The record-union., 1892-10-21
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 HarbOr Com
r1issiOners of a general ferry and
passenger depot in the City and
County OF San Francisco; to create
sinking fund for the payment Of said
bonds, and providing for the sub
mission OF 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 of providing a
fnnd for the payment of the Indebtedness
hereby authorized to beineuTred by the Board
OF State Harbor Commissioners, Tor the cree
ton and furnishing of general railroad. pas
senger and ferry depot at or near the foot of
Market street, in the City and County OF san
francisco, ut cost not TO exceed six hundred
thousand dollars, which the said Board of
state Harbor Commissioners are hereby au-
JhOrlzed to construct in the manner and
method autho lied by law and at a cost not
to 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 i'll 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
sum OF SIX hundred thousand dollars which
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
dred 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, that the first payment of in
terest shall be made ON the first day of July
a. d. eighteen hundred and nlr St tv-three, on
many of said bonds as have been thereto
fore issued. AT the eXpirG of nineteen
years from the date of said SondS, 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 in this Act. said 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 2. Interest coupons shall beattacned
to each bond, so That they may De removed
without injury or mutilation to the bond.
SAID coupons, cOnSecuttNely 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 q 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
duly drawn for that purpose.
Section A. When thebonds authorized to be
issued under this Act shall 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 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-
tinue such sale, as to the whole or any part
thereof to any time and place he may select.
Due notice OF the place and time of sale of such
bonds shall be gwen 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
ramento, once a 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
and must by him kept in a separate fund
to be known and designated as the San
Francisco Depot Fund" and must be used ex-
clusively 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 and paid out of
the San Francisco Harbor Improvement
Fund.
Section 5. For the payment ofthe 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 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, and 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 IN the purchase or bonds OF the United
States. which said bonds shall be kept in
proper receptacle, appropriately labeled: but
he must keep always on hand sufficient
amount of money IN said sinking fund with
which TO pay the interest on the State bonds
herein provIued to be issued. And to provide
means for the payment of said sum of five
thousand one hundred and thirty-one dollars
monthly, from said San Francisco HarboT
Fund into said san Francisco
Depot Sinking Fund, and for the other pay
mentS out OF said fund authorized by this
Act, and as provided for therein. the said
Board of State Harbor Commissioners are
hereby authorized and directed. by the collec-
tion of dockage. wharfage, tolls rents ana
cranage, to collect sum of money sufficient
therefor. over and above the amount limited
by section two thousand five hundred and
twenty-six of the Political Code OF the State
of California. After the payment of all.said
bonds the surplus or balance remaining IN said
sinking fund, ii any there be- shall forthwith
be paid into the San Francisco Harbor I'M
provement Fund. At the maturity OF said
State bonds the said Treasurer shall sell the
United States bonds then in said sinking fund
at governing market rates, and place The pro-
ceeds in said San Francisco Depot Sinking
Fund, and shall pay out the same in extin-
gushment of said State bonds on Controllers
warrants duly drawn for that purpose
Section 6. The State Treasurer shall keep
full and particular account and record OF all
his proceedings under this Act, and he shall
transmit TO the Governor an abstract of all his