The morning call., 1892-10-10

CHAPTER cxl.

ef0tJ efTy and passenger depot IN shs Cssg
and untg Of San Francisco: TO cycats !,
sinktjg fnad for the p0gment Of sa''.
bonds. and proUiding foT The ssiops'sss0''
Of thio 1cE 10 rote Of the people.
approved March II. 1911
The Pecple IF the State Of California, rep
resented 81 Senate and assembly, 40
enact Is fo}ops
SEcTIoN / For the purpose Of pros Ialnne
Iunu tor tire 3ayment OF the lndeosrs.r
| ness merely authorized to be incufEeu ~
the Board Of SLate Harbor COMMISSIONER
LOT TIE erection and furnishing OF genei -
railroad. passenger and ferry depot at y.
near the loot OF Market street, ia the eiIy
| and county OF San francisco, at cost Hos
to exceed $600, COO, which the said Board o1
| State HarbOr Commissioners are hereO1
| authorized 10 construct In the manner ans
method authorized by law, aud at : eoss
not to exceed said S600, o00 the State iToss-
urer shall. Immediately after the ssAanes
OF the proclamation OF the Govern, 3ete-
matter provided for, prepare snitabie bohaS
of the State OF California: One snous Is
bonds, In the denomination OF SlUO each
900 bonds, in the denomination Of $3.50 each
200 bonds, in the denomination OF eioyS
each The Whole Issue If SAID bonds sHali
not exceed the sum OF 100000, whlea ssi1
D0nds shall bear interest az the rats % =
shall be payable at tho Office OF me otato
Treasurer st the expiration OF ~ years
from their date. Said bonds sBall bear d2ts
the first day Of January, a. ID. 1895, ana shal1
be payable on the first day Of January. a. "
1912. The interest accrang on SAID bonds
shall be due and payable at the ofacs CT
said Treasurer 90 the first day OF January
and the frs day Of July OF each year pro.
cided, that the first payment OF niersss
shall be made Oh the first day OF July. a. "
1893, on so many of said bonds as have ceea
heretofore issued. At the expiration oI
10 years from the date OF said bondst tney
shall cease to bear interest and said Treas
urer shall forthwith pay the same ous az ING
San Francisco Depot Sinking tano, PRO.
vided for hereinafter in this act SAID
bonds shall be signed by the Governor.
countersigned By the Controller, inoofSe1
by said Treasurer, and shall have tue soai
of the State affixed thereto,
Sec. 2. Interest coupons shall De attached
to each bond, so that they may be. removed
without injury or murlation to tns bonG-
Said coupons, consecutiyeiy nnmbeLeds
shall be signed bv the State Treasurer. bal
no interest on any OF said bonds snail &c
paid for any time " hich may Intervene De-
tween the date OF any OF said bonds aud tDs
Issue thereof to purchaser,
Sec. 8. The sum of 5000 is hereby appro-
priated TO pay the EXPENSE that may Go IN
CURED by the State Treasurer in having
said BONDS pre- AIRED. said amount snaiI 20
paid out OF the San Francisco Harbor Int
provement Fund, on Controllers warrants
duly drawn for that purpose.
Sec T. When the bonds authorized 70 %
issued under this act shall be dnyexseuEeas
numbered conseeutiyely. and sealed tbey
shall be by the State Treasurer sold &C PUT
lie auction to the highest bidder for cash.
and In such parcels as said Treasurer shall
deem best but he must reject any aud all
bids for said bonds, or any OF them, Ehich
shall be below the par value OF 1aid hondss
and he may, by public announcement at the
place of sale, continue such sale. AS TO The
whole or any part thereof, to any time ana
place he may select Due notice OK the
place and time Of sale OF sach bonds shall
be given by said Treasurer, by publication
In two newspapers published in the city ana
county of San Francisco. and also IN two
newspapers published IN the city OF Oak
land, two published In the city of Los An
gees, and two published In the city OF Sac
ramento, once a seex for four weeks prl0K
to such sale. The costs Of such publication
shall he paid cut Of the San Francisco Har-
Dor improvement Fund, on Controllers
warrants duly dawn for that purpose. The
proceeds of the sale Of such bonds shall be
forthwith paid over by said Treasurer into
the treasury, AM must bs by him kept IN
separate fund, tt be Known and designated
as the "San FrRGcisco Depot Fund" and
must be used eXeiGsively for the building
and furnishing Of said depot Drafts and
warrants upon 5aid fund stall be drawn
upon and shall b paid out of said fund in
the same manner az drafts and warrants
are drawn upon md paid OUT OF the SaH
Francisco HarboI improvement Fund.
Sec. 8. For the payment Of the principal
and interest of said bonds sinking fund.
to be known and designated as the s'SaR
Francisco Depot Sinking Fund. sha ~
and the same rs hereby created, as follows:
The State Treasurer SHALL on the 6rst day
of each and every month after the date OF
said bonds, take from the San Francisco
Harbor Improyenent Fund the SUN Of
S4e31, and place the sane Ii said san Fran
cisco Depot Sinking Fund, created by
this section. Sad Treasurer shall. on
Controllers warrants duly drawn for
that purpose. employ tire moneys in
sad sinking fund In the purchase OF bonds
of the United States, which said bonds shall
be kept In a proper receptacle, appTopri-
Rtely labeled; but be must keep always on
hand sufficient amount OF money in said
sinking fund with which to pay the interest
on the State bonds herein provided 10 be
Issued. And to provide means for ths pay
ment OF said sum OF five thousand one
hundred and thirty-one dollars, monthly,
from said San Francisco HarboF 1mprove-
meni Fund Into sad San Francisco Depot
Sinking Fund and for the other payments
out OF said fund authorized By this acf, and
as provided for therein. The said Board Of
State HarbOr Commissioners are hereby
authorized and directeds BY the collection
of dockage, wharfage, tolls. rents and cram
age, 10 collect SUN CT money sufficient
therefore. over and above the amount
limited by section TWO Thousand i've bun-
drsd and twenty-six Of the political code Of
the State of California. After the payment
of all said bonds the surplus OF balance re-
naming in said sinsIag fund, II auy there
be. shall forthwith &c paid into the San
Francisco Harbor Improvements fund. Al
the maturity of said State bonds the said
Treasurer shall sell tho United States bond.
then in said sinking fund, NJ governing ma.
ket rates and place the proceeds in said San
Francisco Depot Sinking Fund and sbalI
pay out the same 10 sxtinguishment OF sa;z
State bonds, on ContEoller's wo--sl,s duly
drawn for that purpose.
Sec g. The State Treasurer shall keen
full and particular account aud record OF
ali his proceedings under this act aud be
shall transmit 10 the Governor an abstract
of all bis proceedings Hereunder. with lis
annual report, to bs by the Governor laid
before the Legislators, and all books and
papers pertaining 10 the matter provided fos
in this act shall at ali times be open 10 the
inspection of any party interested, or the
Governor, or Attorney-General, or con-
mittee Of either branch OF the Legislature
or joint COMMITTEES OF both.
Sec. 7. 1t shall b. The duty Of the Stasa
Treasurer to pay tie interest on said bonds
when the same falls due, cut of the sinking
fund provided TO In this set, on Con-
troller's warrants July drawn for that pur-
pose.
Sec s. This act, II adopted by the people.
rs hereinafter provided for. shall take effect
on the thrty-irst Gay Of december. A. ID.
sighteen hundred and uinety-swo, as 10 all
Its provisions, except those relating 10 and
necessary for It's Submission TO tie people
and for returninNs canyassinR and pro-
claiming the votes aud as to said excepted
provisions this act shall take effect inmedi.
ately.
Sec. 9. This act sualI be submitted to the
people Of the S ate OF California for sheiS
ratification at the next general election to
he holden In the month OF November. a. D.
eisbteen hundred and ninety-two, and ths
qualified electors OF the State shall, St said
election, on their ballots. yols for or agaiust
this act; those voting for the same shall
write or have printed ON their ballots tina
words For the San Francisco Depot Aet .
thnoa uAtf -