Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-11-21

and taxes collected thereon as that the
entire face of the said bonds and inter
est thereon shall be fully paid on OF
before the time when they sh all by
their terms become due.
Sec. u. Ii upon any offer of said bonds
at public auction as aforesaid no one
shall offer TO take the same at par. the
said sale may be postponed at ths option
OF the County Treasurer, to another
day then to be then and there an
nounced, not more than one week sub
sequent TO the day of said offer, and no.
tlce OF such postponement shall be pub
iish-d IN some daily newspaper in said
co1nty, as the circumstances will BEST
permit. or new order of sale may be
made and notice given by the said Board
OF County Commissioners as in their
Judgment shall be best; and, provided,
that If the said Board find it impossible
TO sell the said bonds at par, or to thus
sell bonds of the same character bear
Ing such higher rate of interest as they
are herein permitted TO issue, they shall
be and are empowered to issue and paw
the said bonds at par for services per
formed upon the said canal, properly
chArReable against the said Canal In
provement Fund"
Sec. %. That if at any time in the
Judgment Of the said Beard of County
Commissioners it shall be possible to
sell bonds of the above character at par,
bearing a less rate of interest than the
rate accruinR on the bonds which shall
be outstanding and next subject to call,
that within q reasonable time before the
annual day upon which said outstand-
ing bonds may by their terms be sub
ject to call, they shall issue and offer
for sale In the manner herein provided,
such an amount of new bonds Of the
character above specified. not to exceed
at any one time the sum of $4,000,
bearing interest at the least rate which
In their judgment will make them mar
ketabis at par, whether the said amount
OF FD,UO may, together with the
amount of bonds therefore outstanding,
exceed in amount the sum of 100000,
and If the said bonds offered for sale,
or any of them, shall be sold. they shall
be dated, and the name of the payee
written therein by the Treasurer, as
aforesaid, and delivered to the purchaser
and the proceeds retained by the County
Treasurer and credited to an account to
be opened and kept by him, to be known
as the Canal Refunding Account" and
that the Board of County Commission
ers shall Immediately call in, by public
notice as herein provided, such an
amount of outstanding bonds subject
to call as may be paid by the money in
the said "Canal Refunding Account"
and that such bonds thus offered as
shall not have been sold shall be re-
tanned by the said Treasurer, to be
offered at such further sales as may be
ordered, or subject to the order of the
Board of County Commissioners.
SEQ. q. That the notice required to
be given in all cases where bonds are to
be called in shall be a publication for GO
days, weekly in some weekly newspaper
having general circulation in the said
county of King.
SEQ. "a. That upon the sale of bonds
for refunding purposes as herein pro-
vided, any holder of an outstanding
bond provided for in this act which
bears a higher rate Of interest than the
rate borne by the bonds thus being
offered for sale, may become purchaser
of said bonds on sale, and the bonds
held by him shall, upon mis- consent, be
taken at par in payment towards the
payment of the price at which the new
bonds shall be sold to him.
Sec. %. This act shall take effect and
be in force from and after its approval
by tho Governor.