The record-union., 1892-08-27

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
naissiOners of a general ferry and
passenger depot in the City and
County Of San Francisco; to create q
sinking fund for the payment of said.
bonds, and providing for the sub
mission of this Act to a vote OF the
people.
rApproved March II, 1891.
rTYHE PEOPLE OF THE STATE or CALL
/ fOrnia, represented in Senate and Assem-
bly,, DO enact as follows:
SECTION l. For the purpose of providing q
fund for the payment of the Indebtedness
hereby authorized to be incurred by the Board
OF State HarbGr Commissioners, for the erec-
ton and furnishing of q general railroad, pas
sengeT ana ferry depot at or near the foot of
Market street, III the City and County OF san
Francisco, At q cost not to exceed six hundred
thousand dollars, which the said Board OF
state Harbor Commissioners are hereby au-
thorlHeQ 10 construct III the manner ana
method autho lied by law, and at costnot
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
nunuleQ dollars eacn; flVe 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, wnich
said bonds shall bear interest at the rate otfour
per centum per annum from their date, ana
shall be payable at the office Of the state
Treasurer at the expiration of nineteen years
from their date. Said bonds shall bear date
the first day of January, A. D. eighteen nun
dreC and nlnety-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. d. eighteen hundred and ninety-three, on
SO many of said bonds as have been thereto
fore issued. Al 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, counteisigned by the
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, SO that they may be removed
without injury or mutilation 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 tor
any time which may intervene between the
date of any of said bonds and the issue thereof
| to a 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 he paid out of the San Francesca 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
numb bered 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 sha!: 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
thereof, 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 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
proyement Fund, on Controllers warrants
duly drawn for that purpose. The pTOcC eds
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 rs 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
Fund.
SEC 5. For the payment of the principal
/ and interest of said bonds 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 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 thrty-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 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 HarboT
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, by the collec-
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
of California After the payment OF all said
bonds the surplus or balance remaining in said
sinking fund, If any there be, shall forthwith
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 keen fun
j and particular account and record OF all his
! proceedings under this Act, and he shall
/ transmit TO the Governor an abstract OF all his
proceedings thereunder, with his annual re-
| port to he by the Governor laid before the
| Legislature; and ali 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 q joint commit
SEC. :. 1t 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 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-first day of December. A. D.
! 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 the
people of the State of California for their rat
! fication at the next general election to be
holden in the month of Novem Der, A. D.
! eighteen Dunureu anu nlnety-tWO; and the
| qualified electors of the State shall, at said
! election, on their ballots, vote for or against
! this Act; those voting tor 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.p 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 cast for or against this
Act Shall be counted, returned and can
| yassed. and declnred in the Saunn manner and