The morning call., 1892-09-05
MIsCELLANEous.
CHAPTER Z xg.

of State bonds to create fund for the
construction and furnishing 6V the Board
Of State Hdr5Or Commissioners Of q gem
erol ferry and passenger depot IN the citn
and county Of San Francisco to c'-edte a
sinking fund for The payment Of. sad
bonds, and proridfng for tie. Submissions
Of this act to a fote Of the people.
IAppfoysa March IT, 1891; 49,:
The People Of the State Of, California, rep.
resented IN Senate and ASse1ably,i do:
enact as fotloaCS
l. SECTION 1. For the purpose OF providing
fund for the payment of the indebted:
ness hereby authorized to be Incurred by
the Board of State Harbor Commissioners,
Tor the erection and furnishing Of a general
railroad. passenger and ferry depot at or
near the foot of Market street, in the city
and county of San Francisco, At cost not
to exceed 5000, eco, which the said Boald CT
State Harbor Commissioners are hereby.
authorized to eonstrue. in the manner and
methcd authorized by law, and at a cost;
not to exceed said $500, 900, the State Treas =
urer shall. Immediately after the Issuance
OF the proclamation OF the Governor, here;
matter provided for, prepare snitabfe bonds
OF the state OF CalfornlR: One thousand
bonds, in the denomination OF 500 each;
500 bonds, in the den omfnation of S5G0eaeh; :;
$50 bonds. in the denDmin alton: OF $1,000
each. The whole issue of said bonds shall
not exceed the sum OF S600,0G0, which SAID :
bonds shall bear interest at the rate Of 4
per centum per annHm from their date, and
shall ie payable at the Office of fle State
Treasurer at the expiration of 10 years:
from their date. Said bonds SHALL bear date
the first day Of January. A.'D. iS93 and shall:
be payable on the first day.c JahnaTy, a. ID :.
1912. The interest accruing on~sald bonds.
shall bo due and payable al the office OF
said Treasurer, Oh the first. dRy or JANUARY
and the first day OF July CT each year; pro
rided, that the first payment Of interest,"
/. shall be made on the first day OF July; a D..
1898. on so many of said bonds rs have been :.
theretofore issned. At the expiration of :
10 years from the date Of said bonds, they
shall cease to bear interest anu said Treas :
=. urer shall forthwith; pay the same out OF the "
San Francisco Depot Sinking Fund, pro-
vided for hereinafter IN this aef 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. 3 lntereStcnupons shall be attached
to each bond, so that they may be removed
without injury or mutilaton to the bond:
Said coupons, eonsteutiyely nImbeEed.
shall be signed by the State Treasurer. Bnt
no interest on any Of said bonds shall be-
paid for any time which may Intervene be-
tween the date of any of said bonds and the :
| issue thereof to a purchaser.
Sec 8. The sum OF Sl900is hereby apprQ-
prated TO pay the eXpense that may be- in
/ CURED by the State Treasurer in having
: said bonds prepared. Said amount shall be "
paid cut of the San Francisco HarbDr I'm
provement Fund, on Controllers warrants .
duly aFawn for that purpose.
Sec 4. When the bonds authorized to be: ::
issued under this acts shall be duly executed.
numbered eonsecutiyely, and Seaisd, they
shall be by the State Treasurer sold at pub
lie auction to she highest bidder for cash.
and 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 taId bonds;
and he may, by public announcement az tile
place Of sale. continue such sale, as to the %
whole or any part thereof, to any time and =.
place he may select. Due notice IF tire
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 Oak
land, two published in the city of Los Ar
geles, and two published In the ctty5of Sac
ramenfo, once a.week for four weeks prior
TO such sale. the ccsts Of such publication
shall be paid out Of The SSn Francisco Hay.
Dor Improvements Fund, on CONTROLLER s
warrants duly drawn for that purpose. The
proceeds Of the sale of such bonds shall be .
forthwith paid over by said Treasurer into +.
the trrasury, aud must be by him kept ib q .
separate fund, to lie known and 9esi gnateG
IS 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 aud shall be paid ont OF said fund: in
tile same manner as drafts and warrants
are drawn upon and paid out of the Sau
Francisco EaTbor Improvement Fund. =:
Sec. 8. Fer the payment OF the principal
and interest OF said bonds a sinking fund.
TO be known aud DESIGNATED Is: the SAN
frrpel-cu iyspct Sinking Fp&1, a.l.2,i b :
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
1861, and place the same in said San Fran
cisco Depot. Sinking Fund, created by
this sectiop.., 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. 8 proper receptacle, appropii-
ately labeled; but he must keep always on
hand sufficient amount OF money in safi
sinking fund with which to pay the :inteTest.-
on the State bonds herein provided to be.
Issued. And to provide means for the pay
ment OF said sum OF five thousand on
hundred and thirty-one dollars. monthly
from said San Francisco HarbOr Improve
Ment Fund into said San Francisco Depot
Sinking Fund and for the other payments
out oil said fund authorized by this act aud
as provided for therein. the said Board OF
State HaTbQr Commissioners. are. hereby
authorized and directed by the collection
of dockage. wharfage, tolls, rents and cram
age, 10 collect sum OF money sufficient
therefore, over and above the amount
limited by section two thousand five hup-
dred and tweD ty-six Of the political code.of
the State OF Califhrnia- After the payment
of all said bonds the surplus or balance re-
naming in said sinking fund, ii any there
be- shall forthwith be paid into the San
Eran0iaan HarbAF ImnrnVRmans EDni
the maturity 4f 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 and shal!
pay out3the same in extnguishment of said
State bonds, on Controllers warrants duly
drawn. for that pnrpose.
Sec. 6. The State Treasurer shall keep
full and particular account aud record of
all his proceedings under this act and he
shall tran smit TO the Governor an abstract
of all his proceedings theFeunder, with his
annual repoit. TO he by the Governor laid
before the Legislature: and all books and
papers pertaining 10 the matter provided for
in this act shall at all times be open; to tile
inspection of any party interested, or the .
Governor, or Attorney General, or q CON-
mittee of either branch Of the Legislature,
or a ioint committee Of both.
Sec. Z. 1t shall be the duty Of the State
Treasurer to pay the interest ON said bonds
when tire same falls due, out OF the sinking :
fund provided for in this act. on .C0n-
troler's warrants duly drawn for thai pur-'
pose. -. .
Sec s, This act, If adopted by the people,
as hereinafter provided for, shall take effect
on the thrty-frstday of December. A. D.:
sighseen hundFed aad ninsty-two, as 10 all.
Its provisions, except those relating to ana
necessary for its submission to- The people
and for returning :canYassing and pro-
claiming the votes and as TO said excepted
provisions this act shall take effect tnmedi--
ately.: .:.:...> -.
1ec: g. This act shall he submitted to the
people of the S ale of California for thefr