The record-union., 1892-10-15
WttHrella9trpuH.
CHAPTER CxI.

An Act to provide for the issuance and
sale of State bonds to create g fund
| for the construction and furnishind
| by the Board of State Harbor Conn
! 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 vote OF the
| people. q
| [Approved March IL, 1911
V'HE PEOPLE OF THE STATE OF CALI
! / fornia, represented in Senate and ASSEM-
| bly,, do enact as follows:
| SECTION l. For the purpose of providing
/ iund for the payment of the Indebtedness
| hereby authorized to beincurred by the Board
| OF State Harbor Commissioners. for the erec-
ton and furnishing of a general railroad, pas
| sengeT ana ferry depot at or hear 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 authorize by law, and at cost not
/ 10 exceed said six hundred thousand dollars.
/ the State Treasurer shall, Immediately after
| the issuance of the proclamation of the Gov
eTnor; 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 Ave 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
I per centltin per aunum 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. ID. nineteen
| hundred and twelve. The interest accruing
on SAD bonds shall be due and payable at the
| otice 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,
| 4. d. eighteen hundred and ninety-three, on
! 50 many of said Eonds as have been thereto
! fore issued. At the expiration of nineteen
! years from the date of said bonds, they shSll
| 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, 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, consecutively numbered, shall
| be signed by theState 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.
| SEC. g. The sum of one thousand dollars is
| hereby appropriated to pay the expense that
may be incurred by the State Treasurer in
|
shall be paid out of the San Francisco Harbor
! lmprov cement Fund, on Controllers warrants
duly drawn for that purpose.
| SEC. H. 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. or any OF them, which shall be below
the par value of SAID bonds; and he may, by
| puOlic announcement at the place OF sale, con-
| Jinue such Sale as to the whole or any part
| thereon, 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 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.
SEC 0. For the payment of the principal
md interest of said bonds q sinking fund to
lie known and designated as the ''San Fran
cisco Depot Sinking Fund" shall be and the
anne is hereby created, as follows: The State
treasurer shall ON the first CAY of each and
| every month after the date of said bonds take
from the San Francisco HarbOr Improvement
rund the sum of four thousand six hundred
and thirty-one dollars, and place the same in
laid San Francisco Depot Sinking Fund,
'reated 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 a
| proper receptacle, appropriately labeled: but
he must keep always on hand a 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 i've
| thousand one hundred and th1rty-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 said fund authorized by this
I 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 ana
! cranage, to collect sum OF monev sufficient
| thereiOr. 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 OF balance remaining IN said
| sinking fund, if any there be, shall forthwith
be paid into the San Francisco HaTboT I'M
provement tund; Az the maturity OF said
| 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-
| guishment of said State bonds, on Controllers
| Warrants duly drawn for that purpose.
SEC s. 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 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 at all times be open to the inspection of
| any party interested, or the Governor, or At
| torney-General, or committee of either
| branch OF the Legislature, or joint commit
| tee of both.
! SEC. T. 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 foc that purpose.
| SEC. 8. This Act, if adopted by the people,
| as hereinafter provided for, shall take effect
| on the thirty-hrst day of December, A. D.
| eighteen hundred and ninety-two as TO all its
| provisions. except those relating to and neces-
! sary for its submission TO the people, and for
| returning, canvassing and prociaining The
| votes, and as to said excepted provisions this
| Act shall take effect Immediately.
SEC 9. This Act shall be submitted TO the
| people of the State of California for their raH-
| Iication at the next general election TO be
! holden in the month of Novem Der, A. D.
/ eighteen hundred and ninety-two; and the
| qualified electors of the State shall, at said
| election, their ballots, vote for or against
| this Act; those voting for the same shall write
| or have printed on their ballots the words.
| ''For the San Francisco Depot Act" and those
| voting against the same shall write or have
1 printed on their ballots the words, Against
| The San Francisco Depot Act" The Governor
| of this State shall include the submission of
this Act TO the people as aforesaid IN bis proc
| la nation calling for said general election
| SEC 10. The votes cast for or against this
| Act shall be counted, returned, and cam