The San Francisco call., 1910-08-01
LEGAL AND oFrICIAI-continued


board over the same, and providing for the
payment of judgments from the proceeds, OF
of an act entitled An act to provide for the
Issuance and sale Of state bonds to create a
r0r 1ne BY nse eoard 1 for
a tidal basin. for wharves, docks, piers. har-
bors and appurfenances. In the city and edunty ny
the payment of said bonds; and defining me
duties of state officers in relation thereto;
making an appropriation of one thousand ss aci.
and providing. for the submission of this act to
shall Immediately S'paf after the Issuance Of the
proclamation Of the governor, provided for N
bonds of the State Of California in the de-
nomination Of one thousand dollars eacn. Inc me
whole Issue Of said bonds shall not exceed hls .ds
sum of one million dollars, and SAID pohus
shall bear interest at the rate of four per
centum per annum, from the time OF the sais s
thereof and both principal and interes. dnrs snars
value, and they shall be payable at the
office of the state treasurer, at the .sssr eS
date, subject. however, to redemption by
lot as in this act hereinafter provided:
Said bonds shall bear date the second day OF
sble the second day of January. A. u Iss9.
The interest accruing on such Of SAID bonos ss ss
are sold, shall be due and payable at the oince
of the state treasurer on the second day OF
January, and on the second day of July. of each
the hrst payment Of interest. shall be made
on the second day of January. A. D. 1slZ, on 80
tofore sold At the expiration Of seventy four
years from the date Of said bonds all noIus ,
all bonds redeemed by lot shall cease to to bear sss
interest. in this act provided. ana tne sai9
state treasurer shall call in iorthwith pay sns
and nas'n he sah1f eha on the rst Monday in
A. D. 1885 also cancel and destroy all bonds
not heretofore sold. All bonds issued snai pc
signed by the governor, and countersigheo o!
state treasurer. and each shall have the seal
of the state stamped thereon Each oono snali
contain clause that It Is subject dred 10 and
tion by lot after the year nineteen hundred anu
thirty mine. .a %
Sec 2 Interest coupons. shall be attached 70
each of said bonds so that such coupons msy
he removed without injury to or mutliatlon Oh .ne
bond Said coupons shall be consecutireiy nun
bered and shall be signed py ~ ss eagd bonds shall
be paid for any time which may intervene pc
| tween the date of any of said bonds. ana me
issue and sale thereof to purchaser
Sec. g. The sum of one Thousand dollars is
hereby appropriated to pay the expense sns'
ing said bonds prepared. Said amount shall be
paid out Of the ''San Francisco Harbor Improve,
ment Fund, " on controllers warrants dulS ora"n
Sec. 4. When the bonds authorized to be is
sued under this act shall be duly executed Insy
shall be sold by the state treasurer az pupilc
auction to the highest bidder for cash., In suen
parcels and numbers said state treasurer
shall determine; but said treasurer must reJecL
any and all bids for said bonds. or for any OF
them which shall be below the par value OF saio
bonds so offered for sale and ne may o @ pu9he ,he
announcement at the place and time nxed TOT tne
| SALE for good and sufficient cause, continue sucn
sale as TO the whole of the bonds ohered OF
any part thereof offered. TO such time ana place
as he may select, not exceeding, however, sixty
days. Due notice Of the time and place OF saie VI
all bonds and Of the postponement OF saie
thereof must be given by said treasurer Dy pup
iication in two newspapers published In the
city and county of San Francisco and also py
city of Oakland and by publication In one news,
paper published in the city OF Los Angeles, anu
by publication in one newspaper puoIsneu Ia
the city Of Sacramento. once week during lou 1our
weeks prior to such sale The costs OF such pup
lfcation 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 1orthWitn pdl9
over by said treasurer into the treasury. anu NJ
must be by him kept in separate. funn 10 De
known aud designated as the India BASIN funa.,
and must be used exclusively for the Acqnisl-
tion of the area described in the act referred 10
in section 1 hereof Drafts and warrants upon
said fund shall be drawn upon and snail De paiu
out of said fund in the same manner as ulsi.s
and warrants are drawn upon and paid ont of the
'.San Francisco Harbor Improvement fund.
Sec. 8. For the payment Of the principal and nd
interest of said bonds a sinking fund TO ne
known and designated as the India Basin Sink
Ing FuHd'' shall be. and the same IS hereby
created as follows, to wit: The state treasufer .
shall on the first day of each and every monln,
after the second day of December, A D. 1873,
take from the San Francisco Harbor Improve
ment Fund.- such as multiplied Dy the
time the bonds then sold and outstanding nave
to run will equal the principal OF the Donos
sold and outstanding at the time salo Ireasurel e
shall SO take said sum from said "San Francisco
Ha rbor improvement Fund" less the amount
heretofore taken therefrom for said purpose; :
and he shall place the sum in the India BASIN in
Sinking FUND.- created BY this act Said state
treasurer shall, controllers warrants, duly
drawn for that purpose emp1y sne 81 bongs Of Of
the United States. or of the state OF Calliornla
or of the several counties or municipalitieS OF
the State Of California, which said bonds shall
be kept in 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 suen OF
the state bonds herein provided to be issued
provide means for the payment of interest on
| the bonds that may be 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 outstand-
| 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 a sum Of money sufficient
| for the purposes of this act. over and above
the amount limited by section two thousand
of the State of California Between the frst
teen hundred S and forty. and between the frst and
| tenth day of November of each year thereafter.
until the maturity of said bonds, the said treas
urer shall in the presence of the governor pro-
ceed to draw bysiot such amount of bonds
as shall be requisite to exhaust as nearly as 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 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 that the prin-
cipal of said bonds shall he paid 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 tt shall be the duty
| of the treasurer as said bonds so drawn
| by lot surrendered to him and paid, to can
eel the same. and the interest coupons thereon.
| ard each year beginning with the year nineteen
hundred and forty. the said treasurer shall, in
the manner aforesaid. proceed to draw by lot
such amount of bonds shall be requisite
to exhaust nearly may be the amount
| in said sinking fund, and proceed in the manner
hereinabove stated. After the payment of all
said bonds. the surplus or balance remaining in
said sinking. fund. If any there be. shall forth
with be paid into the "San Francisco Harbor
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 pay
ment of such bonds as may be drawn By lot
shall pay and redeem said rnatured outstanding
| bonds. out of said money in said fund. in ex-
| tinguishment of said bonds. controllers war
dplr Apowr fnrN t,At