The morning call., 1892-10-31
MISCELLANEOUS
CHAPTER CxT.


sinking fund for the payment Of sG'd
bonds, and preceding for The Submission
Of thiS act TO q rote Of the people.
[Approyed March II, 1871
The People Of the State of California, rep
resented in Senate and Assembly, do
enact as folloms:
SECTION /. For the purpose Of providing
a1und 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 generat
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 $780, 600. which the said Board Of
State Harbor Commissioners are hereby
authorized to construct in the manner and
method authorized by law. and at q cost
not to exceed said $500, 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 y
eco bonds. in the denomination OF $500 each;
$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 centum per anDum 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 first day Of January, A. d. 1898, and shall
be PAYABLE on the first day CT January. a. ID.
1912. The interest accrung on said bonds
shall be due and payable at the Office Of
said Treasurer Oh the first day OF January
and the first day Of July OF each year; pro-
rtdeG, that the first payment Oh 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
19 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-
vided for hereinafter 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 he attached
to each bond, so that they may be removed
without injury or mutilstion TO the bond.
Said coupons, cOnsecutlveIy 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 purchaser.
Sec. 3. 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 BOMBS prepared. Said amount shall DO
paid out of the San Francisco HaTbOr In
pToyement Fund on Controllers warrants
duly drawn for that purpose.
Sec. 4. 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 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 tie par value Of said bOndsi
and he may, by public announcement at tie
place of sale, continue such sale, rs TO the
whole or any part thereof. TO any time and
place he may select. Due notice VI the
place and time of sale Of such bonds shall
be given by said Treasurer, by publication
In two newspapers published in the city aud
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
famentO, once week for four weeks prior
to such sale. The costa 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 hlm kept In a
separate fund, TO be known and des ignated
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 he drawn
upon and shall be paid out OF SAID fund la
the same manner as drafts and warrants
are drawn upon and paid out Of the San
Francisco Harb0r Improvement Fund.
Sec. 8. For the payment Of the principal
and interest OF said bonds r sinking fund,
to be known and designated as tho ''San
Fr ncIScn - not S'ntinf -. 4. u"
ana the same Re hereby created, ms 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
HaIbor Improvement Fund the sum q
EAG91 ami nlpPp the same In said San Fran
cisco Depot Sinking Fund, created by
this section. Sad 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 proper receptacle, apprOprl-
etely labeled but he must keep always on
hand a sufficient amount OF money in said
sinking fund with which 10 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 and thTty-One dollars, monthly,
from said San Francisco HaTbOr Improve
ment Fund into said san Francisco Depot
Sinking Fund and for the other payments
out OF said fund authorized by this act, aud
as provided for therein. the said Board OF
State RarboT Commissioners are hereby
authorized and directed. by the collection
of doekage, wharfage, tolls, rents and cram
age, 10 collect a sum Of money sufficient
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 balance re-
naming in said sinking fund, il any there
be- shall forthwith be paid into the san
Francisco HaTbOr Improvement Fund. At
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
GipGfDn
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 lie by the Governor laid
before the Legislature; and all books and
papers pertaining TO 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 General, or COM
mittee OF either branch of the Legislature.
or a joint committee Of both.
Sec. T. 1t shall be tie duty of the State
Treasurer 10 pay the interest on said bonds
when the same falls due, out Of the sinking
fund provided for in this act on Con-
troler's warrants duly drawn for that pun
pose.
See s. This act. II adopted By the people.
ms hereinafter provided for, shall take effect
on the thirty-frst day of December, A. ID.
sigh,een hundred and ninety-two, as 10 all
It's provisions, except those relating 10 and
necessary for Its submission 10 the people
and for returning. canvasSiRR and pro-
claiming the votes and as TO said excepted
provisions this act shall take effect immedi-
attly.
SEC. 9 This act shall be submitted to the
people of the S ale of California for their
ratification at the next general election to
be holden in the menth 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; these voting for the same shall
write or have printed on their ballots the