The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-09-12
EIsCELLA NEOUsl


| W CtutS 1ufOoF COHtWtSStOneTS OF o. gen.
erot ferry and passenger depot IN the city
and county Of San Francisco !; to create a.
sinking fund for the payment Of said
bonds. and prouiding for tie submission
OF M's act to cote Of the people.
IApproved March IT, 1871
The People Of the State Of California, rep.
resented in Senate and assembly, do
enact as folIous:
SECTION ]. For the purpose OF providing
| fund for the payment OF the indebted
ness hereby authorized to be tncurred nv
the Board Of State Harbor Commissioners,
| for the erection and furnishing OF general
| railroad. passenger and ferry depot at or
near the foot OF Market street, in the CITY
and county of San Francisco, at q cost not
to exceed 5000. coo. which tina said Board of
State Harbor Com missioners are hereby
authorized to construct In the manner and
method authorized by law, and at cost
not to exceed said 5000 COO, the State Treas-
urer SHALL Immediately after the issuance
of the proclamation OF the Governor, here
matter provided for, prepare suitable bonds
of the State OF CALIFORNIA;: One thousand
bonds, In the denomination Of 500 each;
SEQ bonds, in the denomination OF $500 each;
| $50 bonds. in the denomination OF $1,000
| each The whole issue ef said bonds shall.
not exceed the sum Of 100000, which said
| bonds shall bear interest at the rate Of 4
per centum per annum from their date, and
shall be payable st the Office Of the State
Treasurer at the expiration of 10 years
from their date. Said bonds shall bear date
the first day of January. A. ID. 1893, and shall
be payable on the first day Of January, A. d.
1912. The interest accrning on said bonds
shall be due and payable at the office OF
said Treasurer on the first day OF January
and the first day Of July Of each year; pro-
rided, that the first payment OF interest
shall be made on the first day OF July. A. ID.
1888, on so many of said bonds as have been
heretofore issued. At the expiration Of
10 years from the date OF said bonds, they
shall cease to bear interest and said Treas
urer shall forthwith pay the same out of the
San Francisco Depot Sinking Fund. pro-
yided for hereinafter in this act. Said
bonds shall be signed by tho Governor,
countersigned by the Controller, Endorsed
by said Treasurer, and shall have the seal
| Of the State affixed thereto.
Sec. q Interest coupons shall be attached
to each bond, SO that they may be removed
| without injury or mutllatlon TO the bond.
| Said coupons. conseeutvely numbered,
| shall be signed by the State Treasurer. But
no interest on any of said bonds snail Do
| paid for any time which may intervene ba-
| tween the date OF any Of said bonds and the
! Issue thereof to purchaser.
Sec g. The sum of $1,000 is hereby appro-
/ prated to pay the EXPENSE that may be in
said bonds prepared. Said amount shalt be
| paid out OF the San Francisco Harbor I'm
| proyemeut Fund, on Controllers warrants
| duly drawn for that purpose.
| Sec T. When the bonds authorized to be
| issued under this act shall be duly executed.
| numbered conseeutIvely, and sealed, they
shall be by the State Treasurer sold at pub
| lie auction TO the highest bidder for cash.
| aud in such parcels as said Treasurer shall
| deem best; but ne must reject any and oil
| 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 tie
! place Of sale. continue 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, and also in two
| newspapers published III the city of Oak
| land, two published IN the city of Los An
! geles, and two published in the city OF Sac
! ramento, once week for four weeks prior
| to such sale. The costs Of such publication
| shall be paid out OF the San Francisco Har-
| Dor Improvement Fund, on Controllers
warrants duly drawn for that purpose. This
| 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
| separate fund, to be known and designate
/ as the ''San Francisco Depot Fund" and
must be used exclusively 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 HaTbor Improvement Fund.
| Sec. 3. For the payment of the principal
! and interest OF said bonds sinking fund,
to be known and designated as the San
Francisco Depot Sinking Fdod. --''t o.
and the same Is hereby created as follows:
The Gtpta IranEUrpr shall tina fret 1aV
of each and every month after the date OF
said bonds, take from the San Francisco
Harbor improvement Fund the sum of
e4631, and place the same In said San Fran
| cisco 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 proper receptacle, appropri-
ately labeled; but be 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 provided to be-
Issued. And to provide means for the pay
ment OF said sum of five thousand one
hundred ana thlrty-One dollars, month";,
from said San Francisco Harbor Improve
ment Fund into said San Francisco Depot
Sinking Fund and for the other payments
out of said fund authorized by this act, aad
as provided for therein, the said Board OF
State Barbor Commissioners are hereby
authorized and directed, by the collection
of dockage, wharfage, tolls. rents ana cram.
age, TO collect SUN OF money sufficient
therefore, over and above the amount
limited by section two thousand five hun
dred snd twenty-siX OF the political code OF
the State Of California. After the payment
of ali said bonds the surplus or balance re-
naming In said sinking fund, If any there
be, shall forthwith be paid into the San
Francisco Harbor Improvement Fund. At
the maturity OF said State bonds the said
Treasurer shall sell the United States bonds
then in said sinking fund. at governing mar.
ket rates and place the proceeds In said San
Francisco Depot Sinking Fund ard shall
paw out the same in extnguishment OF said
State bonds, on Controllers warrants duly
drawn for that purpose.
Sec 6. The State Treasurer shall keep
full and particular account aud 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 report. to be by the Governor laid
before the Legislature; and all books and
papers pertaining TO the matter provided for
In this act shall at all times be open 10 the
inspection of any party interested, or the
Governor, or Acknowledgement, or a conf
mittee of either branch of the Legislature,
or Joint committee of both.
Sec. 7. 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 for Ia this act. on Con.
troller's warrants duly drawn for that pur-
pose.
Sec. s. This act, II adopted by the people, I
as hereinafter provided for, shall take effect
on the thirty-frst day of December, A. ID.
eighteen hundred and ninety-two, as 10 all
Its provisions except those relating TO and
necessary for its submission to the people
and for returning, canvassiHg and pro-
claiming the votes and as to said excepted
provisions this act shall take effect immedi-
ately.
Sec g. This act shall be submitted to the
people Of the State of California for their
ratification at the next general election to
be holden In the month of November. A. D.,
eighteen hundred and ninety-two; and the
qualified electors OF the State shall, at said
election. on their ballots vote for OF against
this act; those voting for the same shall
write or have printed on their ballots the
.c-An .aL,ar