The San Francisco call., 1910-10-03

NOTICE 10 NoterS-Notlce Is nereDy given 10
the electors Of the State of California that the
following acts will be submitted 10 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. d. 1870 to-wlt:
SENATE BILL NO. 4s5.
Passed the Senate. March s, A. D. 1903. Lewis
a. HilbOrn, Secretary of the Senate
Passed the Assembly March 10. A: D., 1903,
Clio Lloyd chief clerk Of the Assembly.
This bill received by the Governor this
18th day of March. a. D., 1909, at IL O'Clock
a m E. c. Cooper Private Secretary OF the
Chapter s2o An act to provide for the issu.,
ance and sale of state bonds to create tuno
for the improvement Of San Francisco haroor py
commissioners of wharyes, piers, state rAllroau'
spurs, betterments, and appurtenances ana neces
In the city and county of San Francisco; TO ere
ate a sinking fund for the payment OF saio
bonds; TO define the duties of state ofncers IN IN
i've thousand dollars for the expense of printing
SAID bonds; and to provide for the submission OF
this act 10 q vote of the people
The people of the State OF California. repre-
follows:
iund for the payment Of the Indebtedness hereby
authorlzed TO be incurred by the board OF state
piers, seawall, state railroad spurs bettefrnents
ano appurtenaneeS and necessary dredging ahq
ming in connection herewith In the city ana
county of San Francisco, at a cost not TO exceed
nlne million dollars (Which said wharves, piers,
seswall, state railroad spurs, betterments and
appurtenances and necessary dredging and filling
in connection herewith the board of state har-
Dor commissioners are hereby empowered to con-
struct and do in the manner, authorized by law.
and st cost not to exceed said nine million
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
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 centum per annum. from the
date Of issuance thereof, and both principal ana
interest shall be payable in gold coin OF the
able at the office OF the state treasurer, at me
expiration Of seventy four years from their date,
SUBJECT, however. TO redemption by lot as IN IN
this act hereinafter provided. Said bonds shall
bear date the second day of July, A D. nineteen
hundred and eleven, and. shall be made payable
eighty-fve. The interest accruing such OF
said bonds as sold shall be due and payable
at the office Of the state treasurer on the second
day of January, and the second day of July,
OF each year after the sale of the same; pro-
Yloed, that the first payment OF interest snail
be made on the second day of July nineteen
hundred and twelve, 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 to bear
interest and likewise all bonds redeemed by lot
vided. and the said state treasurer shall call in
forthwith pay and cancel the same: out of the
sinking fund provided for in this act and, he
shall on the first Monday of July, nineteen hun;
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
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 4 valid and binding obligation upon
the State of California, though the sale thereof
be made at date dates after the person
cOuDterS1gnlng
either Of them. shall have ceased TO he the IN
cumbents Of such office or Offices. Each bond
dennption by lot after the year nineteen hundreo
and fifty
Sec. ?. 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 consecutively num-
bered and shall bear the Autographed signature
Of the state treasurer who shall be in office on
on any of said bonds shall be paid for any time
which NAV intervene between the date of any
Of said bonds and the issue and sale thereof to a
have been. by the purchaser Of said bond, PAID
10 the state at the time Of such sale.
Sec. 5. The 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
auction to the highest bidder for cash, in such
parcels and numbers said treasurer shall be
directed by the governor OF the state under seaI sea-
thereof after a resolution requesting such sale
shall have been adopted by the board OF state
harbor commissioners and approved by either the
governor Of the state mayor of the city and
county Of San Francisco. who shall only ap-
prove the same when in their judgment the
actuai narDoT DOT IeceiPLs ana Lnose , az
consequent increased burden on harbor receipts;
but said treasurer must reject any and all bids
for Of rHe for of han Vrhi "a
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 pace 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 or will mature before the date fixed for
such sale. Due notice of the time and place of
sale Of all bonds pust 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-
ditional notice shall not exceed the of five
hundred dollars ($5oo-oo) 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 may have
been paid 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 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 out Of 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, Immediately
after such sale, paid into the treasury of the
state and placed in the Second San Francisco
Seawsn Sinking Fund
Sec. 3. For the payment of the principal
and interest Of said bonds a sinking fund to
be known and designated 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
the San Francisco harbor improvement fund such
as. multiplied by the time in months. the
bonds then sold and outstanding have to 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 barbor
Improvement fund, less the amount heretofore
taken therefrom for said purpose; and he shall
place the in the second San Francisco sea
wall sinking fund created by this act Said
state treasurer shall controllers warrants