The morning call., 1892-10-28
POLITICAL.

manner and method authorized by law, and at a
cost not 10 exceed the said six hundred thousand
dollars, the State Treasurer shall, immediately
AFTER the Issuance OF The PROCLAMATION OF the
Governor, hereinafter provided Tor, prepare
suitable bonds Of the State OF California: one
thousand bonds, In the denomination OF one hun
dred dollars each; five hundred bonds, in the
denomination OF five hundred dollars each; two
hundred and fifty bonds, In the denomination Of
one thousand dollars each. The whole issue oil
SAID bonds snail not exceed the sum Of six hun.
bred thousand dollars, which said bonds shall
bear interest at the rate OF four per centnm per
annum from their date. and shall be
at the expiration OF nineteen years from their
date. Said bonds shall bear date the first day OF
three and shall be payable on the first day of
January, A. d. nineteen hundred and twelve.
Inc interest accruing on said bonds shall he due
and payable at the of1ico OF the said treasure
on the first day OF January and the first day Of
July OF each year; provided, that the first pay.
msnt OF interest 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. ut 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 Francisco Depot
Sinking Fund, provided for hereafter 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 mntilation 10 the bond. Said coupons,
consecutiyely numbered, shall be signed by the
State Treasurer. But no interest on any OF said
bonds shall be paid Tor any time which may In
teryene between the date of any OF said bonds
and the issue thereof 10 a purchaser.
SEC. 3. Tie sum OF one thousand dollars is
hereby appropriated 10 pay the expense that
may be incurred by the State Treasurer In hay-
Ing said bonds prepared. Said amount shall be
paid out OF the San Francisco Harbor Improve
ment Fund, on Controllers warrants duly drawn
for th I purpose.
SEC. 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
10 the highest bidder for cash. aud in such par
GELS as said Treasurer shall deem best; but ne
must reject any and all bids for said bonds, o.
any OF them, which shall be below the par value
of said bonds; and no may, by public announce
ment at the place Oh SALE continue such sale,
as to The whole or any part thereof, To-
any time and place he may select. Due notice OF
the place ana time OF sale OF such bonds shall lie
given by said Treasurer, by publication in TWO
newspapers published In the City aud County OF
San Francisco, and also In Two newspapers pub
lished In the city o. Oakland, two published III
lie city OF Los Angeles, and two published IN
the city of sacramento. once week Tor 10ur
weeks prior 10 such sale. The costs OF such puD-
lcaton shall be paid cut Of the San Francisco
Haibor Improvement FUND, on Controllers war
rants duly drawn for that purpose. The pro-
ceeds OF the sale OF such bonds shall be forin-
with paid over by said Treasurer into the treas
ury and must be by him kept In a separate iund,
to.pe known aud designated as the ''San Fran