The San Francisco call., 1910-09-12
LEGAL AND oFFICIAL-Continued

pay1lent OF Judgments from the proceeds OF
Donos issued and sold under the provisions
of an act entitled An act to provide for the
issuance and sale of state bonds to create
harbor commissioners of necessary area for
a tidal basin, for wharves, docks, piers, har
bors and appurtenances, in the city and county
OF San Francisco; to create sinking fund for
the payment of said bonds; and defining the
duties OF state officers in relation thereto;
lars for the expense of printing said bonds;
and providing for the submission of this act TO
shall immediately after the issuance of the
proclamatlon of the governor, provided for IN
seclion 10 hereof prepare one thousand suitable
nomination of one thousand dollars each The
whole issue of said bonds shall not exceed me
sum OF one million dollars, and said ponds
shall bear interest at the rate of four per
centum per annum. from the time. of the SAFE @
thereof, and both principal and interest snal
be payable In gold coin OF the present stanaaLo
value. and they shall be payable at the
office of the state treasurer, at the - ex.
date, subject, however, to redemption py
lot as in this act hereinafter provided:
January, A. d. 1911 and shall be made pay
able on the second day of January. A. D. 1882
are sold, shall be due and payable at the efnce
OF the state treasurer, on the second day ot
January, and on the second day Of july OF esca a
year after the sale of the same; provided tnse at
the first payment of interest shall be mace
on the second day of January, A. d. 1917, on SO
many of said bonds may have been mere
tofore sold At the expiration of seventy Io9r 9
years from the date of said bonds, all bonds
sold shall cease to bear interest, and likewise
all bonds redeemed by lot snail cease TO bear
interest, In this act provided, ana the salu
state treasurer shall call in. forthwith pay ana
cancel the same out Of moneys in the lnola
Basin Sinking Fund, provided for IN TINS act
and he shall the first Monday in January,
not Heretofore sold. All bonds issued shall De
signed by the governor, and eounterslgned py
state treasurer. and each shall have the seal
OF the state stamped thereon Each BOND sll snali
contain clause that 1t is subject 10 ad redeLp S
ton by lot after the year nineteen hundreo ana
thirty mine.
Sec. 2 Interest coupons shall be attached to
each of said bonds so that such coupons may
be removed without injury to or mutilation of the
bond Said coupons shall be consecutlveiy num-
bered, and shall be signed by the state treas, 5,
be paid for any time which may intervene pc
tween the date of any of said bonds, and the
issue and sale thereof to purchaser
Sec. 3. The sum of one thousand dollars is
hereby appropriated TO pay the expense that
may be incurred by the state treasurer IN nay "
ing said bonds prepared Said amount Inoro snan ne
paid out of the San Francisco Haroor Improve
ment Fund.- on controllers warrants, duly Drawn
for that purpose.
sued under this act shall be duly executed they
shall be sold by the state treasurer at public
auction to the highest bidder for cash, IN sucn
parcels and numbers as said state treasgpet saret
shall determine: 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 for sale, and he may by pubic
announcement at the place and time hxed Tor the
sale, for good and sufficient cause continue such
sale to the whole of the bonds offered or
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 or sale Oh
all bonds, and of the postponement OF SAFE
thereof must be given by said treasurer by pup
llcatlon In two newspapers published IN tue
city and county of San Francisco. and also by
publication in one newspaper published IN the
city of Oakland, and by publication in one news,
paper published in the city of Los Angeles, ana
by publication in one newspaper published IN
the city of Sacramento, once a week during 1our
weeks prior to such sale. The costs of such pub
lication 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 forthwith PAID
over by said treasurer into the treasury. ana
must be by him kept in a separate fund TO De
known and designated as the India Basin Fund
and must be used exclusively for the acquisl-
tion of the area described in the act referred TO
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
Sec. .. For the payment of the principal and
interest Of said bonds a sinking fund TO be
known and designated the India BASIN Sink
ing Fund.- shall be, and the same is hereby
created as follows, to wit: The state treasurer
shall, on the first day of each and every month.
after the second day of December, A D. 1928,
take from the San Francisco Harbor Improve
ment Fund such sum as. multiplied by the
time the bonds then sold and outstanding have
TO run, VIII equal the principal OF the oonds
sold and outstanding at the time said treasurer
Harbor Improvement Fund" less the amount
heretofore taken therefrom for said purpose;
and he shall place the sum in the India Basin
Sinking Fund, created by this act Said state
treasurer shall, on controllers warrants, duly
drawn for that purpose. employ the moneys in
said sinking fund in the purchase of bonds of
the United States, or of the State of California,
or of the several counties municipalities of
the State of California, which said bonds shall
be kept in a proper receptacle, appropriately
labeled; but he must always keep hand
sufficient amount of money in said sinking fund
which interest Or
the state bonds herein provided to be issued
as may have Heretofore been sold: and TO
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
ing The board of state harbor commissioners
is hereby authorized and directed by the col
lection of doekage. tolls, rents wharfage and
cranaSe, TO colleet sum OF money. sutnclent
for the purposes of this act. and above
the amount limited by section two thousand
five hundred and twenty of the Political Code
of the State of California. Between the first
and tenth day of November in the year nine
teen hundred and forty, and between the first 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 by lot such amount of bonds
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
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 .newspaDer
published in the city of Sacramento, stating the
number of bonds drawn and that the prin-
cipal of said bonds shall be paid on presentation
to the treasurer on or 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 it shall be the dur,
Of the treasurer as said bonds 80 drawn
by lot surrendered to him and paid TO can
eel the same. and the interest coupons thereon
and each year beginning with the year nineteen
hundred and forty. the said treasurer shall i'm
the manner aforesaid proceed TO draw by lot
such amount of bonds shall be reonsite
70 exhaust as nearly may be the amount
hereinabove stated After the payment of all
said bonds. the surplus balance remaining in
said sinking fund. if any there be- shall forth
with be paid into the "San Francisco Harbor
improvement Fund. At the time of tba
respective drawings by lot, as aforesaid ana
also at the maturity of said state bonds said
treasurer shall sell the United States bonds or
ernng market rates, after advertising the sale
thereof, in the manner hereinbefore provided
for the sale of bonds hereby authorized to ha
issued. and shall the proceeds for the nav
ment of such bonds as may be drawn bv lot
and at the maturity of said bonds outstandino
shall pay and redeem said matured outstandin7
bonds out of said money in said fund in ey
tiaguishment of said bonds, controllers war
rants. duly drawn for that purpose.
Sec. 6. the state controller and the state
treasurer shall keep full and particular acconnt
act aud they shall transmit to the governor sn
ahStr of al OrOc