The morning call., 1892-10-24
MISCELLANEOUS.
CHAPTER CXI.

an Act to provide for the Issuance and sat-
OF State bonds to create a fund for VI
construction and furnishing By the Bodrss
Of State Harbor Commissioners of a gen
erdl ferry and passenger depot in the cstya'
and county Of San Francisco; to create q
sinking fund for the payment OF sdae
bonds. and prouiding for the submisssof
Of Mis act to cote Of the people.
[Approyed March IT. 1914
The People of the SITE of California. rep
resented IN Senate and Assembly. dt
enact as follo,os
SECTION /. For the purpose OF providing
1und TOR the payment Of the indebted-f
ness hereby authorized to be incurred b.
the Board of State Harbor Commissioners,
Tor the erection and furnishing of genera
railroad. passenger and ferry depot at OF
near the foot Of Market street, In the city
and county of San Francisco at a cost mol
TO exceed 5000. coo, 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 $780, 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, in the den nomination of $500 each:
ESQ 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 aGDum 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. 1893 and shall
be payable on the first day CT January, A II.
1912. The interest accruing on said bonds
shall be due and payable at the office OK
said Treasurer on the first day OF January
and the first day OF July OF each year; pro-
cideG, 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 tie expiration OF
10 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 g. Interest coupons shall he attached
to each bond, so that they may be removed
without injury or mutilatioD TO the bond.
Said coupons, consecutiycly 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-
tWccU tHe udtc VI Huy VI hhiu duu tue
Issue thereof to purchaser.
Sec The sum of $1,000 is hereby sppro-
priated to pay the EXPENSE that may be tr-
Cured by the State Treasurer in having
said bonds prepared. Said amount shall he
paid out OF the San Francisco Harbor Im-
provement 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 consecutiyely. and sealed. they
shall be by the State Treasurer sold at pub
lie 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 be may, by public announcement at the
place of sale. continue 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 ana
county of San Francisco, and also in two
newspapers published in the city OF Oak
land, two published in the city of Los Au-
geles, and TWO published in the city OF Sac
ramento, once a 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 ControlleTs
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, end must be by HIM kept "a
separate fund, to be known ana designated
as the "San Francisco Depot Fund.-" and
must be used exclusively for the building
and furnishing Of said depot. Drafts aud
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 Harb0r Improvement Fund.
Sec. 8. For the payment Of the principal
and interest of said bonds sinking fund.
to he known and designated as the San
Francisco D-pot Sinktuv Fn"r- fit.
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 Gum Of
S463l, 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 kept In proper receptacle, aDprOprt-
ately 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 Slate bonds herein provided to be
Issued. And TO provide means for the pay
meDt OF said sum OF five thousand one
hundred and thirty-one dollars, monthly,
from said San Francisco Harbor Improve
Sinking Fund and for the other payments
out OF said fund authorized by this act, and
as provided for therein. the said Board OF
State Rarbor Commissioners are hereby
authorized aud directed, by the collection
of dockage, wharfage, tolls. rents and craR-
age to collect SUN eff money sufficient
therefore. over and above the amount
limited by section two thousand five hun
dred and twenty-six OF the political code of
the State Of California. After the payment
fny1H o fI,ac rnTt, hall
manning in said sinking fund. if any there
be, shall forthwith DO paid into the San
Francisco Harbor Improvement Fund. At
the maturity Of said State bonds the said
Treasurer shnll 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 eXtinguishment Of said
State bonds, on Controllers warrants duly
drawn for that purpose.
Sec. 6. The State Treasurer shall keep
full and particular account and record Of
all hs proceedings under this act and he
shall tran to the Governor an abstract
of all his proceedings Hereunder. with his
annual report TO he 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
inspeetiou Of any party interested. or the
Governor, or ACKNOWLEDGEMENT, 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 g. This act, II adopted by the people.
rs hereinafter provided for, shall take effect
on the thirty-frst d9y of December. A. ID.
sIghteen hundred and ninety-two, as TO all
lis provisions, except those relating to ard
necessary for its submission to the peops
and for returning. canvassiug and pro-
claiming the votes and rs TO said excepted
provisions this act shall take effect inmedi-
ately.
SEC. 9. This act shall be submitted to the
people Of the S ate of California Tor their
ratification at the next general election to
be holden In the month Of November A. D..