The record-union., 1892-11-05

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.
Approved March II, 1871
THE PEOPLE OF THE STATE OF CALL
/ lornla, represented in Senate and Assem-
bly, do enact as follows:
SECTION 1. For the purpose of providing
Iunu for the payment OF the Indebtedness
netepy authorized to beincurred by the Board
OF state Har5or Commissioners, for the erec-
ton and furnishing of a general railroad, pas
Scnger ana 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
dollars, which the said Board OF
state HarbOr Commissioners are hereby au-
thorlzed TO construct in the manner and
method author ized 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 Cow
ernOr, hereinafter provided for, prepare suit
able bonds of the State of California; one
thousand bonds III the denomination of one
hundred dollars each; five hundred bonds in
the denomination OF nve hundred dollars
each; TWO hundred and fifty bonds in the de-
of one thousand dollars each. The
whole issue of said bonds shall not exceed the
sum Cf six hundred thousand dollars. wnich
said bonds shall bear interest at the rate offour
per centum per annum from their date, and
snail be payable at the office of the state
Treasurer at the expiration of nineteen years
rom their date. Said bonds shall bear date
the hrst day of January, A. D. eighteen hun-
dred and ninety three, and shall be payable
on the first day Of January. A. d. nlnereen
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. D. eighteen hundred and ninety-three, on
50 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 thg
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 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 purchaser.
SEC. 3. The sum of one thousand dollars is
hereby appropriated to pay the expense that
having said bonds prepared. Said amount
shall be paid out of the San Francisco Harbor
lmpro vement Fund, Oh Controllers warrants
duly drawn for that purpose.
SIC. 4. When the bonds authorized 10 be
issued under this Act shall 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 or sale, con-
tinue such sale, as to the whole or any part
thereof to any time and place he may select.
Due notice of 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. ana
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 a separate fund,
to be known ana designated 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. 8. For the payment OF the 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 day of each ana
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,
o. Controllers warrants duly drawn for that
purpose, employ the moneys II said sinking
fund in the purchase of bonds of the United
States which said bonds shah be kept in
proper receptacle, appropriately labeled: but
he must keep always on hand q 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, ana for the other pay
ments out Of said fund authorized by this
Act and as provided for therein. the said
Board OF State Harbor Commissioners are
hereby authorized and directed. bv the collec-
ton of oockage, wharfage, tolls, rents and
cranage, to collect sum OF money sufficient
therefor. over and above the amount limited
by section two thousand five hundred aud
twenty-six Of the Political Code Of the State
of California. After the payment of all.said
bonds the surplus or Balance remaining IN said
sinking fund, If any there oe. shall forthwith
be paid into the San Francisco Harbor I'M
provement Fund. At the maturity OF said
State bonds the said Treasurer shah 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. g. 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 ell 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
SEC. T. 1t shall be the duty Of the state
Treasurer to pay the interest on said bonds
fund provided for in this Act, on Controllers
warrants euly drawn for that purpose
SEC. s. This Act, if adopted by the people,
on the thirty-frst day of December. A. D.
eighteen hundred and nipety-two as to all its
provisions. except those relating 10 and neces-
sary for its submission to the people, and for
returning, canvassing and proclatmihg the
votes, and as to said excepted provisions this
Act shall take effect Immediately.
SEC. 9. This Act shall be submitted TO tbs
people of the State of California for their ra+i-
ncation at the next general election to be
holden in the month OF Noven0 ber Al. y.
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 shah Write
or have printed on their ballots the words
''For the San FranciFc CO 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
lamation calling for said general election
SEC. 10. The votes cast4or or against this
Act shall be counted, returned, and can
vassed, and declared in the same manner and
subject to the same rules votes cast for
State officers; and If 1t appears that said Act
shall have received majority Of oil the votes
cast for and against it at Sucn election az
aforesaid, then the same shall have effect az
hereinbefore provided, and shall be irrepeal-
able until the principal and interest OF the