The record-union., 1892-10-20
SECOND.

sale Of State bonds to create a fIsnd
for the construction and furnishing
by the Board Of State Harbor Com
n1issioners 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 SUBJ
mission of this Act to a 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 q
fund for the payment OF tne Indebtedness
hereby authorized to beincurred by the Board
OF State HarDOr Commissioners, for the cree
tion and furnishing of 4 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 Harb1r CJmmi ssiOners are hereby aU-
JnOrlIed to construct in the manner and
method autho ized by law. and at a cost not
10 exceed said six hundred thousand dollars,
the Safe 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 tiVe 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
sald 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 expiration of nineteen years
rom their date. Said bonds shall bear date
the first day of January, A. D. eighteen hun
dTed and ninety-three, and shall he payable
on the first day of January, \. D. nineteen
hundred and twelve. The interest itccruing
Office Of the said Treasurer on the first day OF
January and the first day of July of each
year; provided. taat the first payment of in
terest snail be made on the TrSt day OF July,
A. j. eighteen hundred and nirety-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. ana said Treasurer shall
forthwith pay the same out of the San Fran
cisco Depot Sinking Fund, provided Tor here
matter IN this Act, Said bonds shall be
signed by the Governor, countersigned by the
Controller, indorsed by said Treasurer, and
shall have the seal of the State affixed thereto.
Section ?. Interest coupons shall be attached
to each bond, so that they may De 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 tor
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
is hereby appropriated to pay the expense that
may be incurred by the state Treasurer in
having said bonds prepared. Said amount
Improv cement Fund, on Controllers warrants
duly drawn for that purpose.
Section 1. When thebonds authorized to be
issued under this Act shall BE- duly executed,
numbered cOnsecutiVely, and sealed. theV
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 sac con
whole
thereof, to any time and place he may select.
Due notice OF the place aud 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 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 bel by him kept in a separate fund.
to be known and designated as the "San
Francisco Depot Fund" and must be used ex-
cusively 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.
Section 5. 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 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 i'll
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 i'll The purchase Of bonds OF the United
States. which said bonds shah be kept in a
proper receptacle, appropriately labeled: but
he must keep always on hand sufficient
amount OF money IN said sinking fund with
which TO pay the interest on the State bonds
herein proVIued to be issued. And to provide
means for the payment of said sum of We
thousand one hundred and thirty-one dollars,
monthly. from said San Francisco HarboT
Improvement Fund into said <an Francisco
Depot Sinking Fund and for the other pay
ments out of said iund authorized by this
Act, and as provided TOR therein. the said
Board OF State Harbor Commissioners are
hereby authorized and directed. by the coilec-
tiOn of dOckage, wharfage. tolls, rents ana
therefor. over ana 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 IN said
sinking fund, il 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-
guishment of said state bonds. on Controllers
warrants duly drawn for that purpose
Section 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