The record-union., 1892-10-18
SECOND.

sale of State bonds to create a fund
for the construction and furnishing
by the Board Of State HarbOr Com
nlissiOners 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-
seDted in Senate and Assembly, do enact as
follows:
Section l. For the purpose of providing a
iund Tor the payment OF the Indebtedness
hereby authorized to beincurTed by the Board
of State Harbor Commissioners, Tor the cree
tlon 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 a 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 author lied by law, and at q 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
Ihe denomination OF i've 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, watch
said bonds shall bear interest at the rate offour
per centum per annum from their date, and
shall be payable at the office of the State
treasurer at the expiration of nineteen years
1rOm their date. said bonds shall bear date
the first day of January, a. D. eighteen hun
dred and ninety-three. and shall be 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
Office of the said Treasurer on the nrst 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 day OF July,
A. u. eighteen hundred and ninety-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, 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, countersigneG by the
Controller, indorsed by said Treasurer, and
shall have the seal of the State affixed thereto.
Section 2. Interest coupons shall beattached
to each bond, so that they may De removed
without injury or mutilation 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 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
shall be paid out of the San Francisco Harbor
Improvement L una, on COntroIlef'S warrants
duly drawn for that purpose.
Section 1. When thebonds authorized to be
issued under this Act snail be duly executed
numbered consecutively, 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 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 sale, con
tinuc such sale, as TO the whole or any part
VAlge
Due notice OF the place and time of sale OF such
bonds shall be given by said Treasurer. by
publication IL 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 be by him kept in q separate fund,
to be known and designated as the "San
Francisco Depot Fund, and must be used ex-
cusvely 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 g. For the payment ofthe principal
and interest of said bonds a sinking fund, to
be known and designated 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 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 a
proper receptacle, appropriately labeled: but
he 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 proviued 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 tor therein. the said
Board OF State Harbor Commissioners are
hereby authorized and directed bv the collec-
ton of dockage, wharfage, tolls, rents ana
cranege, to collect q sum of mOnev sufficient
therefor. over and above the amount limited
bY section two thousand five hundred and
tsrenty-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, II any there De, shall forthwith
be paid into the san Francisco HarbOr I'M
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
guishment of said State bonds, on Controllers
warrants duly drawn for that purpose.
Section g. 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