The San Francisco call., 1910-10-24
LEGAL and OFFICIAL

LEoAL anu OEFlNfAL
NOTICE to voters-Notice is hereby given to
the electors OF the State Of California that the
Of the State of CaIifornia for their ratincation
at the next general election, to be holden on the
sth day of November, A. d. 1910, to-wit:
SENATE BILL NO. 4S5.
Passed the Senate, March g. A. d. 1909. Lewis
A. Hilborn. Secretary of the Senate.
Passed the Assembly March f5 A. D.. 1909
Clio Lloyd. chief clerk of the Assembly.
This bill was received by the Governor this
18th day of March, A. D., 1909, at IL O'Clock e
a. NJ. E. c. Cooper. Private Secretary OIL tue
Governor.
Chapter 32o An act TO provide for the issu,
ance and sale OF state bonds to create fund
for the improvement of San Francisco harbor by
the construction hy fhe hoard of state harbor
commissioners of wbarFes. piers. state railroau'
spurs eetterments. and appurtenanees ana areifh
in the city and county of San Francisco TO ts cre
ate sinking fund for the payment OF sain ID
relation thereto; 10 make an appropri aton -, or Il
i've thousand dollars for the expense OF printing "
said bonds; and to provide for the SUBMISSION %
this act to vote of the people.
The people of the State of California. repre-
sented in and assembly, co enact as
follows:
Section 1. For the purpose OF providing
iund for the payment of the indebtedness hereby
authorized TO be incurred by the board OF state
harbor commissioners for the erection OF wharves,
piers, seawau state railroad spurs, betterments
and appurtenances and necessary dredging and
filing in connection Herewith in the city and
nine million dollars (Which said wharves piers;
seawall. state railroad spurs, betterments anu
appurtenances and necessary dredging and filling
in connection. Herewith the board Of state har-
Dor commissioners are hereby empowered 10 con-
street and do in the manner. authorized py law,
dollarsl. the state treasurer shall. Immediately
after the issuance of the proclamation OF rae Ine
pare nine thousand suitable bonds of the State
Of California. in the denomination of one tnou,
sand dollars each. The whole issue OF sald
bonds shall not exceed the sum of nine million
dollars. and said bonds shall bear interest at tne
rate OF four per centum per annum: from ths
date Of issuance thereof. and both principal ana
interest shall be payable in gold coin OF lne
present standard value and they shall be pay
able at the office of the state treasurer. al Ihe
expiration of seventy four years from their date
subject. however to redemption by lot as IN
bear date the second day of July. A. D. nineteen
hundred and eleven. and shall be made payaDie
on the second day Of July, nineteen hundred and
said bonds sold. shall be due and payable
at the office OF tie stzte treasurer on the second
day OF January, and on the second day or July,
of each year after the sale of the same; pro,
vided that the first payment of interest shall
hundred and twelve, so many of said bonds
as may have been heretofore sold At the
expiration OF seventy -four years from the date
OF said bonds. all bonds sold shall cease 10 bear
Interest and likewise all bonds redeemed by lot
shall cease to bear interest as in this act pro
ylded and the said state treasurer shall call In,
forthwith pay and cancel the same: out OF the
moneys in the SECOND San Francisco seawall
sinking fund provided for in this act. and. he
shall on the first Monday of July. nineteen hun,
dred and eighty-fve, also cancel and destroy al
bonds not Heretofore sold. All bonds issued
shall be signed by the governor. and counter
signed by the controller, and shall be endorsed
by the state treasurer and the said bonds shall
the officers who are in office on the second DAY
91 july lsll and each OF SAID bonds snH e sa;s
sealed IS herein nrovided when % sold shall be and
r11fd nd md
the State of California. though the sale Thereon
be made at date dates after the person
either of them. shall have ceased to be the IN,
cumbents Of such office or Offices. Each bond
shall contain clause that 1t is suo1ect 10 re,
demptton by lot after the year nineteen hundred
and fifty.
Sec. 2. Interest coupons shall be attached to
each of said bonds. so that such coupons may De
removed without injury to or mutilation Of the
bond Said coupons shall be consecutigeiy 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
of said bonds and the issue and sale thereof to a
purchaser. unless such accrued interest snaH
% ssf e sD BY y the 4 s % such 81 sale sale
Sec. 8. The sum Of five thousand dollars, Is
hereby appropriated TO pay the expenses that
may be incurred by the state treasurer In hav-
paid out Of the San Francisco harbor improve
ment fund 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 puOt.SS .S
parcels and numbers said treasurer shall De
directed by the governor OF the state. under seal
thereoI after resolutlon reauesnng s1cn
harbor commissioners and approved by either the
governor Of the state or mayor OF the city ana @
prove the same when in their judgment the
fr;v al mill fnc4f r SUPh sail 0f
consequent increased burden on harbor receipts;
but said treasurer must reject any and all bids
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. as to the whole of the
time and place he may select Before offer
ing any of said bonds for sale the said treasurer
shall detach therefrom 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,
in the city and county Of San Francisco. and
also by publication in one newspaper published
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 as he may deem
advisable. but the expenses and cost Of such ad-
ditionsI notice shall not exceed the OF five
hundred dollars tS500.0O) for each sale ad-
vertised. The cost of such publication shall be
paid out of the San Francisco harbor improve
nent fund, on controllers warrants duly drawn
for that purpose. The proceeds of the sale of
such bonds. except such amount may have
heen paid as accrued interest thereon. shall be
forthwith paid over by said treasurer into the
treasury. and must be by him kept in sepa-
rate fund to be known and designated as the
Second San Francisco Seawa1l Fund" and must
be used exclusively for the construction of
wharves. piers, seawall. state railroad. SPURS
betterments 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 and shall be paid out of
said fund In the same manner as 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. immedi ately
after such sale paid into the treasury of the
state and placed in. the Second San Francisco
Seawall Sinking Fund
Sec. 5. 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. as 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