The San Francisco call., 1910-08-22
LEGAL AND oEFIcIAL

IdIIIOTHId
following acts will be submitted to the people PIE
of the State of California for their ratification
eth DAY OF November, A. ID. 1910, to-wlt'
SENATE BILL NO. 4s5.
Passed the Senate, March s, A. D. 1903. Lewis
a. Hilborn, Secretary OF the Senate. o
,,,I5 Passed the Assembly, March 10, A D.. 1909
Clio Lloyd, chief clerk of the Assembly. ..,.
This bill was received by the Governor this
18th day of March, A D., 1903, at IL O'Clock
a "a E. c. Cooper, Private Secretary OF tne
Chapter $50. 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 by the board OF state narpof
commissioners of wharves piers, state railroad
spurs, betterments, and appurtenances ana heces-
in the city and comfy of San francisco; to ere
ate A sinking fund for the payment OF saio
bonds TO define the duties of state officers IN
Felatlon thereto; to make an appropriation Oh
nFe thousand dollars for the expense OF printing
said bonds; and to provide for the submission OF
tnls act TO vote OF the people,
The people of the State of California, repre-
sented in senate and assembly, do enact as
follows:
Section !. For the purpose Of providing a
fund for the payment of the Indebtedness hereby
authorized TO be incurred by the board of state
harbor commissioners for the erection OF wharVes
peIs' seawaI, state railroad, spurs oettermenIss s
filing in connection Herewith in the city ana
county Of San francisco at cost not to exceed
seawall, state railrodd spurs, betterments and
appurtenances and necessary dredging and hlling
Dor commissioners are hereby empowered to con-
str1ct and DO in the manner, authorized oy law,
dollarsl, the state treasurer shall. Immediately
after the issuance of the proclamation OF tne
pare nine thousand suitable bonds OF the state
OF California. in the denomination of one thou
sand dollars each. The whole issue Of said
ponds shall not exceed the sum OF nine million
dollars. and said bonds shall bear interest at the
rate OF four per centum per annuIn. from the
date of issuance thereof and both principal and
~ n
present standard value. and they shall be pay
able at the office of the state treasurer, al the
subject. however. TO redemption by lot as in
this act hereinafter provided. Said bonds shall
hundred and eleven. and shall be made payable
on the second day of July. nineteen hundred and
said bonds as are sold. shall be due and payable
at 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-
yided, 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 seventy four years from the date
of said bonds all bonds sold shall cease 10 bear
interest and likewise all bonds redeemed by lot
shs0 cease TO bear interest in this act pro-
vided 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 hrst Monday of July. nineteen hun
dred and eighty five. also cancel and destroy all
bonds not Heretofore sold. All bonds issued
snail be signed by the governor. ana counter
signed by the controller, ana shall ne endorsed
by the state treasurer and the said bonds shall
be SO 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. conntersigninE and endorsing, or any or
either of them. shall have ceased to he the in
a
shall contain clause that it is subject to re-
demptIon by lot after the year nineteen hundred
and fifty.
Sec ? Interest coupons shall he attached TO
each Of said bonds that such coupons may be
removed without injury 10 or 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 or 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 thereof to
purchaser. unless such accrued interest shall
have been by the purchaser oe said bond paid
TO The state ar the time Of such sale.
Sec 3 The sum OF five thousand dollars is
hereby appropriated 10 pay the expenses that
may be incurred bF the state treasurer in hav-
Ing said bonds prepared. Said amount shall be
paid cut of the San Francisco harbor improve
ment fund on controllers warrants, duly drawn
FOR that purpose.
Sec. :. When the bonds authorized to be is
sued under this act shall be duly executed they
shall be by the state treasurer sold at public
auction 10 the highest bidder for cash. in such
parcels and numbers as 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 hoard 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. or 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. as to the whole of the
bonds offered. or 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
matured OF 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 published
IN the city of Oakland. and by publication in one
newspaper published in the city of Los Angeles,
the city OF Sacramento. once week during four
weeks prior 10 such sale. In addition to the
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 of five
hundred dollars $500. .00l for each sale so ad-
vertised The cost of such publication shall be
paid Of the San Francisco harbor improve
nept fund on controllers warrants duly drawn
such bonds. except such amount may have
been paid accrued interest thereon, shall he
forthwith paid over 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 Seawall 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 drafts and
warrants are 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 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
Seswall Sinking Fund"
Sec. 3. For the payment of the principal
and interest of said bonds a sinking fund to
be known and designated as the Second San
Francisco Seswan 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
OF 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
bonds then sold and outstanding have 10 run
VIII 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 sum in the second San Francisco sea
wall sinking fund created by this act Said
state treasurer shall. controllers warrants
duly drawn for that purpose. employ the moneys
In eofd cfglf lfpo fr4FaI In fha