The record-union., 1892-10-22

| An Act to provide for the iss1ancA ana
sale of State bonds to create a fund
for the construction and furnisfin1r
/ by the Board or State Harbor co,o1
rnissiOners OF general ferry and
| passenger depot in the CITY and
: County Of San Francisco; 10 create a
/ sinking fund for the payment of said
! bonds, and providing for the sub
mission of this Act to a vote of the
/ people.
Approved March II, 1911
! THE PEOPLE OF THE STATE OF CALI
1, lornia, represented in Senate and Assem-
! bly,, do enact as follows:
/ SECTION i. For the purpose of providing
iund for the payment OF the Indebtedness
( hereby authorized TO beincurred by the Board
Of state Harbor Commissioners, for the erec-
/ ton and furnishing of a general railroad, pas
Sensef and ferry depot at or near the foot OF
Market street. in the City and County OF San
Francisco at a cost not 10 exceed six hundred
! thousand dollars, which the said Board OF
state Harbor Commissioners are hereby au-
I thorized to construct in the manner and
method autho lied by law, and at a cost not
! 10 exceed said six hundred thousand dollars,
the State Treasurer shall, Immediately alter
the issuance OF the proclamation of the Cow
I ernor, hereinafter provided for, prepare suit
| able bonds OF the State OF California; one
/ thousand bonds in the denomination of On5
hundred dollars each; five hundred bonds in
! the denomination of i've hundred dollars
each; two hundred and fifty bonds in the des
| nomination OF one thousand dollars each. The
/ who.c issue OF saiG bonds shall not exceed the
| sum of six hundred thousand dollars which
said bonds shall bear in terest at therate four
/ per centum per annum from their date, and
/ shall be payable at the Office OF the State
/ treasurer at the expiration Of nineteen years
from lhelr cate. said bonds shall bear date
4 the first day OF January, A. d. eighteen hun
cred and ninety three, and shall be payable
] on the first day Of January, A, D. nlneIeen
hundred and twelve. The interest accruing
| on said bonds shall be due and payable at the
/ once Of the said Treasurer on the 1irst day OF
fnra arrsaFrx FTr- 1sa-r AF
| year: provided, that the first payment OF in
! terest shall be ma de on the first day OF July.
4. D. eighteen hundred and ninety-three, on
/ so many OF said bonds as have been thereto
/ fore issued. Al the expiration Of nineteen
! years nom the date Of said bonds, they shall
cease to bear interest. and said Treasurer shall
| forthwith pay the same out of the san Fran
/ cisco Depot Sinking Fund, provided for here
| matter III this Act. said bonds shall be
! Controller, indorsed by said Treasurer, and
| shall have the seal of the State affixed thereto.
SEC. 2. Interest coupons shall be attached
| to each bond, SO that they may be removed
without injury or mutilatiOn to the bond.
| Said coupons, consecutively numbered, shall
] be signed by the State Treasurer. But no in
/ terest 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 thereof
! to purchaser.
SEC. 3. The sum OF one thousand dollars is
J hereby appropriated to pay the expense that
may be incurred by the state Treasurer in
| having SAID bonds prepared. Said amount
| shall be paid out of the San Francisco Earbor
improvement Fund, on Controllers warrants
| duly drawn for that purpose.
| SEC. 4. When the bonds authorized to be
! issued under this Act shah be duly executed,
numbered consecutively, and sealed, they
| shall be by the State Treasurer sold at public
| auction to the highest bidder for cash, aud in
| such parcels as said Treasurer hall deem best;
/ but he must reject any and all bids for said
/ bonds, or any OF them, which shall be below
! the par value of SAID bonds; and he may, by
! public announcement at the place Of sale, con-
tinue such sale, TO the whole or any part
thereof nIlRp &C faqT
Due notice of the place and time of sale OF such
bonds shall be given by said Treasurer. by
| publication in two newspapers published in
| the City and County of san Francisco. and
| also in two newspapers published in the City
of Oakland. two published in the City of Los
Angeles and two published in the City of Sac
/ ra1nento once Il week for four weeks prior to
| such sale. The costs Of such publication shall
| be paid out of the San Francisco Harbor I'M
| provement Fund. on Controllers warrants
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 separate fuEd,
1 to be known ana designated the "Sau
| Francisco Depot Fund, and must be used OK
! CluSively for the building and furnishing OF
said depot. Drafts and warrants upon sati
| 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 D. For the payment Of the principal
and interest of said bonds "a sinking fund. to
be known and designated as the "San Fran
cisco Depot Sinking Fund, shall be and the
| same is hereby created. as follows: The State
| Treasurer shall on the first day of each aud
every month after the date of said bonds, take
from the san Francisco Harbor improvement
Fund The sum of four thousand six hundred
and th.rty-one dollars, and place the same in
said San Francisco Depot Sinking Fund,
created by this section. Said Treasurer shall,
on Controllers warrants duly CraWn ior that
| purpose, employ the moneys IN SAID sinking
fGnd in the purchase of bonds of the United
! States which said bonds shall be kept in a
| ~ ADnrODrlnfElV
he must keep always on hand a sufficient
amount OF money IN said sinking fund with
which to pay the interest on tie State bonds
herein provided to be issued. And to provide
means for the payment of said sum of Ave
thousand one hundred and thirty-one dollars,
monthly, from said san Francisco Harbor
Improvement Fund into said san Francisco
Depot Sinking Fund, and for the other pay
ments out of said fund authorized by this
Act, and rs pTovided Tor therein. the said
Board of State HarbOr Commissioners ara
1 hereby authorized and directed. by the collec-
ton of dockage, wharfage, tolls, rents ana
cranage, to collect a sum Of money sut5cient
therefor. over ana above the amount limited
by section two thousand five hundred and
, tWenty-SiX OF the PO1tical Code OF the state
of California. After the payment OF an-said
bonds the surplus or balance remaining III said
| sinking fund, if any there ne. shall forthwith
be paid in.o the San Francisco Harbor Ina
| provement Fund. At the maturity OF said
| State bonds the said Treasurer shall sell the
| United states bonds then in said sinking tund,
I at governing market rales, and place tae pro-
| ceeds in said san Francisco Depot Sinking
| Fund and shall ray out the same in cXtin-
1 euishment of s2l ID state BONDS, on Controllers
| Warrants duly drawn FOR that purpose.
| SEC 6. The State Treasurer shall keep full
| arG particular account and record of ali his
| proceedings under this Act, and he shall
! transmit 10 the Governor an abstract of all his
| proceedings hereunder, with his annual re-
4 port to be by the Governor laid before the
( Iegislature; and oil books and papers pertain
ing to the matter provided for in this Act
| snail at all times be open TO the inspection OF
any party interested. or the Governor. or At
| toi Yev-C General, or a committee OF either
bralNcb OF the Legislature, or a joint commit
tee oy both,
SEC. :. II shall be the duty of the State
Treasurer TO pay the interest on said bonds
| when tue same falls due out OF the sinking
! fund provided for in this Act, on Controller
warrants duly drawn for that purpose.
| SEC s. This Act, if adopted by the people,
! as hereinafter provided for, shall take effect
\ on the thirty-first day OF December, A D.
eighteen hundred and ninety-two as TO ali its
| provisions. except those relating 10 and neceS-
1 sary for its submission to the people, and for
! returning, canvassing and proclaiming the
votes aud as TO said excepted provisions this
| Act shall take effect Immediately.
| SIC . This Act shall be submitted to the
pet,pe of the State of California for their raIi-
. scalion at the next general election to be-
! holden in the month OF November, A. d.
! eighteen hundred and ninety-two; and the
I qualified electors Of the Stete snail, % said
1 election on their ballots, vote for or against
/ this Act: those voting Tor the same shah write
or have printed on their ballots the worls.
For the san Francisc Depot Act and those
voting against the same shall write or nave
printed on their ballots the words, Against
le san Francisco Depot Act" The Governor
O, this state shall include the submission oL