The record-union., 1892-10-25
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 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-
sented in Senate and Assembly, do enact as
follows:
Section l. For the purpose of providing a
fund for the payment of the Indebtedness
hereby authorized to beincurred by the Board
of State HarbOr Commissioners for the eTec-
tion 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 cost not 10 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 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, which
said bonds shall bear interest at the rate -four
per centum per annum from their date, and
snail 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, :. 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 iirst gay of
January and the first day of July OF each
year; PROVIDED, tnat the nrst payment OF IN
terest snail be made on the nfst day OF july,
A. d. eighteen hundred and nnety-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 Tor 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 ,. Interest coupons shall beattached
to each bond, so that they may De removed
without injury or mutilattop 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 ana the issue thereof
70 purchaser.
Section s. The sum of one thousand dollars
Is hereby appropriated 10 pay the expense that
having said bonds prepared. Said amount
snail 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 shah be duly executed
numbered cousecutiyely, 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
ttnue such sale, 10 the whole or any part
thereof "a rf1s ~ sol.
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 ana
also in two newspapers published in the Citv
of Oakland. two published III the City of Los
Angeles ana two published in the City OF Sac
rament0, once a week for four weeks prior to
such sale. The costs of such publication shall
be paid out Of the san Francisco Harbor Im-
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 beby MN kept In a separate fund.
TO be known ana designated Us the "San
Francisco Depot Fund, . and must be used ex-
,lusivelv for the building and furnishing O.
said denot Drafts and warrants upon said
fund shall be drawn upon ana shall be paid
out OF said fund in the same manner as drafts
and warrants are drawn upon ana pald out of
the San Francisco Harbor Improvement
Fund
Section 5. For the payment ofthe principal
and interest of said bonds a sinking fund to
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 Improvembnt
Fund the sum of four thousand SIX hundred
and thirty-one dollars, and place the same IN
said san Francisco Depot sinking Fund,
crested 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 sufficient
amount OF money IN said sinking fund with
which to pay the interest on the State bonds
herein provlusd 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
ments out OF saia fund authorized by this
Act, and as provided tor therein the said
Board OF State Harbor Commissioners are