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

Board, and the common seal of the said
Board to be affixed thereto. and to cause
each coupon attached thereto to be
signed by the Chairman of the said
Board, and its said ex officio Clerk.
And that from time to time thereafter.
the said Board of Commissioners. or
their SUCCESSORS, shall cause to be filled
out, except as 10 the date, and the name
OF the payee, and executed, as above
| specified, bonds and coupons of the
same character as those above directed
TO be issued, except as otherwise pro-
vided, and consecutive therewith in
number provided, however, that no
bond shall be made to fall due at an
earlier date than any bond previously
| issued and said bonds to be issued for
amounts not to exceed such aggregate
sum as in the judgment of the said
Board will be necessary to meet the
necessary demands upon the "canal
improvement fund" aforesaid, during a
period of six months after the said issue
shall be sold as aforesaid.
Bee. IL. That such bonds as may be
issued from time to time by the said
board OF Commissioners as aforesaid,
shall be Immediately placed in the Gus
tody OF the Treasurer of said King
County.
SEQ. Ii. That from time to time the
said Board of Commissioners, or their
successors, may cause to be offered at
pablo auction by the Treasurer of the
said county, at his Office, at time to be
specified by the said Board. to the high
est bidder for cash. in United States
gold coin, such amoupts of the bonds
herein provided for as they have there
tofore executed, or such less amount as
the said Board shall deem necessary to
be sold to meet the demands upon the
canal improvement fund.- for the De-
riod of six months from the date of the
proposed sale of the said bonds; pro-
vidod, however. that none of the said
bonds shall be sold at price less than
their face in United States gold coin.
SEQ. IA. That the County Treasurer of
the said county shall be the custodian
OF the said bonds unsold, and of the
proceeds of such of them as shall be
sold. and shall be responsible for the
safety thereof upon his official bond, as
for other moneys and property beisng-
ing to the county placed in his hands.
and that he shall place such bonds and
moneys realized from such sales of
bonds to the credit of AT account to be
opened and kept by him. STYLED "the
canal improvement fund" and to pay
out moneys and bonds from such fdnd
only upon the direction of the Board of
County Commissioners, and upon the
presentation to him of warrant there
for from the County Auditor Of said
county, as in the case of the disburse-
ment of other money belonging to the
county.
Sec. 15. That ali bonds provided for
in this act shall, after they are ready
for delivery. and before their delivery
to their purchasers, be presented to the
County Treasurer of said county, who
shall thereupon detach from said bonds
such of the coupons attached thereto, If
any, as are not needed thereon in view
of the time for which the bond is to
run, and the said bonds and coupons
shall be by him dated AS in this act pro-
vided, and he shall properly enter the
name of the respective purchasers of
said bonds as the payees thereof, and
he shall thereon register each and every
enc of said bonds in book to be kept
by him exclusively for that purpose,
which record shall show the number of
each bond, its amount, its date, the
date Of its falling due, the rate of in
terest it bears, the number of coupons
attached thereto, the dates respectively
when they fall due and the amount OF
each. and the name of the payee writ
ten in said bond, and shall thereupon
deliver the said bond to the payee there
of, taking his receipt for such delivery
in the said book of registry.
Sec. lG. That the Board of County
Commissioners of King County afors
said are hereby constituted, ex officio,
Board of Canal Commissioners, whose
duty it shall be, and who are hereby en-
powered to manage, direct and controlthe
construction, completion. improvement,
changing, alteration, extension, main
t0hance and repair of said canal and all
matters incident thereto. And that the
County Surveyor of said County is here
by constituted er oficio Canal Engineer
of said canal, subject to she direction of
said Board of Canal Commissioners.
And that for their services in and about
said canal the said Commissioners and
the Engineer be allowed the same fees
and compensation rs they are now al
lowed by law for duties performed by
them for the county, such fees and COM
pensation to be paid out of the said
"canal improvement fund" for any of
the above purposes other than mainte-
nance or repair, il for such purposes,
from the canal expense fund.-"
Sec. IL. That the said Board of Canal
Commissioners shall have full power to
cause to be made, preliminary and
other surveys and such soundings and
other Investigations, aad to direct and
cause to be done, and to contract for,
upon such terms, and for such prices.
>b l.hnp anI irs,ppCvor,ar.ko
in the Judgment of the said Board, shall
be for the best interests of said county
and for the greatest efficiency of the said
canal, and to direct payment for the
same ont of the respective canal funds
as may be proper: but in no case to
contract for or cause to be incurred
any Indebtedness Of such amount that
the Indebtedness thereby incurred to-
gether with all the money which has
been Heretofore expended out of and
liabilities incurred against the said
"canal Improvement fund" shall exceed
the sum Of 100000.
Sec. Is. That from the time of the
purchase of the canal aforesaid un:il
the time when the first payment of taxes
upon the special levy for the creation
of the "canal expense fund" as herein
before provided, shall have been made.
the Board Of County Commissioners
shall expend and pay ont of the ''canal
improvement fund" hereinbefore
created. such sums Of money as in their
Judgment may be necessary for the
maintenance and repair of said canal
during that time.
Sec. IS. That from year 10 year here
after, ct the time Of the general levy of
taxes, the County Commissioners shall
estimate and determine the amount OF
money necessary for the maintenance
and repair Of said canal for the ensu-
ing year, and levy q special tax therefor
not to exceed one { II mill on each dol
lar OF taxable property in the said coun-
tv according to the last assessment roll
Of the County Assessor Of said county
previous TO the said levy, to be known
as a especial canal expense tax, which
tax shall be levied, equalizsd and col
lected Ia the Same manner and by the
same officers ct other taxes are aqual-
izsa and collected.
Sec. %. That Immediately after the
purchase aforesaid and from year 70
wear thereafter, and at the time Of the
general levy of taxes in said county.
the said Board of County Commission
ers shall estimate and determine the
amount Of interest which will fall due
On the bonds hersinbefore provided