The record-union., 1892-10-24
SECOND.

sale Of State bonds to create a fund
for the construction and furnishing
by the Board of State HarbOr Com
missiOners 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 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 a
1und for the payment Of the Indebtedness
hereby authorized to beincurred by the Board
OF State Harbor Commissioners, for the cree
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-
thorlzed TO construct in the manner and
method autho lied 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 i'll the determination 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 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 ex xpiratiOn of nineteen years
from their date. Said bonds shall bear date
the nrst day OF January, a. d. eighteen hun
dred and ninetV-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. 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 tine 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, countersgned by the
Controller, indorsed by said Treasurer. and
shall have the seal of the State affixed thereto.
Section 2. 1nterestcoupons shall be attached
to each bond, so that they may be removed
without injury or mutilatior 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 q purchaser.
Section 3. The sum of one thousand dollars
lshereby 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,
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 sald bonds; and he may by
public announcement at the place ofsale, CON
unue 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
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 q week for four weeks prior to
such sale. The costs of such publication shall
be paid out 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 a separate fund
to be known and designated as the "San
Francisco Depot Fund, and must be used ex-
clusively 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 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 ofthe principal
and interest of said bonds a sinking fund to
be known and designated as the Z" 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
cres / 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 n sufficient
amount of money III said sinking fund with
which to pay the interest on the State bonds
herein provided 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 IS provided for therein. the said
Board OF state HaFbOr Commissioners are
hereby authorized and directed. bv the collec-
tion OF dockage. wharfage. tolls, rents ana
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 ali said
bonds the surplus or balance remaining III said
sinking fund, ii any there De. shall forthwith
be Daiu into the san Francisco HarbOr I'm
provement Fund. AT the maturity OF sand
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
Section 6. The State Treasurer shall keen
full and particular account and record of all
transmit TO the Governor an abstract Of ali his