The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-09-10

sinking fund for the payment OF said
bonds, and providing for the sub
mission of this Act to a vote OF the
people.
[Approved March IL, 1891.
TINE PEOPLE OF THE STATE OF CALI.
| i fornia, represented in Senate and Assem-
| bly,, do enact as follows:
SECTION L. For the purpose of providing
| fund for the payment of the Indebtedness
! hereby authorized to beincurred by the Board
| of State Harbor Commissioners, for the erec-
| ton and furnishing OF general railroad, pas
sengeT and ferry depot at or near the foot OF
! Market street, in the City and County OF San
francisco, at q cost not to exceed six hundred
| thousand dollars, which the said Board or
State Harbor Commissioners are hereby au-
thoriZed to construct in the manner ana
method autho lied by law, and at q cost not
1 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 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 rate offour
! per centurn per annum from their date, and
| snail be payable at the office of the State
| Treasurer at the expiration of nineteen years
| from their date. Said bonds shall bear date
| the nfSt day OF january, A. y. 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
| ONCE OF the said Treasurer on the first 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. ID. 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, countersigned by the
| Controller Endorsed by said Treasurer, and
shall have the seal OF the State affixed thereto:
| SEC. 2. Interest coupons shall be attached
| TO each bond, so that they may be removed
| without injury or muttlation to the bond.
| Said coupons consecutively mum bered 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 purchaser.
| SEC. 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 Fund, on Controllers warrants
duly drawn for that purpose.
! SEC. 4. When the bonds authorized to be
| issued under this Act shall be duly executed,
numbered consecutiyely, 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-
| tinue such sale, as to the whole or any part
| thereon, to any time and place he may select.
! Due notice of the 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 Oakland, two published in the City of Los
| Angeles and two published in the City of Sac
| ramentO, once 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 separate fund,
/ to be known ana designated as the "San
| Francisco Depot Fund" and must be used ex-
! clusively 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.
SEC 5. For the payment of the principal
! ana interest Of said bonds q sinking fund to
! be known ana 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
! 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
| 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 provided 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 paw
| ments out of said fund authorized by this
! Board of State Harbor Commissioners are
/ hereby authorized and directed, by the cCllec-
| ton of dOckage, wharfage, tolls, rents and
| cranage, to collect sum OF money sufficient
| therefor, over and above the amount limited
| by section two thousand five hundred and
! tWenty-Six of the Political Code of the State
| bonds the surplus or balance remaining in said
| sinking fund, if 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.
SEC 6. The State Treasurer shall keep full
and particular account and record of ali his
| proceedings under this Act, and he shall
! transmit to the Governor an abstract of all his
proceedings hereunder, with his annual re-
| port. to be by the Governor laid before the
| Legislature; and all books and papers pertain
| ing to the matter provided for in this Act
| shall at all times be open to the inspection of
any party interested, or the Governor, or At
| torney General, or committee of either
| branch OF the Legislature, or joint commit
! tee of both.
SEC 7. 1t shall be the duty of the State
! Treasurer to pay the interest on said bonds
4 tNn ff rNF Ef.
| fund provided for in this Act, on Controllers
| warrants duly drawn for that purpose
! SEC. 8. This Act, if adopted by the people,
| as hereinafter provided for, shall take effect
! on the thirty-tirst day of December A. u.
! eighteen hundred and ninety-tWo as to all its
! provisions, except those relating to and neces-
sary for its submission TO the people, and for
returning, canVassing and proclaiming the
! votes, and as to said excepted provisions this
Act shall take effect Immediately.
SEC. 8. This Act shall be submitted to tho
people OF the State of California for their rat-
tication at the next general election to be
holden in the month of Novem Der, A D.
| 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 shall write
| or have printed on their ballots the words,
| For the San Francisco Depot Act" and those
voting against the same shall write or have
| printed on their ballots the words against
the san Francisco Depot Act" The Governor
| OF this State shall include the submission of
this Act to the people as aforesaid in his proc
iaLIatiOIl Gazing loL sdIu general elecLlOn.
SEC 10. The votes cast for or against this
Act shall be counted, returned and can
vassed, and declared in the same manner and
| subject to the same rules as votes cast for
State officers; and If it appears that said Act
! shall have received o majority of all the votes
| cast for and against it ut such election as
| aforesaid, then the same shall have effect as
] hereinbefore provided, and shall be irrepeal-
| able until the principal and interest OF the
| liabilities herein created shall be paid and dis
charged, and the Governor shall make procla-
! nation thereof nut If n majority of the votes
cast as aforesaid arc against this Act, then the
] I'm 20 CHI Ltnn a h r--id