The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-03-04

AZ osymrsA. wssa.. March !. isso--
c.s.oYae4s VIII Dc received ~ ny of1ce N
v3ynpss ansi y o'caeck meridian On sae lssh
Gay % MARIA iSSas fof tie purchase Of TIE
eonds o. shs state OF " Washington. 70 the amount
Q, three hundred thousand SSSaa0ol eoilarx; %
o. issued e pursuance OF A scs Of Tie .essssa-
Which rssds szhstansfasiy as fellows.
ne e1sssed b. The legislature OF the state oil
'.sxcrIoS 1. Thar. The governor. state auditor
ana state treasurer be and are hereby authorised
20 borrow, en- the credit Of the state the Aurn az
teFee hundred inossand dollars $40 on. OF 50
mnco thereof - Eay 10 necessary 10 aa9state
TIE sasd Indebtedness ~ . ra;c Of interest ncs
exceeding nve 10 Per cent per aunurn. which
money. % borrowed. shali Dc paid ~ any time
after i've years. and within nfteea years. Of the
opfiou OF the state.
SEC 2 Ihis loan shall Be made upon state
bonds. which honda shal be signed b. the gov
error and asfesfed By the secretary Of state uu-
Ger the seal Of the state. and ccunisniSned and
rSsistered BY the state auditor. it shall be the
cuty OF the kcvernor and state auditor 10 csnse
70 be prepared tor such purrose bonds os tie
state to the amount al three hundred thousand
dollars g@Snso o0i. which shall be Of denomina-
tons not less than one thousand dollars f$l.eol
each, and shall. on their face, be made parable
- any time after i've years, and within Effer1
years, trom their date. ~ the option OF the state,
e The once Of the state treasurer. and they
shsli pledge the faith and credit OF the state 70
the payment thereof.
sec 3 whenever the interest on the above
honds shall become due. the same shall be paid
SEC. For ,he purpose OF providing fund
Tor the Redemption ct said bonds aud payment
OF interest thereon. the state auditor 10 hereby
authorized and required 10 levy for nve 80 con-
Eecutsve years an annuai tax net exceeding one
tenth C-iol Of one mill on tae dollar al the tax
able property OF the state. which tax. when col
leeted, shall be known ~ the Interest fund.-"
and shall he applied solely 10 the payment Of
the interest on said bonds. In tie year 1895 and
thereafter the stale sueitor il hereby authorized
and required TO levy an annual tax OF not ex-
ceedfng one nfth tlSS Of one mil on the dailsr on
the taxable property of tbs state. which tax,
when collected, shah be known - the
redemption fund. aud shall. until
be applied soiety TO the payment thereof In the
following manner. via. Whenever the amount
thereof shall exceed . sam sufficient 10 pay the
interest falling due ~ the next annual period OF
payment. then such excess remaining after set
ting apart sufficient for the payment OF such IN
terest, shall be used and paid nor the redemption
Of so many OF said bonds as the same shalt be
sufacsent 70 redeem When said bonds are all
redeemed, and all interest thereon paid. the
residue of said fund. and all subsequent eeisec~
lions OF said tax. shall be transferred 20 the gen
ersi revenue of the state
The bonds Will be sold to the bidder or bidders
who viii mske the loan provided for ia ssId act
~ the lowest rate Of interest; or TO the bidder
bidders Offering the highest premium for said
bonds, bearing interest at the rate OF five per
centum Isl per anuur1. ~ may be determined by
the governor, state auditor and state treasurer.
T. ~ REED. State Auditor