The record-union., 1892-10-26
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
naissiOners Of 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 q vote of the
people,
The people of the State of California, repre-
Eented in Senate and Assembly, do enact as
follows:
Section /. For the purpose of providing
fund for the payment OF the Indebtedness
hereby authorized TO betncurred by the Board
OF Slate Harbor Commissioners, for the erec-
ton and furnishing of a general railroad, pas
senger 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 to construct in the manner and
method authoi lied by law, and at a 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 nve 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. which
said bonds shall bear interest at the rate OF four
per centum per annuIn 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. tnat the first payment of in
ghul ha fa ION, f1aa dow nf TD1t
a. D. eighteen hundred and niuety-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 ont 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. Interestcoupons shall beattached
10 each bond, that they may oe 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 Tor
any time which may intervene between the
date OF any OF said bonds and the issue thereof
10 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
duly drawn for that purpose.
Section 4. 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 tor 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 nart
thereof, TO any time and place he may select
Due notice. OF the place ana time of sale Of such
bonds shall be given by said Treasurer. py
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
ramento, once q week for four weeks prior to
such sale. The costs Of such publication shall
be paid out of the san Francisco Harbor I'm
11rovement Funi. on Controllers warrants
5l,,iy drawn for that purpose. The proceeds
of the sale OF suen bonds shaH be forthwith
paid over by said Treasurer into the treasury
aud must be by him kept in a separate fund
10 be known ana designated as the '.San
Francisco Depot Fund, and must St be used ex-
said depot. Drafts and warrants upon said
fund shall be drawn upon and snail 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
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
elttAAC II nSAGbA CEtAttti. hN
Treasurer shall, on the first Gay of each and
every month after the date Of said bonds, take
from the San Francisco Haroor Improvement
Fund the sum OF four Jhousano SIX hundred
and thirty-one dollars, aud plsce 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 shah be kept in a
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 provlaed 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
Fnents out of said fund authorized by this
Act, and as PROVIDED for therein. the said
Board of State Harbor Commissioners are