The San Francisco call., 1910-09-12

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
at the next general election, to be holden on the
Sth day of November, a. ID. 1910, to-wit;
SENATE BILL NO. 4s5
Passed the Senate, March 8, A D. 1909 Lewis
A. Hilhorn, Secretary of the Senate
Passed the Assembly March Is. 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
a N. z. c. Cooper, Private Secretary of the
Chapter $40. An act to provide for the issu,
ance and sale OF state bonds to create a fund
the construction by the board of state haroor
commissioners of wharves, piers, state railroad,
spurs betterments, and appurtenances and neces-
In the city and county of San Francisco; to Gre
ate sinking fund for the payment of said
bonds; TO define the duties of state officers in
relation thereto; to make appropriation OF
nTe thousand dollars for the expense OF printing
this act 10 q vote OF the people.
The people Of the State of California. repre-
sented in senate and assembly, do enact @s
follows:
Section 1. For the purpose of providing
authorized 10 be incurred by the board of state
harbor commissioners for the erection of wharves,
piers, seawall, state railroad, spurs, betterments
ana ana appurtenances and necessary dredging ana
Ming in connection Herewith in the city ana
nine million dollars (Which said wharves piers.
seawali, state railroad, spurs, betterments and
appurtenanees and necessary dredging and filing ling
Dor commissioners are hereby empowered TO con-
strqct ana do in the manner, authorized by law,
snd at cost not TO exceed SAID nine nllIlon
dollarsl, the 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 sum of nine million
dollars, and said bonds shall bear interest at the
rate of four per cenfum per annum rrom the
nj b0rb priQciDal
interest shall be payable in gold coin of the
present standard value. and they shall be pay
able at the office of the state treasurer, at the
expiration of seYenty-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 payable
on the second day of July nineteen hundred and
eighty FIVE The interest accruing on such Of
said bonds as are sold. shall be due and payable
az 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-
yloed, that the hrst payment of interest shall
be made on. the second day Of July. nineteen
hundred and twelve, so many of said bonds
as may have been heretofore sold. At the
explratlon OF seventy 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 to bear interest as 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 first Monday of July, nineteen hun
dred and eighty-hve also cancel and destroy all
bonds not Heretofore sold All bonds issued
shall be signed by the governor, and counter.
signed by the controller and shall be endorsed
De 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 dates after the person
signing. countersgning and endorsing or any or
either of them, shall have ceased TO be the in
,l1li epm6ents Of such Office or Offices Each bond
and fifty.
Sec 2 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 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
have been. by the purchaser of said bond, paid
TO the state at the time Of such 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-
ing said bonds prepared. Said amount shall be
paid out Of the San Francisco harbor improve
ment fund on controllers warrants duly drawn
for that purpose.
Sec 4 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 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 hy 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;
! for said bonds, for any of them, which shall
/ be below the par value of said bonds offered
plus the interest which has accrued thereon be
tween the date or sale and the last preceding
/ interest maturity date: and he may, by public
sunouhcel4eAI at lne place ana IlHe n1eu lof the
SAFE, continue such sale, as to the whole OF the
bonds offered, or any part thereof offered, TO such
time and place as be may select. Before offer
ing any or said bonds for sale the said treasurer
shall detach therefrom all coupons which have
matured or viii mature before the date fixed for
such sale. Due notice of the time and place Of
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
newspaper published in the city of Los Angeles,
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-
hundred dollars (S500.00) for each sale so 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 as NAV have
been paid as accrued interest thereon, shall be
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 Seawan Fund.- and must
/ be used exclusively for the construction of
wharves, piers, seawall. state railroad spurs
betterments and appurteDances 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 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
Seawal Sinking Fund"
Sec. 3. For the payment of the princlpal
and interest Of said bonds sinking fund to
| be known and designated as the s.Secondt San
Francisco Seawall Sinking FUND.- shall he and
1 the same is hereby created, as follows to wit:
/ The state treasurer after the, second day of
July, nineteen hundred and twenty-n nine shall
/ on the first day Of each and every month there
after, after the sale of said bonds take from
1 the San Francisco harbor improvement fund sucb
sum as multiplied by the time in months the
/ bonds then sold and outstanding have to rim
viii equal the principal Of the bonds sold and
outstanding at the time said treasurer shall so
/ take said from said San Francisco herhor
Improvement fund. less the amount theretofore
taken therefrom fer said purpose: and he shall
place the in the second San Francisco sea-
state treasurer shall, on controllers warrants
/ that fba