The record-union., 1892-10-29

rnissioners 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.
IApproved March II, 1911
! TNHE PEOPLE OF THE STATE OF CALI
i tornia, represented in Senate and Assem-
/ bly,, do enact as follows:
Section /. For the purpose of providing
| tund for the payment OF the Indebtedness
/ hereby authorized TO betncurred by the Board
/ OF state Harbor Commissioners, Tor the erec-
| uon ana 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 81 cost not to exceed six hundred
thousand dollars, which the said Board Of
| State HarbOr Commissioners are hereby au-
thorlzed TO construct in the manner and
method autho lied by law, and at q cost not
! TO 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 Ons
hundred dollars each; I'VE hundred bonds in
Ihe denomination OF nYe 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 wnich
said bonds shall bear interest at the rate orfour
/ per centum per annum from their date and
I
| treasurer at the expiration of nineteen years
| from their date Said bonds shall bear date
! the nrst day Of January, A. u. eighteen hum
/ dfei and nlnety-three and shall be payable
l on the first day Of January. A. d. nineteen
! hundred and twelve. The interest accruiug
! on Stiu ponuS shS!I he due and payable at the
! once of he said Treasurer on the nrst day OF
| January and the first day OF July OF each
! wear: provided that the first pavmenI Of in
| tertSt shall be made on the first day OF July,
| a. u. eighteen hundred and niuety-three, on
! 50 many OF said bonds as have been thereto
fnrG ~ fEg.v,
/ years nom 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 Dy the Governor, cOuntersigned by the
1 Controller, indorsed by said Treasurer, and
shall have the seal of the State affixed thereto.
SEC. 2. Interest coupons shall be attached
! TO each bond, 50 thar they may be removed
/ without injury or mutilation TO the bond.
| Stud coupons, conseculINeiy numbered, shall
/ be signed by the State Treasurer. But NJ iu-
! 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
q to purchaser
( hereby appropriated to pay the expense that
| may be incurred by the state Treasurer in
/ having said bonds prepared. said am ount
] IInproy emert Fund, on Controllers warrants
duly drawn for that purpose.
SEC. j. When the bonds authorized 10 be
! issued under this Act shall 5e duly executed,
numbered consecutively, and scaled, they
/ shall be by the Stale Treasurer sold al pu1l.c
auction to the highest bidder for cash, aud in
| such parcels as sGid Treasurer shall deem best.
! but he must reject any and all bids for said
| bonds. or any OF them, which shall be below
1 the par value of SAID bonds; and he may, by
! public announcement at the place OF sa e, con
4 tinue such sale, as 10 the whole or anY part
l thereof 10 any time and placr he may select
/ Due notice o. lhe place ana TINE OF sale OF fsEch
I bonds snail be given by said Treasurer. by
publication in two newspapers published in
I the City and County Of sun Francisco ana
! ISIS q Y
/ o. Oakland. two published in the City OF Los
/ Angeles and two published in the City OF sac
! ralqentO. once a week for tour weeks prior to
sucl -44e- me co-ta ot sucH uollG'il on sllil
/ b. paid out Of the san Francisco Hurbor I'm
! provCment Fund, On Controllers warrants
! duly drawn for that purpose. The proceeds
J Of tine vale OF such bonds shall be forthwith
J paid over by said Treasurer into the treasury
! ana must he by him kept in "a separate fund.
/ to be known ans de,iguuted a the san
I Francisco d pot Fund, and must be used CX-
I cluSiVely FOR the building and furnishing OK
/ said depot. Drafts and warrants upon saii
! flnd shall be drawn upon ana shall be paid
I or 81 said fund in the sam" manner as drafts
| an warrants are drawn upon and paid out OF
! the San Francisco Harbor Impro1 cMent
/ Fun1-
/ SEC. o. Tor the payment OF the principal
ana in crest Of said bonus a sinking fund to
be knol II ana designated the san Fran
cisco Delvot Sinking Fund, shall be and The
same is lie veby created. as follows; The state
1 Treasurer snail. on the first day OF each aud
every month after the date of said 1nds, take
| from the san FhJncizcO Harbor improvement
| kuud the sum Of four thOusanc six hundred
and tn rty-Onc dOl. ars, ana placa the same in
/ said san Fran .iscO Depot Sinking Fund.
| created by this sectA1n. Said Treasurer shall,
M Confr0ller'S 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
proper receptacle, appropriately labeled; but
( he must keep always on mana "a suiIlc.2nj
amount Of money IN said sinking fund with
which TO pay the interest on the state bonds
herein proylued to he issued. And to provide
means for the payment OF said sum Of five
t,Ousaud one hundred and thirty-one dollars.
n.1Dthlv from said San Francisco HarbOT
In.provcmeut Fund into said San Francisco
Der OF sinking Fund, and for the other pay
lnents out OF said fund authorized by this
Act ana as provided tor therein. the said
Board of state Harbor Conmissloners are
hereby authorized and directed, bv the coilec-
ton of dOcSage, wharfage, tolls, rents anu
cFauage, 70 collect a sum OF money SnthcICut
therefor over ana aDove the amount limited
Iyy section two thousand live hundred and
ttyerty-six Of the Political Code Of the Stlte
0r California. After the payment OF ali-sGld
bonds the sur Dlus or balance remaining IN said
sinking fund, If any there pe, snail forthwith
b. paid into tho San Francisco Harb0r I'M
provemeut t'una. At the maturity OF SAID
State bonds the saNd Treasurer shall sell the
United states bonL'e Ilen in stld sinking iuna,
at governing market n4les, ana place Tue pro
/ ceeGS in said san rl1clscO Depot Sinking
Fund and shall pay out The same in eNtil-
s1lishIncnt Of said stat5 bonds, on Controllers
warrants duly drawn torthot purpose.
SEC 6. The State Treas neE shall Keep tCll
and particular account and record OF all his
transmit to the Governor an ABSTRACT OF an his
proceedings hereunder, with mas annual re-
port 10 ne by the Governor lald heIorc me
LEGISLATURE; and oil books and papers psr.ain-
ING 10 the matter provided iOr in his Act
shall al all times be open 10 the inspection Of
any party interested, or the Governor. or At
tOrnty- General, or committee OF e-tAcr
branch of the Legislature or joint commit
tee OF both.
SEC 7. Ii 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 pTOvi led TOR in this Act. on Controllers
warrants duly drawn for that purpose.
SIC. S. TINS Act, if adopted by the people,
as hereinafter provided for, shall take effect
on the thirty-drst day Of December, A. ID.
eighteen hundred and ninety-two as to all its
provisions except those relating to and necls-
Sary for its submission to the people, and for
returning, csnNassug and procla1mfng the
votes and SIS 70 said excepted provisions this
Act shall take effect Immediately.
SEC. 9. IDiS Act shall be submitted to the
people OF the State Of California for their T. IT,
ncItion at the next general election 70 be
holden Ii the month OF NOvem Der, A. ID.
eighteen hundred and ninety-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 shalt write
or have printed on their ballots the words
''tor the San francisco Depot Act" and those
voting against the same shall write or have
the san Francisco Depot Act" The Governor
OF this State shaiI incluCe the submission OF
this Act to the pcopIe as Aforesaid in his proc
laInatiOn calling Tor said general election
SIC 10 The votes cast for OF against this
Act shall be counted, returned and cIn-
wassed, and declared in the same manner and
subject TO the same rules as votes cast Tor
Stute Ulcers: and If it appears that said Act
shall ha We received majority OF all the votes
cast for and against 1t at such election as
Aforesaid, then the same shall hgfe effect as
able until the principal ana interest Of tho
Liabilities herein created shall be paid and dis