The San Francisco call., 1910-08-08
LEGAL AND oFFIcIAI-Continued


board over the same. and providing for the
payment of judgments from the proceeds OF
bonds issued and sold under the provisions
OF an act entitled An act to provide for the
issuance and sale of state bonds TO create a
fund for the acquisition by the board OF state
harbor commissioners, of necessary area FOR
tidal basin, for wharves, docks, piers, har-
bors and appurtenances, in the city and county
Of San Francisco; to create a sinking fund LOT LOT
the payment of said bonds; and deunlng ny
duties of state officers in relation thereto;
making an appropriation Of one thousand dol-
aud providing for the submission of this act to
vote of the people," the state treasurer
shall Immediately after the issuance OF the
prociamaton of the governor, provided Iur W ~
section 10 hereof. prepare one thousand sultasle M
bonds of the State of California In the ,qe, re
nomination of one thousand dollars each. Inc
whole issue of said bonds shall not exceed the
sum OF one million dollars, ana salu po,eS nus
per aeu from M fna time the
thereof. and both principal and interest snali
be payable in gold coin of the present sa4hu4Fe tbe
Office of the state treasurer. at the eX-
piration of seventy four years from their
lot as in this act hereinafter provided:
Said bonds shall bear date the second day OF
January, A. d. 1911, and shall be mace pay
able on the second day of January. A. u. 1893.
The interest accruing ON such of said bonds as
are sold. shall be due and payable at the olnce
OF the state treasurer on the seeonu az gay ye,ch ~
year after the sale of the same; provided tn9t
the first payment of interest shall be mace
on tne second day OF January, A. " ASi-, on %
many of said bonds as may have peen tnsre- ere
tofore sold At the expiration of seventy y-Ionr
years from the date of said bonds an I,eias eoIes
all bonds redeemed by lot snail cease 70 pear
interest. in this act provided, and TIE sal9
state treasurer shall call fn forthwith pay ana
cancel the same out of moneys In the India
Basin Sinking Fund. provloed Tor IN lhis ace'
and he shall on the first MONDAY IN Jahual9, Sls
A d. 1888. also cancel and destroy all bonds
not Heretofore sold. All bonds issued shall be
signed by the governor, and coqnterslgned ps
state treasurer and each shall have the sea-
OF the state stamped thereon. Each bond snail
contain a clause that it is subject TO redemp,
ton by lot after the year nineteen hundreo anu
thirty nine.
Sec 2 Interest coupons shall be attached to
each of said bonds so that such coupons may
be removed without injury 10 or muthation OF the
bond Said coupons shall be consecutlvely num-
bered. and stall be signed by the state treaS saSI
be paid for any time which may intervene pc
tween the date of any of said bonds, ana tue
issue and sale thereof TO a purchaser. 49,. :
Sec. 3. The sum of one thousand dollars Is
hereby appropriated to pay the expense that
may lie incurred by the state treasurer IN hav-
ing said bonds prepared SAID amount farorS snar ne
paid out OF the San Francisco Harbor improve
ment Fund, on controller warrants duly uTa"n
Tor that purpose. :, =
SIZED under this act shall he duly executed they
shall be sold by the state treasurer at puollc
auction to the highest bidder for cash. IN l suen
parcels and numbers as said state treasurer
shall determine but said treasurer must reJect
any and all bids for said bonds. or for any OF
them which shall be below the par value OF SAID
bonds so offered for sale. and he may by public
announcement at the place and time hXed for me
SALE for good and sufficient cause continue such
sale as TO the whole of the bonds onered OF
any part thereof offered, TO such time ana pace
he may select, not exceeding however sixty
days Due notice of the time and place OF sale OF
all bonds and of the postponement or saie
thereof must be given by said treasurer by pup
lication in two newspapers published III the
city and county of San Francisco. and also py
publication in one newspaper published IN the
city of Oakland and by publication in one news
paper published in the city of Los Angeles. ana
by publication in one newspaper published In
the city of Sacramento. once a week curing 1our
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 a separate fund to be
known and designated as the India Basin Fund
and must be used exclusively for the acqulSi-
ton of the area described in the act referred TO
in section l hereof. Drafts and warrants upon
said fund shall be drawn upon and shall be para
out of said fund in the same manner as draIts
and warrants drawn upon and paid out or the
san Francisco Harbor improvement Fund
Sec ). For the payment of the principal and
interest of said bonds a sinking fund to be
known and designated as the India Basin Sink
ing Fund" shall be. and the same Is hereoS
created follows, TO wit: The state treasurer
shall on the first day OF each and every month,
after the second day of December. A. ID. l9zS,
take from the San Francisco Harbor Improve
time the bonds then sold and outstanding have
TO run, will equal the principal or the bonds
sold and outstanding at tne time salu SrenSu sa q
shall so take said sum from said san Francisco
Harbor Improv ement Fund, " less the amount
heretofore taken therefrom for said purpose;
and he shall place the sum in the India Basin
Sinking Fund created by this act Said state
treasurer shall. on controllers warrants duly
drawn for that purpose, employ the MONEYS IN
said sinking fund in the purchase OF honds OF
the United States, or of the State of California.
or of the several counties or municipalities II
fhp ~ which snail
be kept in a proper receptacle. appropriately
labeled: but he must always keep on hand a
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
provide means for the payment OF interest on
| the bonds that may he sold and outstanding.
said treasurer shall monthly take from the
San Francisco Harbor 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 ontstand-
ing The board of state harbor commissioners
Is hereby authorized and directed by the col
lection of dockage tolls rents. wharfage and
cranage. to collect sum of money sufficient
for the purposes of this act over and abeye
the amount limited by section two thousand
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 tie maturity of said bonds. the said treas
urer shall. in the presence of the governor. pro-
coed TO draw by lot such amount of bonds
as shall be requisite exhaust. nearly 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 n week for
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 fiat the 9rin-
cipa of said bonds shall ne paid on presentation
To the treasurer before the second dsv al
January following and that from aud after
such last named date. all Interest upon bends
thus drawn shall cease. and it shall be the dut>
of tic treasurer soon aS said bonds 50 drawn
by lot surrendered - him and paid. TO can.
eel tho same and thu interest coupons thereon.
and zach year beginning S'ith the year nineteen
hundred and forty. the said treasurer shall in
I such IN amount of boRds as shall he requisite
to exhaust nearly may be the annnnt
in said sinking fnnd and proeeeti In the manner
hereinaboTe stated. After the paynent Of all
said bonds. the surplus balance remairin- in
said sinking fend if any there re. shall forth
with be paid into the S&n Francisco Harhor
/ Improvement Fund. = At the time OF t;7q
respective drawings by lnt. aS afore<aff snd
also at the maturity OF said state bonds seid
treasurer shah sell the United states bonds q;
other bonds. then IL said sinking FIND. at gov
erning market rates. after ADVERTISING the sale
thereof. in the manner hereinbefore provided
for tire sale of bonds hereby authorized TO 4e
I ssned. and shall use the proceeds for tbe nav.
ment of such bonds as NAV be drawn bv let
and at the m2turits- of said beufls oiitstandfpp
shall pav and redeem said matureG nutst1nd inc
| hends out qf said money in said fund in ~:
tlnSH1shment of ssid bends. or controllers war