The record-union., 1892-09-24

by the Board of State HarbOr Com
nissioners Of a general ferry and
passenger depot in the City and
County of San Franciscoj to create q
sinking fund for the payment Of said
bonds, and providing for the sub
mission OF this Act to q vote of the
people.
Approved March II, 1891.
| TINE PEOPLE OF THE STATE OF CALL
L 1ornia, represented in Senate and Assem-
! bly,, do enact as follows:
SECTION /. For the purpose OF providing g
fund for the payment OF the Indebtedness
! hereby authorized to beincurred by the Board
OF State Harbor Commissioners, for the cree
zion and furnishing of u general railroad, pas
senger and ferry depot at or near the foot of
Market street. in the City and County OF San
francisco at cost not To exceed six hundred
thousand dollars. which the said Board OF
State Harbor Commissioners are hereby aIl-
thorlEed 10 construct in the manner and
method autho Ted by law, and ct a cost not
TO exceed said six hundred thousand dollars,
the Stale 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 ono,
hundred dollars each; five hundred bonds I'M
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
SHAH be payable at the office of the State
treasurer at the expiration of nineteen years
| rom their date. Said bonds shall bear date
] the nrst day OF january, A. D. eighteen hum
| ured ana nlnety-three and shall he 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
ONCE OF the S:tld 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 dav of july
| A. ID. an With ON
! SO many of saidbondS 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 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 mutilatiop 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 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 consecutiyely, 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 bests
but he must reject any and all bids for said
bonds, or any OF them, which shall be belOwl
the par value of SAID bonds; and he may by
public announcement at the place of sale, con-
ttnue 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 suchi
bonds shall be given by said Treasurer. by{
publication in two newspapers published ini
the City and County of San Francisco. andi
also in two newspapers published in the City |
of Oakland, two published in the City of LOST
Angeles and two published in the City of Sac-t
ramento, once week for four weeks prior tot
such sale. The costs of such publication shaIIE
| be paid out of the San Francisco Harbor Im-i
| provement Fund, on Controllers warrantsI
! 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 by him Kept in separate fund,
| to be known and designated as the '.San
| Francisco Depot Fund.- and must be used ex-
| clustvely 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 Tund in the same manner as drafts
| and warrants are drawn upon and paid out OF
! the San Francisco Harbor improvement
| Fund
| SEC. B. For the payment of the principal
| and interest of said bonds a sinking fund to
| be known and designated as the San Fran
| cisco Depot Sinking Fund" shall be and thei
| same is hereby created, as follows: The State
|
/ 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 q
| proper receptacle, appropriately labeled: but
| he must keep always on hand sufficient
I 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 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 dockage, wharfage, tolls, rents anu
cranage, to collect a sum of money sufficient
therefor, over and above the amount limi.et
| by section two thousand five hundred and
| twenty-six of the Political Code of the State
OF California. After the payment OF aussaid
| bonds the surplus or balance remaining in said
sinking fund, II any there be, shall forthwith
DE 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 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 a committee of either
branch OF the Legislature, or a joint commit
tee 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 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-f1rst day of December A D.
eighteen hundred and ninety-two as to ali its
provisions. except those relating to and neces-
sary for its submission to the people, and for
returning, canYassing and procaiming tha
votes, and as to said excepted provisions this,
Act shall take effect Immediately
SEC. 3. This Act shall be submitted to the
people OF the State OF California FOR their rati-
| hcation at the next general election TO bei
holden in the month OF November A. d.
eighteen hundred and nlnety-two; and the
qualified electors of the State shall, at said
election, on 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 havo
printed on their ballots the words Against
the san Francisco Depot Act" The Governor
OF this State shall include the submission OF
TINS ACT 10 the people as aforesaid in his proc
lamation calling for said general election.
SEC. 10. The votes cast for or against this
Act shau De counted, returned, and can
VasSed, ana declared in the same manner and
subject to the same rules as votes cast tor
state officers; and if it appears that said Act
snail nave received q majority of all the votes
cast Tor and against 1t at such election as
aforesaid, then the same shall have effect as
erelnbefore provided, and shall be irrepeal-