The morning call., 1892-09-19
MISCELLANEOUS;
CHAPTER CxI.


and county Of San Francisco; to create q
sinking fund for the payment Of said
bonds. and proriding for the submission
OF fhtS act to q rote Of the people.
IApproved March II, 1911
The People Of the State of California. rep
resented an Senate and Assembly, do
enact as follo,oS !,
SECTION /. For the purpose OF providing,
fund tor the payment OF the indebtedl
ness hereby authorized to be incurred bE
the Board Of State Harbor Commissioners.
Tor the erection and furnishing OF general
railroad. passenger and ferry depot at OF
near the foot of Market street, In the city
and county of San Francisco at cost not
to exceed $780, coo. which the said Board OF
State Harbor Commissioners are hereby
authorized to construct in the manner and
method authorized by law, and at coss
not to exceed said $500, 600, the State Treas
urer shall, Immediately after the issuance
OF the proclamation OF the Governor, here
matter provided for, prepare suitable bonds
OF the State of California: One thousand
bonds, in the denomination of 500 each;
800 bonds. in the denomination of $500 each;
25O bonds. iD the denomination of $1,000
each. The whole issue Of said bonds shalli
not exceed the sum OF S600,000, which said
bonds shall bear interest at the rate Of
shall be payable at the Office of the State
Treasurer at the expiration of 10 years
from their date. Said bonds shall bear date
the first day Of January, a. D. 1893, and shall
be payable on the first day of January, A. ID.
1912 The interest accruing on said bonds
shall be due and payable at the Office OK
said Treasurer on the first day Of January
and the frat day OF July Of each year; pro-
rided, that the first payment of interest
shall be made on the first day Of July, A. D.
1893, on so many Of said bonds as have been
heretofore issued. At the expiration of
l9 years from the date Of said bonds, they
shall cease to bear interest and said Treas
urer shall forthwith pay the same out Of the
San francisco Depot Sinking Fund, pro-
vlded for hereinafter in this act Said
bonds shall be signed by the Governor,
counterslgned 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 mutlation TO the bond.
Said coupons, cOnsscutively numbered,
shall be signed by the State Treasurer. But
no interest Oh any of said bonds shall be
paid for any time which may intervene be-
tween the date of any Of said bonds and the
Issue thereof to purchaser
Sec g. The sum OF $1,000 is hereby appro-
prated to pay the expense that may be in
CURED by the State Treasurer In having
said bonds prepared. Said amount shall be
paid out Of the San Francisco Harb0r In
proyement Fund, on Controllers warrants
duly Drawn for that purpose.
Sec. 4. When the bonds authorized to bs
issued under this act shall be duly executed,
numbered cOnsecutyely, and sealed, they
shall be by the State Treasurer sold at pub
lie auction to the highest bidder for cash.
and 10 such parcels as said Treasurer shall
deem best; but he must reject any aud all
bids for said bonds. OF any Of them. which
shall be below the par value Of Said bonds;
and he may, by public announcement at the
place of sale. continue 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 ia the city Of Oak
land, two published in the city of Los An
geles, 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 Har-
Dor improvement 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 a
separate fund, to be known and designated
as the "San Francisco Depot Fund, and
must be used exclusively for the building
and furnishing of said depot. Drafts and
warrants upon said fund shall be drawn
upon and shall be paid cut 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. 8. For the payment OF the principal
and interest of said bonds sinking fund,
to be known and designated as the san
Francisco Depot Sinking Fund. sue / D-
and the same 70 hereby created, as follows:
The State Treasurer shall, on the first day
md OptE oft ha Ao%n -
said bonds, take from the San Francisco
Hsrbor Improvement Fund the sum OK
S46S1 and place the same In said San Fran
cisco Depot Sinking Fund, created by
this section. Said Treasurer shall, on
Controllers warrants duly drawn for
said sinking fund In the purchase of bonds
of the United States, which said bonds shall
be kept In proper receptacle, appropri.
stely 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 provided to be
issued. And TO provide means for the pay
ment of said sum of fivs thousand one
hundred and thirty-one dollars, monthly,
from said San Francisco Harbor Improve
ment Fund into said San Francisco Depot
Blinking Fund and for the other payments
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 collection
OF dockage, wharfage, tolls, rents and cram
age, 10 collect sum OF money sufficient
therefore, over aud above the amount
limited by section two thousand five hun
Gred and twenty-siX OF the political code OF
the State of California After the payment
of all said bonds the surplus or balance re-
manning In said sinking fund, il auy there
be, shall forthwith bo paid into the San
Francisco Harbor Improvement Fund. At
he 0tttri Of ba oil
Treasurer shall sell the United States bonds
then in said sinking fund. At governing mar.
ket rates and place the proceeds in said San
Francisco Depot Sinking Fund and shall
pay out the same In extinguishment 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 this act and he
shall transmit 10 the Governor an abstract
of ell bis proceedings thereunder. with his
annual report, to be by the Governor laid
before the Legissturs; and all books and
papers pertaining 70 the matter provided for
in this act shall at all times be open 10 the
inspection OF any party interested, or the
Governor, or Attorney-Genersl, or q CON-
mittee of either branch of the Legislature,
or Joint committee Of both.
Sec. 7. It 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 Con.
troller's warrants duly drawn for that pur.
pose.
Sec s. This act, II adopted by the people,
as hereinafter provided for, shall take effect
on the thirty-first day of December, A. ID.
sighteen hundred and ninety-two. rs 10 all
Its provisions, except those relating to and
necessary for It's submission to the people
and for returning canysssing and pro-
claiming the votes aud as TO said excepted
provisions this act shall take effect immedi-
ately.
Sec. 9. This act shall be submitted to the
people OF the State of California for their
ratification at the next general election to
be holden in the month OF November 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