The record-union., 1892-10-25
SECOND.

An Act to provide for the issuance and
sale OF State bonds to create a fund
for the construction and furnishing
by the Board of State HarbOr Com
naissiOners Of a 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 q vote of the
people.
The people Of the State of California. repre-
sented in Senate and Assembly, do enact as
follows:
Section /. For the purpose of providing a
iund for the payment of the Indebtedness
/ hereby authorized to beincurred by the Board
/ OF State Harbor Commissioners, for the erec-
| ton and furnishing of a general railroad, pas
senger 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 six hundred
thousand dollars, which the said Board Of
state Harbor Commissioners are hereby au-
( thorIZed 10 construct in the manner and
method authO. lied by law, and 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 five hundred dollars
each; two hundred and fifty bonds in the de-
nomination of one thousand dollars each. The
! whole issue OF sald 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, and
| shall 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, 4. D. eighteen hun
! dred 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 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. j. 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 10 bear interest. and said Treasurer shall
forthwith pay the same out of the san Fran
/ cisco Depot Sinking Fund, provided Tor here
/ matter in this Act. SAID bonds shall be
! signed by the Governor. cOuntersigned by the
/ Controller, indOrsed by said Treasurer, and
shall have the seal of the State affixed thereto
Section 2. Interest coupons shall beattached
| to each bond, so that they may De removed
| without injury or mutiatiop 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.
Section g. 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
Section 4. When thebonds authorized to be
! issued under this Act shall be duly executed,
I numbered consecuuvely, and sealed, they
1 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 10 the whole or any part
| thereof, 10 any time ana place he NAV select.
Due notice OF the place ana time of sale of such
/ bonds shall be gwen 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. The costs of such publication shall
! be paid ont of the san Francisco Harbor I'm
| prOvement 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 q separate fund
| to be known anu designated the ''San
! Francisco Depot Fund, ana 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 warrants are drawn upon and paid out of
the san Francisco Harbor Improvement
Fund
! Section 5. For the payment of the principal
ana interest of said bonds n 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 Fnnd,
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 a sufficient
amount of money IN said sinking fund with
which to pay the interest on the State bonds
herein provlded 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 cut Of said fund authorized by this
Act, and as provided for therein. the said
Board of State Harbor Commissioners are
hereby authorized and directed. bv the collec-
ton OF cockaEe. wharfage. tolls. rents ana
cranage, TO collect a sum Of money sufficient
therefor. over ana above the amount limited
by section two thousand five hundred and
fWenty-six of the Political Code OF the State
of California. After the payment of ali said
bonds the SURPLUS or balance remaining IN said
be paid INTO the san Francisco Harbor I'M
provement Fund. At the maturity OF sand
State bonds the said Treasurer shall sell tie
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-
guishinent of said State bonds. on CoutrnIlerss
I l.