The San Francisco call., 1910-08-29

the electors OF the State of California that the
following acts will be submitted to the people
/ Of the State Of California for their ratification
az the next general election, to be holden on the
eth DAY or November, 4. d. 1910, to-wit;
SENATE BILL NO 4s5.
Passed the Senate, March g. A. d. 1909. Lewis
a hliborn, Secretary of the Senate.
Passed the Assembly, March To- a: D., 1909
LIZ 10 LLOYD; chief clerk of the Assembly. .p.a
1hls oil received by the Governor ibis
18th day Of March. a. D., 1909. AT II o'clock
Governor
Chapter $40. An act 10 provide FOR the issn,;
&hee and sale Of state bonds 10 create a Inno
lor the Improvement of San Francisco haroot by
e ne Construction by the board OF siste nsao9i 9
commissioners of wharves. piers state railroad,
"a t4Eelts suu appOI tehe .ito-a,-f+,
= uIeuglhg ana ming M connection tnete" @ ~
IA the city and county of San Francisco; 10 ere,
Sos sS6e sinking fund for the payment OF said 10
bonds 10 define the duties of state officers m
relation thereto; to make an appropriation OF
hFe thousand dollars for the expense OF printing
this act 10 a vote of the people.
Inc people Of the State of California, repre-
Sehted Ii senate and assembly, Go enact as
Section l. For the purpose Of providing
authorized to be incurred by the board of state
Aarbor commissioners for the erection OF wharves,
PIERS seawalL state railroad spurs, betterments
ana appurtenances and necessary dredging ana
ming In connection Herewith in the city ana
county of san Francisco. at a cost not TO exceed
nine million dollars (Which said wharYes, piers;
seawaH. state railroad spurs, betterments and
( appuIfenances and necessary dredging and nlling
I IN CONNECTION herewith the board OF STATE mar
Dor commissioners are hereby empowered TO CON
straet and DO IN the manner, authorized by law,
and at cost not TO exceed said nine million
oonafsl Tue 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 thou
sand dollars each The whole issue of said
bonds shall not exceed the of nine million
dollars. and said bonds shall bear interest at the
rate of four per centum per annum. from the
date OF issuance thereof and both principal and
present standard value, and they shall be pay
able at the office of the state treasurer. at the
expiration of seventy four years from their date.
subject however. to redemption by lot in
this act hereinafter provided said bonds shall
bear date the second day of July, A. D. nineteen
hundred and eleven. and shall be made payable
on the second day of July, nineteen hundred and
said bonds are sold. shall be due and payable
Al the Office of the state treasurer on the second
day Of January, and on the second day of July,
Of each year after the sale OF the same; pro
vlded, 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 been heretofore sold. At the
expiration of seyenty-four years from the date
OF said bonds, all bonds sold shall cease TO bear
interest and likewise all bonds redeemed By lot
shall cease 10 bear interest in this act pro-
yded, and the said state treasurer shall call In,
forthwith pay and cancel the same. out OF the
moneys IN the second San Francisco seawan
sinking fund provided for in this act and. he
shall on the first Monday of July, nineteen hun
dred and eighty five. also cancel and destroy all
bonds not fheretofore sold An bonds issued
signed by The controller and shall be endorsed
by the state treasurer and the said bonds shall
be 5 signed. countersigned and endorsed by
the officers who are in office on the second day
Of July. 1911, and each of said bonds shall have
the seal of the state stamped thereon. The said
bonds signed countersigned and endorsed and
sealed as herein provided when sold shall be and
constitute valid and binding obligation upon
the State of California though the sale thereof
be made at a date or dates after the person
signing. countersigning 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 IL is subject to re-
demption by lot after the year nineteen hundred
and fifty.
Sec. . Interest coupons shall be attached to
each Of said bonds, so that such coupons may be
removed without injury TO mutilation of the
bond. Said coupons shall be consecutively num-
bered and shall bear the Autographed signature
Of the state treasurer who shall be in office on
the second day Of July. 1911. But no interest
on any of said bonds shall be paid for any time
Of said bonds and the issue and sale thereof to
purchaser, unless such accrued interest shall
have been. by the purchaser Of said bond, paid
Sec. s. The sum of i've 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 shall be
paid of the San Francisco harbor improve
ment fund controllers warrants, duly drawn
for that purpose
Sec. l. When the bonds authorized to be is
sued under this act shall be duly executed they
auction to the highest bidder for cash, in such
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
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. will Justify such sale of bonds and the
consequent increased burden harbor receipts;
but said treasurer must reject any and all bids
be below the par value of said bonds 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, as 10 me whoie OF the
bonds offered. or any part thereon oHered, to such
time and place as be may select. Before oner-
ing any OF sald bonds Tor sale the sald treasurer
shall detach theretrom all coupons which have
matured or will mature before the date fixed 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 publlshed
IN the city Of Oakland and by publication in one
newspaper published in the city of Los Angeles,
and by publication in one 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 he may deem
advisable, but the expenses and cost Of such ad-
ditional notice shall not exceed the sum Of five
hundred dollars (s500.o0) for each sale ad-
vertised. The cost of such publication shall be
paid out of the San Francisco harbor improve
ment fund, on controllers warrants duly drawn
for that purpose The proceeds of the sale of
such bonds, except such amount 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 Seawan Fund and must
be used exclusively for the construction of
wharves, piers. seawan. state railroad. spurs,
betterments and appurtenanees 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 and shall be paid out Of
said fund in the drafts and
warrants drawn upon and paid out of the
San Francisco harbor improvement fund. The
amount that shall have been paid at the saleaof
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 in the Second San Francisco
Seawan Sinking Fund
Sec. s. For the payment of the principal
and interest Of said bonds a 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
the San Francisco harbor Improvement fund such
sum as, multiplied by the time in months, the
bonds then sold and outstanding have to run.
viii equal the principal of the bonds sold and
outstanding at the time said treasurer shall so
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 second San Francisco sea
wall sinking fund cre2yed bv this act Said
state treasurer shall controllers warrants
duly drawn for that purpose. employ the moneys
g. Ia ftrnI In ho o<