The morning call., 1892-09-26
MISCELLANEO
CHAPTER CxI.

erat ferry and passenger depot TN the city
and county Of San Francisco; to create q
Sinking fund for the payment Of said
oonds, and proriding for The Submission
o. sh1S act to cote Of the people.
[ApprOvsd March II, 1871
The People Of the State of California. rep.
resented an Senate and Assembly. do
enact as folloUS
SECTION l. For the purpose of providing
fund Tor the payment Of the indebted
ness hereby authorized to be incurred By
the Board of State Harbor Commissioners,
for the erection and furnishing Of a 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 $500, co., which the said Board OF
State Harbor Commissioners are hereby
authorized to construct in the manner and
method authorized by law, and at a cost
not to exceed said 5000, 900. 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;
600 bonds, i'll the denomination Of $500 each
250 bonds. in the denOmina alton OF $1,000
each. The whole issue of said bonds shalp
not exceed the sum of $780, ,0O0, which said
u
per eentum per annum from their date. and
shall be payable at the Office of the State
treasurer at the expiration OF 19 years
from their date. Said bonds shall bear date
the first day Of January A. ID. 1898. and shall
be PAYABLE on the first day of January, A. d.
1912. The interest accruing on said bonds
shall be due and payable at the office OF
said Treasurer on the first day OF January
and the first day OF July OF each year; pro-
rided, that tue first payment OF interest
snail be made on the first day OF July, A. ID.
1888, 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 herein after in this act. Said
bonds shall be signed by the Governor,
cOuntersigued by the Controller, indOrsed
by said Treasurer, and shall have the seal
Of the State affixed thereto.
Sec. q Interest coupons shall be attached
to each bond, so that they may be removed
without injury or mutiIation to tie bond.
Said coupons, consecutiyely numbered,
shall be signed by the State Treasurer. But
no interest on 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 a purchaser.
Sec. 8. 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 0Tawn for that purpose.
Sec. f. When the bonds authorized to be
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 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, continue such sale, rs 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 iu 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 sucn 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
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 out of said fund ia
the same manner as drafts and warrants
are drawn upon and paid out of the San
Francisco Harbor Improvement Fund.
Sec. 5. For the payment of the principal
and interest of said bonds a sinking fund,
to be known and designated as the san
francisco Depot SINKING Fnr' 30
and the same rs 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
S4631, 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 o proper receptacle, appropri-
stcly 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 10 be
issued. And TO provide means for the pay
ment of said sum Of FIVE thousand one
hundred ana thirty-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 auth horiZsd by this act, auQ
as provided for therein. the said Board or
State Harbor Commissioners are hereby
authorized and directed. by the collection
of dockage, wharfage, tolls rents and Gran.
age. to collect a sum of money sufficient
therefore, over and above the amount
limited by section two thousand five hum
dred and twenty-six OF the political code OF
the State of California. After the payment
of all said bonds the surplus or balancs re-
manning in said sinking fund. II any ther5
be, shall forthwith be paid into the San
Francisco Harbor Improvement Fund. AZ
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 out the same in extinguishment Of said
State bonds, on Controllers warrants duly
drawn for that purpose
Sec g. The State Treasurer shall keep
full and particular account and record OF
all his proceedings under this act and he
shall transmit TO the Governor an abstract
of all his proceedings Hereunder, with his
annual report, TO be by the Governor laid
before the Legislature; and all books and
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 Attorney-General, or CONF
mittee of either branch of the Legislature
or Joint committee OF both.
Sec, 7, 1t shall be the duty OF the Stats
Treasurer TO pay the interest on said bonds
when the same falls due, out OF the sinking
fund provided for in this act. on Com
tfoIler's warrants duly drawn for that pur-
pose.
Sec. 8. This act, II adopted By the people,
rs hereinafter provided for shall take effect
on the thrty-frs day of December, A. ID.
sghteen hundred and ninety-two, as to all
lis provisions, except those relating TO and
necessary for its submission to the peopls
and for returning. csnysssing and pro-
claiming the votes and as to said excepted
provisions this act shall take effect immedi-
ateiy.
SEC. 9. This act shall bo submitted to the
penple 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
ha GO Aof