The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-10-14
SECOND.

|
| sale of State bonds to create fund
| for the construction and furnishing
| by the Board of State Hapbor Com
| naissiOners of 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 a vote Of the
people.
The people of the State of California, repre-
! sented IN Senate and Assembly, do enact as
| follows:
| Section l. For the purpose of providing
tund for the payment of the Indebtedness
| hereby authorized to beincurred by the Board
| OF State Harbor Commissioners, for the cree
| ton and furnishing of q general railroad, pas
senger and ferry depot at or near the foot of
! Market street, in the City and County OF San
francisco, at Il 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 authorized by law, and at q 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; five hundred bonds in
| the denomination of five 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 wnich
said bonds shall bear interest at the rate OF four
| per centum per annum from their date, and
! snail 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
dTed and ninety-three, and shall be payabe
| 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 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
/ A. D. eighteen hundred and ninety-three, on
so 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 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
| Section 2. Interest coupons shall be attached
! to each bond, so that they may be removed
| without injury or mutilation to the bond
| Said coupons, conSecutively numbered, shall
be signed by the State 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 purchaser.
! 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.
Section i. When thebonds 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
public announcement at the place of SALE con
| tinue such sale, as 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 IN the City
| of Oakland. two published in the City of Los
! Angeles and two published in the City of Sac
| ramento. once a week for four weeks prior to
| such SALE Inc costs OF such publication shall
| be paid out of the San Francisco Harbor I'm
| pTovement 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 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 r-arrants are drawn upon and paid out of
| the San Francisco Harbor improvement
Fund.
Section g. For the payment of the principal
| and interest Of said bonds a 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 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 four thousand six hundred
| and thirty-one dollars, and 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
| 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 sufficient
| amount of money III said sinking fund with
| which TO pay the interest on the State bonds
| herein provIoed to be issued. And to provide
means for the payment of said sum of five
| thousand one hundred and thirty-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
| Board of State Harbor Commissioners are
| hereby authorized and directed. by the collec-
| ton OF dockage, wharfage, tolls, rents ana
/ cranage, to collect a 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 all.saId
| bonds the surplus or balance remaining IN said
| sinking fund, if any there be, shall forthwith
| be paid into the San Francisco Harbor I'm
| proyement Fund. At the maturity OF said
| State bonds the said Treasurer shall sell the
| 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-
| guishnent of said State bonds, on Controllers
| warrants duly drawn for that purpose
Section 8. 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