The morning call., 1892-11-07
POLITICAL.

manner and method authorized By law. and at
cost Bot 10 exceed the said six hundred thousand
dollars the STATE Treasurer shall, Immediately
amer 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.
dfed dollats each; five hundred bonds. In the
denomination or hye hundred dollars each; two
undred and hily bonds, In The denomination OF
one thousand dollars each. The whole Issue OF
said bonds shall not exceed the sum Of six hun
dred thousand dollars, which saio bonds shall
annhn from their date. and shall be
payable AT The office Of the State Treasurer
al The expiration OF nineteen years from their
cate. said bonds shall bear date Ibe first day OF
January, A. ID. eighteen hundred aud ninety
three. and shall be payable on the first day Of
January, A. ID. nineteen hundred aud tweiyr.
lhe interest accruiug OH said bonds shall be due
ana payable at tho offce OF the said Treasurer
on The first day of January and the first day of
july OF each year; provided, that the first pay
mrnt of interest shall be made on The first day of
July, \. ID. eighteen hundred and nineiy-tbree.
on SO many OF said bonds as have been thereto
Iore issued. AT the expiration OF nineteen years
from the date OF, said bonds they shall cease 10
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,
countersgned by The Controller, lndorsed by said
affixed thereto
SEC. 2. Interest coupons shall be attached 10
each bond. so that they may be removed without
injury or mutilatfon To the bond. Said coupons.
consecutlyey numbered shall be signed by the
State Treasurer. But no interest on any Of said
bonds shall be paid for any time which may in-
tefvene between the date OF any OF said bonds
aud The issue thereof 10 a purchaser.
SIC. 3. TIE sum OF one thousand dollars Is
hereby appropriated 10 ray the expense that
may be Incurred by the State Treasurer In hav-
lug said bonds prepared. Said amount shall be
paid out OF the San Francisco Harbor Improve
ment Fund. on Controllers warrants duly drawn
Tor III { purpose.
SEC. A. When the bonds authorized to be
issued under this Act snail be duly executed,
numbered consecuiively, and sealed. they shall
be by the State Treasurer sold at public auction
10 The highest bidder for cash. aud In such par
cells as said treasurer shall deem best; but be
must reject any and all bids for said bonds, OF
any OF them, which shall br below the par value
OF said bonds; aud he may. by public announce.
meDt at the place OF sale, continue such sale,
as TO The whole or any part thereof, 10
any time and place lie may select. Due notice OF
the place ana 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 pub
lished in the city of Oakland, two published iu
The city OF Los Angeles, and two published iD
the city OF SACRAMENTO. once week Tor 1Vur
weeks prior To such sale. The costs of such pup
licatlon shall be paid out Of the San francisco
Harbor Improvement fuBd. on Controllers war
rants duly drawn for that purpose. The pro-
ceeds Of the sale OF such bonds shall be forth
with paid over by said Treasurer into the treas
ury. and must be by hm kept In separate iund.
TO be known aud designated as The "San Frau