The record-union., 1892-10-28
SECOND.

An Act TO provide for the issuance and
sale Of State bonds to create a fund
for the construction and furnishing
by the Board of State Harbor Com
nnissioners 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 sub
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 a
fGnd for the payment Of the Indebtedness
hereby authorized to be beincurred by the Board
OF State Harbor Commissioners, for the cree
lion and furnishing of a general railroad, pas
senger and ferry depot at or near the foot OF
Market street. in the City and County of San
Francisco, at n cost not to exceed six hundred
thousand dollars, which the said Board of
state Harbor Commissioners are hereby au-
thoriZed to construct in the manner and
method autho lied by law, and at a cost not
10 exceed said six hundred thousand dollars
the State 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 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 ratio OF four
per centum per annum from their date and
shall be payable at the Office OF the state
4 treasurer al the expiration OF nineteen years
from their date Said bonds shall bear date
the first day of January, a. D. eighteen hun
ured and nlnetY-three. and shall be payable
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 said Treasurer on the first dav of
January and the first day OF July of each
year: provided. taat the hrst payment of in
terest shall be made on the 1irst day OF July.
a. j. eighteen hundred and ninety-three, on
SO many Of said bonds as have been thereto
fore issued. At the eX piratiOn 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 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 afixed thereto
Section 2. Interest coupons shall beattached
10 eacn bond, SO that they may pe removed
without injury or muiilatiop 10 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
10 purchaser.
section 3. The sum OF one thousand dollars
Is shereby 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
Improv vement Fund, on Controllers warrants
0UiN drawn TOT Inat purpose
Section 1. When thebonds authorized to be
issued under this Act shall be duly executed
numbered cOnsecutively, and sealed they
hall be by the state Treasurer sold at public
auction 10 the highest bidder for cash. aud in
uch parcels as said Treasurer shall deem best:
out he must reject any aud all bids tor said
bonds, or any OF them, which shall be below
me par value OF said bonds; and he may, by
public announcement at the place of sale, con
nnUe such SALE as TO the whole or any part
thereon, to any time ana place he may select
IfUe n0IlceDf the place q Of c.,.@i,
bonds shall be gwen by said Treasurer Dv
publication in two newspapers published in
the City and Couaty OF san Francisco. ana
also IN Two newspapers punished IN The City
OF Oakland. two published in the CITY of T.os
Angeles and two published in the City of Sac
ramento- once week Tor Iour weeks prior to
such sale. The costs of such publication shall
be paid out of the san Francisco Harbor I'm
t,rOVenent 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 be by him kept IN separate fund,
TO be known and designated as the '-San
Francisco Depot Fund, and must be used ex-
clusiyelv for the building and furnishing OF
said depot. Drafts and warrants upon said
fund snail be drawn upon ana shall be paid
out OF said fund in the same manner as drafts
and warrants are drawn upon ana paid out of
the San Francisco Harbor improvement
Fund
Section 5. For the payment ofthe 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 Gay of each and
every month after the date of said bonds, take
1rom the San Francisco Harbor Improvement
Fund the sum of four thousand six hundred
and thirty-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
iund IN the purchase of bonds of the United
States winch said bonds shall be kept in
proper receptacle, appropriately labeled: but,
he must Keep always on hand d sufficient
amount OF money IN said sinking fund with
which 10 pay the interest on the state bonds
herein provided To be issued And to provide
means Tor the payment of said sum of hve
thousand one hundred and thirty-one dollars,
monthly, from said San Francisco Harbor
improvement Fund into said san Francfsco
Depot sinking Fund, and for the other nav.
ments out OF said fund authorized by This
Act, and as provided for therein. the said
board Of State Harbor Commissioners are