"Third--To expend the sum of seven hundred thousand
dollars ($700,000) for the purpose of purchasing land, and
constructing and putting up on such land as shall be designated
by the party of the first part, a powerful telescope, superior to
and more powerful than any telescope yet made, with all the
machinery appertaining thereto and appropriately connected
therewith, or that is necessary and convenient to the most
powerful telescope now in use, or suited to one more powerful
than any yet constructed; and also a suitable observatory
connected therewith. The parties of the second part hereto,
and their successors, shall, as soon as said telescope and
observatory are constructed, convey the land whereupon the
same may be situated, and the telescope and the observatory
and all the machinery and apparatus connected therewith to
the corporation known as the Regents of the University of
California; and if, after the construction of said telescope and
observatory there shall remain of said seven hundred thousand
dollars in gold coin any surplus, the said parties of the second
part shall turn over such surplus to said corporation to be
invested by it in bonds of the United States, or of the city
and county of San Francisco, or other good and safe interest-bearing bonds, and the income thereof shall be devoted to the
maintenance of said telescope and observatory, and shall be
made useful in promoting science; and the said telescope
and observatory are to be known as the Lick Astronomical
Department of the University of California."
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Under the provisions of this deed, a Board of Trustees,
composed of Messrs. R. S. Floyd, William Sherman, E. B.
Mastick, Charles M. Plum, and George Schoenwald, built the
Observatory and transferred it to the Regents of the University
on June 1, 1888. The whole cost of the establishment was
$610,000 (the instruments costing $111,906.38), and $90,000
is invested as an endowment.
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