The San Francisco call., 1910-10-31


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. D. 191o towit:
SENATE BILL NO. 4s5.
Passed the Senate, March s. A. d. 1909. Lewis
a Hilborn Secretary of the Senate.
Passed the Assembly. March Is, A. d.. l9e9'
Clio LLOYD chief clerk of the Assembly.
This bill was received by the Governor this
18th day Of March, A. D.. 1909. at Ii O'Clock
a. N. E. C. Cooper Private Secretary OF the
Governor
Chapter s2O An act to provide for the issu
ance and sale Of state bonds to create tund
for the improvement OF San Francisco harbor oy
the construction by the board of state haroof
commissioners Of wharves. piers. state railroad.
spurs, betterments, and appurtenances and neces-
sary dredging and filling in connection tnereWlln
in the city and county of San Francisco; to ere,
ate a sinking fund for the payment of said
bonds; to define the duties of state Officers IN
I'VE thousand dollars for the expense of printing
said bonds; and TO provide for the submission Oh
this act TO vote Of the people.
The people of the State of California, repre-
sented in senate and assembly, do enact as
follows:
Section l. For the purpose ot providing a
fund for the payment of the Indebtedness hereby
authorized to be incurred by the beard OF state
piers, seawall. railroad. spurs, betterments
and appurtenances and necessary dredging ana
ming In connection Herewith IN the city ans
county OF San Francisco, at cost not TO exceed
nine million dollars (which said wharyes, piers;
seswaH. state railroad, spurs betterments ana
appurtensnces and necessary dredging and ming
In connection Herewith the board Of state mar
Dor commissioners are hereby empowered to con con-
and st a cost not to exceed said nine million million
oollarsl. the state treasurer shall. Immediately
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 or salo
bonds shall not exceed the sum of nine million ION
dollars. and said bonds shall bear interest at me
rate Of four per centum per annum: rom tns
date Of issuance thereof and both principal! ana
interest shall be payable in gold coin or the
present standard value. and they shall be pay
able at the office Of the state treasurer. at the
expiration Of seventy-four years from their date,
this act hereinafter provided Said bonds shan
bear date the second day of July, A. D. nineteen
hundred and eleven, and shall be made payaofe
on the second day Of July, nineteen hundred ana
eighty five. The interest accruing on sucn OF
said bonds are sold shall be due and payable
day of January and on the second day or July,
Of each year after the sale of the same; pro,
yfded. that the first payment of interest snail
be made the second day OF july nineteen
hundred and twelve, on SO many Of said BONDS aSs
expiration Of seventy four years from the dare
Of said bonds. all bonds sold shall cease to bear
interest and likewise ali bonds redeemed BY lot
shall cease to bear interest as in this act pro-
yided, 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
sha1 on the first Monday OF July. nineteen nun, n,
bonds not heretofore sold All bonds issued
shall be signed by the governor, and counter, .as
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 ere In office on the second DAY
Of July. 1911. and each of said bonds shall have
the seal Of the state stamped thereon. The sslo
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 Thereon
hn n7ada u% 6nN na+
signing. countersigning and endorsing. or any or
either OF them. shall have ceased to be the IN,
shall contain a clause that it is subject TO re.
demption by lot after the year nineteen hundred
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 tne
bond Said coupons shall be consecutively num-
bered and shall bear the autographed signature
Of the state treasurer who shall be In ofnce on
the second day of July 1911 But no interest
which may intervene between the date OF any
of said bonds and the issue and sale thereof TO "a
purchaser. unless such accrued interest snan
have been. by the purchaser Of said bond, PAID
to the state at the time Of such sale.
Sec 3. The sum Of five thousand dollars rs Is
hereby appropriated to pay the expenses tnat
may be incurred by the state treasurer In nav
ing said bonds prepared SAID amount snaii oe
ment fund controllers warrants, duly drawn
for that purpose.
Sec 4. When the bonds authorized to be Is
sued under this act shall be Gully executed they
shall be by the state treasurer sold at pubic
auction to the highest bidder for cash, in such
parcels and numbers as said treasurer snan pe
directed by the governor Of the state, unoer sea-
thereof. after resolution requesting such sale
shall have been adopted by the board OF state
harbor commissioners and approved by either tne
governor of the state or mayor OF the city ana
county of San Francisco who shall only ap-
prove the same when in their judgment tne
actual harbor receipts, and those reasonably an
Iicipated, will justify such sale Of bonds and the
consequent increased burden on harbor recelpts'
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 pubic
announcement at the place and time fixed Tor the
sale continue such sale TO the whole of the
bonds offered, any part thereof offered. TO such
inr 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 must be given by said treas
urer by publication in two newspapers published
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 mo-
tfce 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 ($500.00) for each sale ad-
vertised. The cost of such publication shall be
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 as 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 as the
Second San Francisco Seawall Fund" and must
be used exclusively for the construction of
uharves piers, seawall, state railroad spurs
betterments and appurtenances and necessary
dredging and hlling 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 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 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
Seawall Sinking Fund
Sec. 5. For the payment OF the principal
be known and designated as the .tSecond San
Francisco Seawau 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
sum as, multiplied by the time IN months, the
honds then sold and outstanding have to rnn
will equal the principal of the bonds sold and
outstanding at The time said treasurer shall SO
fske sid sum from said San Francisco bsrhor
o1< fund m