The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-09-17

I
by the Board of State Harbor Conn
| 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.
! Approved March II, 1891
TNHE PEOPLE OF THE STATE OF CALI
! a Torpia, represented in Senate and Assem-
! bly,, do enact as follows:
| SECTION /. For the purpose of providing 81
fund for the payment of the Indebtedness
| hereby authorized to be incurred by the Board
I OF State Harbor Commissioners, for the erec-
/ ton and furnishing of q general railroad, pas
] Senger and ferry depot at or near the foot of
! Market street, in the City and County OF san
! francisco, at II cost not to exceed six hundred
/ thousand dollars, which the said Board of
| state Harbor Commissioners are hereby au-
| thorized to construct in the manner and.
! method authOi IZed 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 i'll the denomination OF one
hundred dollars each; five hundred bonds in
| the denomination OF i've 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 watch
said bonds shall bear interest at the rate flour,
! per centum per annUm from their date, and
| snail be payable at the Office OF the State
I Treasurer ut the expiration of nineteen years
| from their date. Said bonds shall bear date
| the first day Of January, A. D eighteen hun
! dred ana 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
| once OF The said Treasurer on the first day of
/ January and the first day of July of each
! year pToylued, thol the frst payment OF in,
{ tercst shall be made on the first day of July,
! a D. eighteen hundred and ntnety-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 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, countersgned by the
! Controller, Endorsed 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 mutilatiOp to the bond.
| Said coupons, cOnsecuttyely 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 a purchaser.
1 SEC. 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.
SEC. 4. When the bonds 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, OTany OF them, which shall be below
| the par value OF sad 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 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
ramentO, once 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 be by him Kept in u 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.
! SEC. 5. For the payment of the principal
] and interest OF said bonds q 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 Gay 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 of bonds of the United
States. which said bonds shall be kept in q
proper receptacle, appropriately labeled: but
he must keep always on hand q sufficient
amount of money IN SAID sinking fund with
which to pay the interest on the State bonds
herein provided 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 Harbor
Improvement Fund into said san Francisco
Depot Sinking Fund, and for the other pay
mcnts 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-
ton of doCkage, wharfage, tolls, rents and
crauage, to collect q 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 allssafd
bonds the surplus or balance remaining in said
sinking fund, II any there be, shall forthwith
be paid into the San Francisco HarDOF I'm
UrOvement 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, ana snail pay out the same In eXtin-
guishment of said State bonds on Controllers
warrants duly drawn for that purpose
SEC. 6. The State Treasurer shall keep full
and particular account and record of all his
proceedings under ills Act and he shall
transmit to the Governor an abstract OF all his
proceedings hereunder, with his annual re-
port, TO be by the Governor laid before the
Legislature; and all books and papers pertain
ing to the matter provided for in This Act
shall al all times be open TO the inspection of
any party interested, or the Governor or At
tOrney-Generai, or q committee OF either
branch OF the Legislature, or joint commit
tee OF both.
SEC. z. 1t shall be the duty of the state
Treasurer TO pay the interest on said bonds
when the same falls due, out of the sinking
fund provided for in this Act, on Controllers
warrants duly drawn for that purpose.
SIC. 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 rs to all its
provisions, except those relating to and ueces-
sary for its submission TO the people, and fOr
returning, canFassIng and prociaiming the
votes, ana as 10 said excepted provisions this
Act shaH take effect Immediately.
SEC. 9. This Act shall be submitted TO the
people of the State of California for their rati-
fication at the next general election 10 be
holden in the month OF Novenn Der a D.
eighteen hundred and ninety-two and the
qualified electors Of the State shall, at said
election, on their ballots, vote for or against
this Act; those voting for the same shall write
or have printed on their ballots the words
''tor the san Francisco Depot Act and those
voting against the same shall write or have
printed on their ballots the words, Against
the San Francisco Depot Act" The Governor
OF this State shall include the SD admission of
this Act 10 the people as aforesaid in his proc
lamaton calling for said general election.
SEC. TO- The votes cast for or against this
Act shall be counted returned, and can
yassed, and declared in the same manner and
subject TO the same rules as votes cast for
state officers; and If it appears that said Act
shall have received q majority of all the votes
cast for and against il at such election as
aforesaid then the same shall have effect as