The record-union., 1892-10-08

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.
IApproved March II, S91.l
THE PEOPLE OF THE STATE OF CALL
I foTnia, represented in Senate and Assem-
bly,, do enact as follows:
SECIiON /. For the purpose of providing q
fund FOR the payment OF the Indebtedness
hereby authorized to beincurred by the Board
OF State Harbor Commissioners, for the erec-
ton and furnishing of general railroad, pas
SengeT 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
o 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 III 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 offour
per centuln 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, A. d. eighteen hun
dred and ninety-three, and shall be payable
on the nrSt 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
60 n bonds q - va 10
fore issued. AT the expiration of nineteen
years from the date of said bonds, they shalIl
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.
SEC. 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, ShalP
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.
SEC. 3. 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. :
SEC. 4. When the bonds 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 q week for four weeks prior to
such sale. The costs of such publication shall
be paid out of the San Francisco Harbor In-
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 beby 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 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.
SEC 8. For the payment of the principal
and interest of said bonds q sinking fund to
be known and designated as the 'SaifFran-
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 81
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 prOvlued 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
Act, and as provided for therein. the said
Board of State HarbOr Commissioners are
hereby authorized and directed. bv the collec-
ton OF docllage, wharfage, tolls, rents and
therefor. over and above the amount limited
by section two thousand i've hundred and
twenty-six of the Political Code of the State
of California. After the payment of alIssaid
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-
guishinent of said State bonds, on Controllers
warrants duly drawn for that purpose.
SEC. 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
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 for 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 a joint commit
SEC T. 1t shall be the duty of the State
Treasurer TO pay the interest Oh said bonds
when the same falls due, out of the sinking
fund provided for 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-frst day of December A d,
eighteen hundred and ninety-two as to all its
provisions, except those relating to and neces>
sary for its submission to the people, and for
returning, canvasslng and proclaiming the
votes, and as to 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-
hcation at the next general election to be
holden in the month OF Novernb ber A. %
eighteen hundred and ninety-two; and tho
qualified electors of the State shall at snid
election, OH their ballots. vote for or against
this Act; those voting for the Same shall write
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 proc-
laInation calling for said general election +,
SEC 10. The votes cast for or against this
Act shall be counted, returned, and cau-
vassed, and declared in the same manner and
subject 10 the same rules as votes cast for
State officers; and If it appears that said Act
shall have received majority of all the votes
cast for and against it at such election az
aforesaid, then the same shall have effect as
hereinbefore provided, and shall be irrepeal-
able until the principal and interest of tho
liabilities herein created shall be paid md DE-