The San Francisco call., 1910-08-01
LEGAL AND orE1cIAL


following acts will be submitted TO the people
of the State of California for their ratihca ton
sth day of November. A. d. 1910, to-wt:
SENATE BILL NO 4S5.
Passed the Senate. March 8, A. D. 1909. Lewis
Passed the Assembly. March To- A. D.. 1909,
oS oyd g chief clerk Of the M AS 9srnor this
ih ps aP p Of srrs recesed os sSs ii
a. m. E. c. Cooper. Private Secretary OF the
Chapter 800 An act to provide for the issu.
ance and sale of state bonds to create fund
for the improvement of San Francisco harpor py
commissioners of wharves. piers state railroad
spurs, betterments. and appurtenances and neces-
in the city and county of San Francisco; to ere
ate sinking fund for the payment or saic
bonds; to define the duties of state ofncers In
relation thereto; 10 make an appropriation OF
five thousand dollars for the expense of printing
said bonds; and to provide for the submission OF
this act to vote of the people.
The people of the State of California, .repre-
follows:
fund for the payment of the Indebtedness hereby
authorized to be incurred by the board OF state
harbor commissioners for the erection of wharves
piers. seawall, state railroad spurs betterments
and appurtenances and necessary dredging aHd
county of San Francisco at cost not to exceed
nine million dollars (which said wharves. piers,
seawall. state railroad spurs. betterments ana
appurtenances and necessary dredging and filing
in connection Herewith the board of state har-
Dor con missioners are hereby empowered to con-
street and do in the manner. authorized by law,
and at a cost not TO exceed said nine million
dollsrsl, the state treasurer shall. immediately
after the issuance of the proclamation of the
governor provided for in section 10 hereof pre-
pare nine thousand suitable bonds of the state
of California. IN the denomination of one thon,
sand dollars each. The whole issue of said
bonds shall not exceed the sum of nine million
dollars and said bonds shall bear interest at the
date Of issuance thereof. and both principal and
interest shall be payable in gold coin OF the
present standard value, and they shall be pay
able at the office of the state treasurer at the:
expiration of seventy-fou years from their date
subject. however, TO redemption by lot, as IN
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
on the second day of July. nineteen hundred and
eighty-hye The interest accruing on such of
said bonds as are sold, shall be due and payable
al the office of the state treasurer on the second
day of January. and on the second oax of July,
Of each year after the sale of the same: pro-
vided that the first payment of interest shall
be made on the second day of July. nineteen
hundred and twelve. on so many OF SAID bonds
aS- may have been5 Heretofore sold. At the
Of said bonds: all bonds sold shall cease 10 bear
interest: and likewise all bonds redeemed by Tot
shall cease to bear interest as in this act pro-
yided- and the said state treasurer shall call IN
forthwith pay and cancel the sarne.. ont OF the
moneys in the second San Franciseo seswali
sink ing fund provided for. in this act: and. he
shall on the first Monday :of July; nineteen hun
ired and eighty five. also cancel and destroy all
bonds not Heretofore sold. All bonds issued
shall be signed by the governor and counter
signed by the controller and shall be endorsed
bv t.ap st 70 treasurer and the said bonds shall
he so signed countersigred and endorsed by
the officers who. are in office on the second day
of July. l9ll. and each Of said bonds shall nave
the seal Of the state stamped thereon. The said
bonds signed countersigned and endorsed and
sealed as herein provided when sold shall be and
the State of California Though the sale thereof
be made al a date or dates after the person
signing, g,*eountersigning and endorsing. or any or
either Of them. shall have ceased to be the IN
cumbents of such office Offices. Each: bond
shall contain clause that ii is subject 70 re-
demption by lot after the year nineteen hundred
I Sec. ? Interest coupons shall be attached to
each of said bonds. that such coupons may pc
hond: Said coupons shall he consecutively num-
bered and shall bear the Autographed signature
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 Thereon 10 a
purchaser unless such accrued interest shall
have been by the purchaser OF said bond, PAID
70 the state at the time of such sale.
Sec. 3. The sum Of i've thousand dollars is
hereby appropriated 10 pay the expenses that
may be incurred by the state treasurer in hay:
ing said bonds prepared Said amount shall be
paid out of the San Francisco harbor improve
nent fund controllers warrants duly drawn
Sec 4 when the bonds authorized TO he is
sled under this sct shall be duly executed they
shall be by the state treasurer SOLO at puplle p,
auction TO the highest bidder for cash. in sucn
parcels and numbers said treasurer shall be
directed by the governor of the state. under sesl
thereof. after a 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-
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 on harbor receipts; !;
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 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
bonds offered. any part thereof offered. TO such
time and place as he may select Before offer
ing any of said bonds for sale the said treasurer
shall detach therefrom all coupons which have
such sale Due notice of the time and place OF
sale of ell 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 newspaper published
in the city of Oakland. and by publication in one
newspaper published in the city OF Los Angeles,
and by publication in 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
advisable, but the expenses and cost Of such ad-
ditional notice shall not exceed the sum of five
hundred dollars $500 00) for each sale ad-
vertised. The cost of such publication shall be
paid out of the San Francisco harbor improve
u1ent 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 by said treasurer into the
treasury. and must be by him kept in a sepa-
rate fund TO be known and designated as the
Second San Francisco Seawa Fund" and must
be used exclusively for the construction of
wharves. piers. seawall. state railroad. spurs.
bettermentg 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 aud shall be paid out of
said fund in the drafts and
warrants drawn upon and paid ont of the
San Francisco harbor improvement fund The
amount that shall have been paid at the sale of
said bonds 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
SeawalI Sinking FUND.-
Sec >. For the payment of the principal
and interest Of said. bonds sinking fund. to
be known and designated as 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
the San Francisco harbor improvement fund such
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 harbor
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. on controllers warrants
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