The record-union., 1892-10-27
SECOND.

An Act to provide for the issuance and
sale Of State bonds to create a fund
for the construction and furnishing
by the Board of State HaEbOr Com
nnissioners of a general ferry and
passenger depot in the City and
County of San Francisco; to 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.
The people of the State of California, repre-
Eented in Senate and Assembly, do enact as
follows:
Section l. For the purpose of providing
fund for the payment Of the Indebtedness
hereby authorized TO beincurred by the Board
of State Harbor Commissioners, for the erec-
tion and furnishing of a general railroad, pas
senSer and ferry depot at or near the foot OF
Market street, in the City and County OF San
Francisco, at a cost not to exceed six hundred
thousand dollars, which the said Board of
state Harbor Commissioners are hereby au-
thoriZed 10 construct in the manner and
method authorized by law, and at q cost not
10 exceed said six hundred thousand dollars,
the State Treasurer shall, Immediately after
the Issuance Of the proclamation of the Gov
ernor hereinafter provided for. prepare suit
able bonds of the State of California: one
thousand bonds in the denomination of one
hundred dollars each; five hundred bonds in
the denomination of five hundred dollars
each; two hundred and fifty bonds in the de-
nomination of one thousand dollars each. The
whole Issue OF said bonds shall not exceed the
sum Of six hundred thousand dollars Wnich
said bonds shall bear interest at the rate OF 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 their date. Said bonds shall bear date
the first day of January, A. D. eighteen hun
ured and ninety-three. and shall be payable
on the first day of January, A. D. nineteen
hundred and twelve. The interest accruing
on said bonds shall be due and payable at the
Office Of the said Treasurer on the first day OF
January and the first day of July of each
year; provided, taat the first payment of in
terest shall be made on the first day of July.
\. D. eighteen hundred and ninety-three, on
so many OF said bonds as have been thereto
fore issued. At the expiration of nineteen
years from the date of said bonds. they shall
cease 10 bear interest. and said Treasurer shall
forthwith pay the same out OF the san Fran
cisco Depot Sinking Fund, provided for here
matter in this Act Sald bonds shall be
signed by the Governor, countersigned by the
Controller, indorsed by said Treasurer, and
shall have the seal of the State affixed thereto.
Section ?. Interest coupons shall be attached
10 each bona, so that they may De removed
without injury or mutiiation to the bond.
said coupons, consecutively numbered, shall
he signed by the State Treasurer. But no in
tcreSt 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 a purchaser.
Section 3. The sum Of one thousand dollars
is 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 Harbor
improvement Fund, on Controllers warrants
sduly drawn for that purpose.
Section 4. When thebonds authorized to be
issued under this Act shall be duly executed
numbered consecutively, and sealed thev
shall be by the State Treasurer sold at public
auction to the highest bidder for cash. aud in
such parcels as said Treasurer shall 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
1inue such sale, rs to the whole or any part
Thereon, TO any time and place he NAV select.
ri lge lle af,Fe
bonds shall be gwen by said Treasurer BY
publication in two newspapers published in
the City and County of san Francisco ana
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
Tamento. once week Tor four weeks prior to
Euch sale. The costs of such publication shall
be uafd out of the san Francisco HarbOr I'M
movement Fund. on Controllers warrants
duly drawn for that purpose. The proceeds
Of the sale of such bonds shall be forthwith
Taid over BY said Treasurer into the treasury
and must beby him kept in a separate fund
to be known anu designated as the '.San
Francisco Depot Fund, and must be used ex-
clusivelv for the building and furnishing OF
said depot. Drafts and warrants upon 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 ana paid out OF
the San Francisco Harbor improvement
Section 5. For the payment ofthe principal
and interest Of said bonds n 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 Say OF each and
every month after the date of said bonds, take
from the san Francisco Harbor Improvement
Fund the sum of four thousand SIX hundred
and thirty-one dollars, aud place the same in
said san Francisco Depot sinking Fund,
created by this section. said Treasurer shall,
on Controllers warrants duly drawn for that
purpose, employ the moneys IN said sinking
fund II the purchase of bonds of the United
states. which said bonds shall be kept in
proper recepta,l lie, appropriately labeled: but
ne must Keep always on hand a sufficient
amount OF money IN said sinking fund with
which 10 pay the interest on the State bonds
means Tor the payment of said sum of fve
thousand one hundred and tfirty-one dollars
monthly, from said San Francisco HarboT
improvement Fund into said >an Francisco
Depot Sinking Fund, and for the other pay
nentS ont of said tund authorized by this
Act, and provided for therein the said
Board OF State Harbor Commissioners are