The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-08-20

sale OF State bonds to create a fund
for the construction and furnishing
by the Board of State Harbor Com
rnissiOners 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 a vote Of the
people.
[Approved March II, 1891.
THE PEOPLE OF THE STATE OF CALL
( fornla represented in Senate and Assem-
bly,, do enact as follows:
SECTION /. For the purpose of providing
tund for the payment OF the Indebtedness
he reby authorized to be incurred by the Board
OF State Harbor Commissioners, for the cree
ton and furnishing of a general railroad, pas
senger ana 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 Harb II Commissioners are hereby au-
| thorlzed 10 construct in the manner and
method autho lied by law, and at a cost not
10 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
abe bonds Of the State of California: one
thousand bonds in the denomination of one
huLdred dollars each; i've hundred bonds in
the denomination OF five hundred dollars
each; TWO hundred and fifty bonds in the de-
uOiiliidtlCt OF one IIOuSaDCl collars etCD. ne
whole issue of said bonds shall not exceed the
sum OF six hundred thousand dollars, which
said bonds shall bear interest ut the rate oftour
per centum per annum from their date, and
Shall be payable at the office Of the state
Treasurer at tue expiration of nineteen years
| from their date. Said bonds shall bear uate
! the first day of January. A. D. eighteen hum
area and ninety-three, and shall be payable
ON the first day Of January, a. u. nineteen
hundred and twelve. The interest accruing
on said BOMBS shall be due and payable at the
i
January and the first day Of July of each
! year; PROVE ed, that the firSt payment of in
| terest shall be made on the first day of July,
! A. d. eighteen hundred and nluety-three, on
! so many of said bonds as have been thereto
| fore issued. at the expiration OF nineteen
! years moan tue 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 f and, provid I'd for here
| matter III this Act Said bonds shall be
! signed by the Governor, countersi@ned by the
| Controller, Endorsed by said Treasurer, and
shall nave the seal OF the State affixed thereto.
SEC. .. interest coupons shall be attached
! TO each bond, so that they may be removed
! without injury or mutilatiOp to the bond.
/ said coupons, cOnsacutiVely numbered. shall
! be signed By the State Treasurer. But no in
! teies5 on any OF said bonds snail DE paid for
| any time which may intervene between the
! date OF any of said bonds and the issue thereof
| to purchaser.
SCI. g. The sum Of one thousand dollars is
| hereby appropriated to pay the expense that
may be incurred by the State Treasurer in
| udNlnS Nall DOnuS prepared. SAID amount
snail lie pad out OF the San Francisco Harbor
lmpro Ten1ent 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 De By the Stale Treasurer sold III public
auction 70 the highest bidder for cash, aud in
SucE parcels as SAID treasurer shall deem best.
but he must reject any and all bids Tor said
bonds, or any OF them. which Shall be below
the par value Of SAID bonds; aud he may, by
! u n tor rNlr
! tlnue SuCa sale, as 10 the whole or any mart
thereof, to any time and plac ne may select
Due notice OF the place and t..le OF sale of such
| pOaUs snail be given by said Treasurer. by
| publ alton in two neWspa perS published in
| the City and County of san francisco ana
! also IN Two newspapers published in the City
| OF oakland, two published in the City of Los
Angeles ana two published in the City Of sac
TanentO, once week for four weeks prior TO
such sale. The costs OF such publication small
| De palO out OF the san Francisco HarbOr I'M
| pToNemont 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 lie by him kept in a separate fuud
| TO be known ana designated a. the san
| Francisco Depot Fund, and must be used ex-
| clUSlVelY Tor the building and furnishing OF
said depot. Drafts and warrants upon said
fund shall be drawn upon ana shall be paid
ont OF said lund in the same manner as drafts
ana warrants are drawn upon and paid out OF
! the San Francisco Harbor Improvement
Fund.
SEC. g. Fol-. 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 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
IllT
fund in the purchase of bonds of the United
States. which said bonds Shall be kent i'm 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 HarboT
improvement Fund into said san francisco
Depot Sinking Fund, and for the other pay
mentS out of said fund authorized by this
Act, and as provided for therein, the said
Board of State Harbor Commissioners are
hereby authorized and directed, by the collec-
ton of dockage, wharfage, tolls, rents and
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
provement 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-
guishment of said State bonds, on Controllers
warrants duly drawn for that purpose
SEC. 6. The State Treasurer shall keen 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 re-
port. to be by the Governor laid before the
Legislature; and all books and papers pertain
ing to the matter provided Tor in this Act
shall at all times be open to the inspection of
any party interested, or the Governor or At
torney- General, or q committee of either
branch of the Legislature, or Joint commits
tee of both.
SEC. z. 1t shall be the duty of the State
Treasurer to pay the interest on said bonds
when the same falls due, out of the sinking
fund provided tor IN this Act, on Controllers
warrants duly drawn for that purpose
SEC, S. This Act, if adopted by the people
as hereinafter provided for, shall take effect
on the thirty-first day Of December A. d.
eighteen hundred and ninety-two as to all its
provisions, except those relating 10 and neces.
sary for It's submission tothe people, and for
returning, canvasSing and prociaiming the
votes, and as 10 said excepted provisions this
Act shall take effect Immediately.
SEC. 8. This Act Shall be submitted TO the
people Of the State OF California for their rati-
ncation at the next general election 10 he
holden in the month of NOyem Der a u
eighteen hundred and nnety-two and the
qualified electors of the State shall Mt said
election, on their ballots vote for or :}0ainst
or have printed on their ballots the words
For the San Francisco Depot Act and those
voting against The same shall write or have
printed on their ballots the words. Against
the san Francisco Depot Act The Governor
OF this State shall include the submission of
this Act to the people as aforesaid in his oroc-