The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-08-08
MlSCELLANEO
CHAPTER CXl.

An Act to proride for the issuance and sale
OF State bonds to create fund for the
construction and furnishing By The Board
Of State HGrb0r Commissioners Of gen.
erdt ferry and passenger depot "a, the city
and county Of San Frdncisco to create
sinking fund for the payment Of said
bonds and proriding for The Submission
Of this act TO q rote Of the people.
IApproved March II, 1911
The People Of tie State of California, rep
resented IN Senate and assembly, do
enact as foiioDs
SECTION /. For the purpose of providing
fund for the payment of the indebted
ness hereby authorized to be incurred by
the Board of State Harbor Commissioners,
Tor the erection and furnishing of general
railroad. passenger 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 5000, coo, which the said Board of
State Harhor Commissioners are hereby
authorized TO construct in the manner and
method authorized by law, and Mt cost
not TO exceed said $500, o00 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;
u
$50 bonds. IN the denomination of $1,000
each. The whole issue of said bonds shall
not exceed the sum OF 100000, which said
bonds shall bear interest at the rate of
per eentum per annum from their date. and
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 nrst day OF January, a. ID. 1898, and shall
be payable on the first day CT January, A. ID.
1872. The interest accruing on said bonds
no I've hnn ID ll 1T hA AfftAn Af
said Treasurer on the first day of January
and the first day OF July of each year; pro-
rtded, that the first payment OF interest
shall be made on the first day of July, a. ID.
1893. on so many of said bonds as have been
heretofore issued. At the expiration Of
10 years from the date of said bonds, they
shall cease to bear interest ana said Treas
nrer shall forthwith pay the same out of the
San Francisco Depot Sinking Fund. pro-
vided for hereinafter in this act. Said
bonds shall be signed by the Governor.
countersgued 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 mutilation to the bond.
Said coupons, conseeutiyely numbered,
shall be signed by the State Treasurer. But
no interest on any of said bonds snail be
paid for any time which may intervene be-
tween the date OF any of said bonds and the
Issue thereof to a purchaser.
Sec. B. The sum OF $1,000 is hereby appro-
priated 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 HarbOr In
provement Fund, on Controllers warrants
duly Drawn for that purpose.
Sec. t. When the bonds authorized to be
issued under this act shall be duly executed,
mum bered cOnSecutyely, and sealed, they
shall be by the State Treasurer sold at pub
lie auction to the highest bidder for cash,
and IN such parcels as said Treasurer shall
deem best; bnt he must reject any and all
bids for said bonds, or any of them. which
shall be below the par value Of said bonds:
place of sale. continue such sale, as TO the
whole or any part thereof, to any time and
place nc 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 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 trrasur,, 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.
See 8. For the payment of the principal
and interest OF said bends sinking fund,
To be known and designated as the "San
Francisco 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 improvement Fund the sum of
1861, 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
that purpose, employ the moneys in
said sinking fund In the purchase of bonds
of the United States, which said bonds shall
be kent in proper receptacle, aDpropri-
ately 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
m-nt of said sum OF five thousand one
hundred ana thITty-one dollars, monthly.
from said San Francisco Harbor Improve
ment Fund into said San Francisco Depot
Sinking Fund and for the other payments
out of said fund authorized by This act, and
o
State Hsrbor Commissioners are hereby
authorized and directed, by the collection
of dockage, wharfage, tolls. rents and cram
age, 10 collect a sum OF money sufficient
therefore. over and above the amount
limited by section two thousand five hun
dred and teeDty-siX of the political code of
the State of California. After the payment
of all said bonds the surplus or balance re-
naming in said sinking fund, if any there
be, shall forthwith be paid into the San
Eran Hath IN A
the maturity of said State bonds the said
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 ont the same in extnguishment of said
State bonds, on Controllers warrants duly
drawn for that purpose.
Sec. 6. The State Treasurer shall keep
full and particular account aud record of
all his proceedings under this act and he
shall tran smit TO the Governor an abstract
of all bis proceedings Hereunder, with his
anpual port, to he by the Governor laid
before the legislature; and all books aud
papers pertaining 10 the matter provided for
in this act shall at all times be open to the
inspection of any party interested. or the
Governor, or AttoTney-General,o or a COM
mittee of either branch of the legislature
or joint committee of both.
See. Z. 1t shall be the duty of the State
Treasurer to paw 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, 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, as to ali
its provisions, except those relating to and
necessary for its submission to the people
and for returning. canvassing and pro-
claiming the votes and as TO said excepted
provisions this act shall take effect immedi
ateiy.
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