The record-union., 1892-09-03
[Approved March II, 1891.I
TIME PEOPLE OF THE STATE OF CA

Approved March II, 1891.
TIME PEOPLE OF THE STATE OF CALI
4 tOrnia. represented i'll Senate and Assem-
bly, do enact as follows:
SECTION l. For the purpose OF providing
fund for the payment OF the Indebtedness
hereby authorized to beincurred by the Board
of State Harbor Commissioners, for the cree
ton and furniS iShlng Of Il general railroad, pas
Senger and ferry depot at or near the foot Of
Market street, in the City and County OF san
Francisco, at 81 cost not 10 exceed six hundred
thousand dollars, which the said Board OF
State Harbor Commissioners are hereby au-
thOriZCd to construct in the manner and
method autho lZed by law, ana at a cost not
to exceed said six hundred thousand dollars,
the State Treasurer shall, Immediately after
the issuance Of the proclamation of the Gov
ernor, hereinafter provided for, prepare suit
able bonds of The State of California: one
thousand bonds in the denomination of one
hundred dollars each; i've hundred bonds in
the denomination OF f1ye 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
per centum per annum from their date, ana
shall be payable at the Office OF the state
Treasurer at the expiration of nineteen years
from their date. Said bonds shall bear cate
the first day of January, \. D. eighteen nun
dTed and ninety-three, and shall be payable
on the first day Of January, a. D. nineteen
hundred and twelve. The interest aCcruing
on said bonds shall be due and payable at the
Office OF the said Treasurer on the IirSt day OF
january ana the NISC uaN OF july OF OdCl
year; provided, tuat the first payment OF IN
terlst shall be made on the inst day OF July,
a. d. eighteen hundred and ninety-threc, on
50 many of said bonds as have been thereto
fore issued At the expiration OF nineteen
years from the date of said bonds, they shall
cease to bear interest. and said Treasurer shall
forthwith pay the same out Of the san Fran
cisco Depot Sinking Fund, provided Tor mere
matter in ths Act. Said bonds shall be
signed by the Governor, cOuntersigned by the
Controller, indorSed by said Treasurer, and
how Of St1tA q f4iNaI
SEC. .. Interest coupons shall be attached
10 each bond, so that they may be removed
without injury or mutllatlon to the BOND:
Said coupons, cOnSecuttNely numbered, snail
be signed by the State Treasurer. But no in
tereSt on any OF said bonds shall be paid Tor
any time which may intervene between the
date of any of said bonds and the issue thereof
SCI. 3. The sum Of one thousand dollars is
hereby appropriated TO pay the expense that
may be incurred by the state Treasurer in
having said bonds prepared. Said amount
shall be paid out Of the san Francisco HarbOr
improvement Fund, on Controllers warrants
duly drawn for that purpose.
SEC. 1. When the bonds authorized to be
issued under this Act shall be duly executed,
numbered conSecuuvely, and scaled, they
shall be by the state Treasurer sold at public
auction to the highest bidder for cash aud IL
such parcels as. .said Treasurer shall deem best
but he must reject any and all bids 1or said
bonds, any Of them, which shall be below
the par value of SAID bonds: ana lie may. by
puolic announcement st the place OF sale, con
liuuc such sale, as to the whole or any part
thereof, 10 any time ana place he may select.
Due notice Of the place and time OF sale OF such
bonds shall be given by said Treasurer bV
publicatlOn in two newSpape 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
TdmentO 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
prOvcnlgnt Fund, on Controllers warrants
] I'M, yN-yo ff,r Tho d.
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 anu designated as the 'San
Francisco Depot Fund, and must be used cX-
clusiyely for the building and furnishing OF
said depot Drafts and warrants upon said
| fund shall be drawn upon ana 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 s. For the payment of the principal
! and interest Of said bonds Il sinking fund to
| be known and designated as the ''San Fran
cisco Depot Sinking Fund. =" shall be and the
same is hereby created, as follows: The Stale
/ 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 four thousand six hundred
| and thirty-One dollars, al d place the same in
! said san Francisco Depot Sinking Fund.
created by this section Said Treasurer shall
on Controllers warrants duly drawn for that
! purpose, employ the moneys IN said sinking
iQQ1 III Jlle DuFtllelSe vi DDDUS Oi lUG Cnlbcu
States, which said bonds shall be kept in
| proper receptacle, appropriately labeled; but
he must keep always on hand q sufficient
amount OF money III said sinking fund with
which to pay the interest on the State bonds
herein provIued to be issued. And to provide
means for the payment OF said sum of I'VE
thousand one hundred and thirty-one dollars,
monthly from said san Francisco HarbOr
Improvemeut Fund into said san Francisco
Dapot Sinking Fund, and for the other pay
meutS out of said fund authorized by this
Act and as provided for therein, the said
Board of State Harbor Commissioners are
ton of dOckage, wharfage, tolls, rents and
cranage, to collect q sum Of money sufficient
therefor, 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 allssaId
bonds the surplus or balance remaining in said
sinking fund, il any there be, shall Forthwith
be paid into the San Francisco Harbor I'm.
provement Fund. At the maturity of said
State bonds the said Treasurer shall sell tbn
United States bonds then in said sinking fuT,d
at governing market rates, and place the r,ro'
cecds in said san Francisco Deuot Sinltino.
guishment of said State bonds on ControIIers
warrants duly drawn for that purpose
SEC. g. The State Treasurer shall kee-, fill
and particular account and record of afI his
proceedings under this Act. and he shall
transmit TO the Governor an abstract of ali his
proceedings hereunder, with ms annual re-
port, to be by the Governor laid before the
Legislature and all books and papers pertain
ing 70 the matter provided for in this Act
snail at all times be open to the inspection of
! any party interested, or the Governor. or At