The San Francisco call., 1910-10-31
LEGAL and OFFICIAL-Con.

e Oenos issued and sold under tne PiSo scr fhe
fund for the the acquisition s S By the board q state
tidal basin, FOR wharves, docks, piers, nar-
Dors and appurtenances. In the city ana county s
of San Francisco; to create sinking fnna tps fDs
duties Of state H sS ofscers in relation thereto;
making an appropriation Of one thousana ,ss uoa.
and providing for the Submission Of this act to
sha ip'e % of the the ,sna9ce state of the
plociamation Of the governor, proyided TOE aha
section IL hereof, prepare one thousand sua'aS AZ
oonds q the State Of California. In the rbs He
nomination Of one thousand dollars eacn: tne the
sum Of one million dollars. and said bones nos
per annu from 'na the time Of sale
hnelsor IN and both principal and inrere Standard
IN tiss issd sS1 ss. Of b the
oince OF the state treasurer a. fro their
subject &
iot as In this act hereinafter prosldeu;;
Sald bonds shall bear date the second gay "
able on the second ag11 a:y aaa n January. saa 1s
The interest aecruing such Of said % Ponos ofcs @
az are sold shall Be due and payable at 1he day o
January: and on the second day OF July,ssod5 that
yssr {s after the sale Of the bp be- made
On the second day Of January. D. ssen asa1' there
many many Of said bonds as may have ssenty Deen -four
toiore sold. At the expiration Oh sese1'y nS.
years from the date Of said bonds. al I,,;s uu.s
sold shall cease to bear interest. and Likewise wise
an bonds redeemed BY lot shali cenSe the said
state treasurer shall call in. forthwith pay ana
cancel the same, out Of moneys in the ,,s act
and be aha on f. rst Sondsy in
p 1885, also cancel and destroy 119sa an shall be
signed by the governor. and countersigned by
the. controller and shall be endorsed ny saae .ng
Of the state stamped thereon. Each bono snan
contain clause that it is subject 70 reaeinp, s
ton BY lot after the year nineteen nunoreu anu
thirty -nine
each OF said bonds, so that such coupons o af the
De removed without injury to or mutlatlon u n,,n,
bono Said coupons shall be ,Ss stste treas
nrer But no interest on any Of said bonds sna. hi
be paid for any time which may intervenas a tbe Ie
tween the date Of any Of said bonds. ahu 'A'
issue and sale thereof to a purchaser
Sec 8. The sum Of one thousand dollars Is
hereby appropriated to pay the eapsesaT har
may be incurred by the state treasurer IN y, nas h
paid out Of the ssan Francisco Harbor Improve, We
ment Fund" on CONTROLLERS warrants, ouiy
for that purpose.
sued under this act shall be duly executea tnTS
shall be sold by the state treasurer az puDlSS
auction to the highest bidder for cash. IN s1 suen
shall determine; but said treasurer must reject
any and all bids for said bonds, or Tor any 9a os
them, which shall be below the par value OF sau ,
bonds so offered for sale. and he may by public
announcement at the place and time fixed for the
sale as to the n whole Of the bonds offered
any part thereof offered, to such time and pace pace
as he may select not exceeding howeser =, sa5e of
all bonds and OF the postponement OF sase
thereof, must be given by said treasurer oy pup p
city and county Of San Francisco. and also BY
publication In one newspaper published IN Tue .ne
city Of Oakland and by publication IN one one news ,d
by publication in newspaper publfsned IN
the city of Sacramento. once week during TOUT
lication shall be paid out of the ..San Francisco
Harbor Improvement Fund" on controllers war-
rants, duly drawn for that purpose The proceeds
over by said treasurer intol the treasury. ana
must be by him kept in separate fund 70 De ,s
and must be used exclusively for the acq1isi-
tion OF the area described in the act referred 70
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 ine
San Francisco Harbor Improvement Fund
Sec. 5. For the payment Of the principal and
interest Of said bonds sinking fund to be
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,
take from the '.San Francisco Harbor Improve
ment Fund such sum as multiplied by. the
sold an and outstanding at the time said treasurer
Harbor Improvement Fund less the amount
heretofore taken therefrom for said purpose;
a. and be shall place the sum in the India Basin
Sinking Fund.-" create0 by this act Said state
drawn for that purpose. employ the moneys in
the United States or Of the State of California.
or Of the several counties or municipalities Of
be kept in proper receptacle. appropriately
labeled; but he must always keep on hand
sufficient amount Of money in said sinking fund
interest
the state bonds herein provided to be issued
as may have heretofore been sold; and to
said treasurer shall monthly take from the
.'San Francisco Harbor improvement Fund" and
pay into said India Basin Sinking Fund
amount equal to the monthly interest then due
on all bonds then sold, delivered and outstand-
is hereby authorized and directed By the col
| cranage to collect a sum Of money sufficient
for the purposes OF this act: over and above
ave hundred and twenty-six Of the Piitical Code
of the State Of California Betw en- the first
teen hundred and forty and between the frst and
tenth day Of November Of each year thereafter
until the a. s OF sd bonds % t the said treas
as shall be requisite to exhaust as nearly as may
time. and shall thereupon and before the tenth
day of December following. give notice by public
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 one newspaper
published In the city Of Sacramento, stating the
number of bonds drawn. and that the prin-
cpal of said bonds shall be 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 It shall be the duty
Of the treasurer 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 by lot
such an amount of bonds as shall be requisite
to exhaust as nearly as may be the amount
in said sinking fund, and proceed IN the manner
hereinabove stated. After the payment of all
said sinking fund. Il any. there be. shall forth
In provement Fund.- At the time Of the
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 to be
issued and shall use the proceeds for the nav
ment of such bonds as may be drawn BY lot
shall pay and redeem said matured outstanding
bonds out CT said money In said fund in ex
tfnguishment of said bonds. controllers war
rants, duly drawn for that purpose
Sec. g. The state controller and the state
treasurer shall keep full and particular account
and record OF ali of their proceedings under this
Art and fhey shall transmit to the governor en-