal
thereof, after a resolution requesting such sale
shall have been adopted by the board OF state
hsrbor commissioners and approved by either the
| governor of the state or mayor OF the city and
| county of San Francisco. who shall only ap-
prove the same when in their Judgment the
actual harbor receipts, and those reasonably an
ticipated, VIII justify such sale OF bonds and the
consequent increased burden harbor receipts;
but said treasurer must reject any and all bids
for said bonds, or for any of them, which shall
ho ha1o ha of al 6 offered
| plus the interest which has accrued thereon be-
| tween the date Of sale and the last preceding
! interest maturity date; and he may, by public
announcement at the place and time fixed for the
sale. continue such sale, to the whole of the
tine tES and place as he may select Before OFFER
ing any of said bonds for sale the said treasurer
matured or viii mature before the date nIed 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
In the city and county of San Francisco and
also by publication in one newspaper published
newspaper published in the city Of Los Angeles.
and by publication in one newspaper published in
the city of Sacramento. week during four
weeks prior to such sale In addition to the
tice last above provided for, the state treasurer
may give such further notice as he may deem
advisable but the expenses and cost of such ad-
ditional notice shall not exceed the sum of five
hundred dollars ts5oo-oo) for each sale SO ad-
paid out Of the San Francisco harbor improve
ment fund controllers warrants duly drawn
1
such bonds. except such amount as may have
been paid as accrued interest thereon shall be
forthwith paid by said treasurer into the
| treasury. and must be by him kept in a sepa-
rate fund to be known and designated the
Second San Francisco Seawan Fund.- and must
be used exclusively for the construction of
wharves.N piers, seawall, state railroad spurs
betterments and appurtenances and necessary
dredging and filling in connection Herewith
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 are 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 fn the Second San Francisco
Seawan Sinking Fund"
Sec. 5. For the payment Of the principal
and interest of said bonds sinking fund to
be known and designated the Second San
Francisco Seawall 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
on the first day of each and every month there.
after, after the sale Of said bonds take from
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
outstanding at the time said treasurer shall SO
take said sum from said San Francisco barbor
improvement fund, less the amount Heretofore
taken therefrom for said purpose; and he shall
place the in the second San Francisco sea
wall sinking fund created by this act Said
state treasurer shall. controllers warrants
I