The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-08-13


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
gE7HE PEOPLE OF THE STATE. OF CALL
4 t9rnia, represented in Senate and Assem-
bay, do enuct as follows:
SECTION /. For Tie purpose of providing
Idnd Tor the payment OF the Indebtedness
hereby authorized TO be incurred by the Board
OF State HafbOr Commits toners, Tor the cree
ton and furnishing OF a general railroad pas
senEel ana ferry depot at or near ne loot Of
Market street, in the City and County OF san
Francisco, at q cost not 10 exceed six hundred
thousand dollars, which The said Board of
state harbor Commissioners are hereby au-
lhofIHed 10 construct in the manner and
method authO lied by law, and at 4 cost not
I 10 exceed said six hundred thousand dollars,
the STATE Treasurer shall, Immediately aIter
the issuance OF the proclamation OF the Gov
Gfn0r, hereinafter provided for. prepare suit
aola bonds OF the State OF California: one
thousand bonds III the denomination of one
hundred dollars each; i've hundred bonds in
tle denomination OF flve hundred dollars
each; two hundred and fifty bonds in the de-
nomination OF onb thousand dollars each, The
whole issue OF said bonds shall not exceed the
SUM 81 six hundred thousand dollars, watch
SAID bonds shall DeariutereSt ut the rate OF four
per ceatum per aunum nom their date, and
shall be payable at the office Of the state
! Treasurer at the expiration OF nineteen years
/ rom their date Said bonds SHAH bear date
the nIsU dag of January, A. j. eighteen hun
/ drea ana Il nety three, and Shall be paya9le
! on the first DAY Of January, 4. d. nneteen
hundred and twelve. The interest accruing
! on said bonds shall be due and payable at the
! once Of the said Treasurer on the first DAY OF
/ January and the nrsG day OF uly OF each
] year; provided, taat the first payment Of in
! tefest shall be made on the first day OF July,
! 4. y. eighteen hundred and nmety-tnree, on
! 50 many OF said BONDS as nave been thereto
/ fore sued. AT the expiration OF nineteen
! years from the date OF said bonds, they shall
cease to bear interest. and said Treasurer shall
/ forthwith pay the same out Of the San Fran
! cisco Depot Sinkin Fund, provided Tor here
! matter IN this Act. Said bonus 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 thai they may be removed
! without injury or mutilaJion to the bond.
Said coupons, consecnttVely numbered shall
! be signed b. the State Treasurer. But 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. B. The sum OF one thousand dollars is
hereby appropriated to pay The expense that
may be incurred by the state Treasurer in
shall lie paid out OF the San Francisco Harbor
! improvement Fund on Controllers warrants
duly drawn for that purpose.
SEC. 4. hen the bonds authorized to be
! issued under this Act shall be duly executed
| numbered cOnsecutiVely, and sealed, they
snail 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
Ile par value OF sad bonds; and ne may, by
! pubic announcement at the place OF sale, con
] iinuG such sale, as 10 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, ana
! also In Two newspapers published IN the City
! OF Oakland, two published in the City OF Los
! Angelo and two published in the City Of sac
! ramentO once "a week for four weeks prior to
! Sucu sale. The costs OF such publication shall
! be PAID out OF the san Francisco Har5Or I'm
! pTOFement Fund, on Controllers warrants
! duly drawn tor that purpose The proceeds
! o. re sale o. Sucn bends snail be forthwith
! paid over by said Treasurer into the treasury
/ and must he by him kept in q separate fund
/ to be known anu designated as the "San
| Francisco Depot Fund, and must be used ex-
| clusively for the building and furnishing o.
said depot. Drafts aud warrants upon said
| fund shall be drawn upon and shall be paid
! out OF sad fund IN the same manner as drafts
! and warrants are drawn upon aud paid out OF
the San Francisco Harbor Impro yement
/ Fund.
/ SEC 5. For the payment Of the principal
and interest of said bonds a sinking fund to
/ be known and designated as the san Fran
J 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
rom the san francisco HarbOF improvement
J Fund theSum Of four thousand SIX hundred
/ and thrty-one dollars, aud 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 q
! proper receptacle, appropriately labeled but
/ he must keep always on hand u sufficient
! amount of money in said sinking fund with
J Stata dc
! herein provlued to be issued. And 10 provide
| means tor 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 paw
/ mentS out of said iund authorized by this
! Act, and as provided for therein the said
! Board of State Harbor Commissioners are
] hereby authorized ana 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
| tWeNi N-SlX OF the Political Code OF the State
/ of California After the payment of all said
/ BONDS the surplus OF balance remaining in said
! sinking fund, if any there De, 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, ana shall pay out the same ia eNtin-
guishuent 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 his
proceedings under this Act, and he shall
transmit 10 the oVernor an abstract OF all his
proceedings hereunder with his annual re-
port, 10 be by the Governor laid before the
Legislature; and all books and papers pertain
ing 20 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-GanerGI, or committee Of either
| branch OF the legislature, or q joint commit
| tee Of both.
Treasurer to pay the interest on said bonds
when the same ialls due, out OF the sinking
fund provided Tor IN this Act, o. Controllers
warrants duly drawn for that purpose
SEC. s. This Act, If adopted by the people
as hereinafter provided for, shah take effect
on the thirty-first day Of December, a D.
eighteen hundred and niue6y-tNo as TO all its
provisions, except those relating TO and neees.
Sary ior its submission TO the people, and for
returning, can ValSslng ana proc!aimng the
votes, and as TO said excepted provisions this 4
Act shall take effect Immediately.
SIC 8. Ihis Act shall be submitted to The
people OF the State Of California TOR their rati-
ucation at lie next general election To be
holden IN the month or November A. d.
eighteen hundred and ninety-JWO; and the
qualified electors OF the State snail mt said
this Act; those voting Tor the same shall Write
or have printed on their ballots The words
For the san francisco Depot Act, and those
voting against the same snail 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
lamation calling for said general election
SEC. 10. The votes cast for or against this
Act shall be counted, returned, and can
vaSSed, and declared IN the same manner and
subject 10 the same rules as votes cast for
state officers; and If ii appears that said Act
shall have received majority of all the votes
cast for and against it at such election as
aforesaid, then the same shall have sfect as
hereinbefore provided, and shall be irrepeal-