The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-03-10

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NoTIcE-orFIcE on STATE AUDITOR
~ olympia wash, Marcia I. iseo-
,froposAs vii Be recetved IS nay eflce IN
day Of March. isso, Tor she pa-rhsss Of me
bonds Of the tfAte of Waxhsnxsen % the amount
q three handrrd thousand gssnous sollars: 10
snre Of said s..se. approved rehruary Is. $50,
which seats substantially = follows.
be u enacted ~ the legislature Of the state Of
-sKcriosi i. That the governor. state auditor
and stale treasurer be and ere hereby Authorized
e borrow. On the credit of the stale. the sara Of
three hundred thousand dollars $50 CO., or 50
much thereof ~ may be necessary 70 hauiasfe
she sasd indebtedness 81 3 rate OF interest," not
exeeeding ave co. per cent per annun, which
Haoacy, so borrowed. shall be paid az auy time
After Eve years. and watnin Efseeu years at tia
option os the state
bonds. which bonds shaii be sisned BY the GOV
ernor and Atsested by the secretary of state an
der the Sea OF the stale ard caunserixned aud
registered BY the stase auditor, IL shah BE- the
duty OF the governor and state auditor 10 cause
to be prepared for such purpose bonds oil the
sfxte to the amount OF three hundred thousand
doiars t$2uot0ps. which shall BE- Of denomiaa-
hons not less than one thousand dollars txf.noo
each, and shall on their face BE- mad. payable
~ any time after Eve years. ana within afteen
years from their date, at the option Of the stale.
shall pledge the faith and credit OF the state 10
the payment thereof.
'-see. 8 whenever the interest on the above
eonds shah becosn. due, the same shall be paid
SEQ For the purpose Of providing fund
Tor the redemption Of said bonds and payment
authorized and required to levy for five fsl con-
secntsve years an annual tax not exceeding one
tenth tllo5 OF one mill on the dollar Of the tax
Abe property OF the state. which tax. when eol
and shall be applied solely 10 the payment Of
the interest on said bonds In the year 1886, and
thereafter the state au itor IL hereby authorized
and required to levy ANIMAL tax OF not ex-
ceedng one-fsh ti-5l OF one min ON the dollar
the taxable property Of the state, which tax.
when collected, shall be known - the
redemption fund" and shan. until
such bonds aud interest are paid,
be applied solely to the payment thereof in the
following manner. viz: whenever the amount
thereof shall exceed sum sufficient 10 pay the
interest failing due at the next animal period OF
payment. then such excess remaining. after set-
ting apart suficiens for the payment OF such In
terest shall be used and paid for the redemption
Of 50 many OF said bonds AZ the same shall be
sufficient to redeem. when said bonds are all
redeemed, and all interest thereon paid. the
reaidue Of said fand. and all subsequent colicc-
lions OF said tax shall be transferred to the gen.
eral revenue of the state
The bonds Will be sold to the bidder or bidders
who win make the loan provided for In said act
81 the lowest rate Of interest to The bidder or
bidders Offering the highest premium for said
bonds. bearing interest at the rate Of hse per
centnm f5) per annum, - may be determined By
the governor. state auditor and state treasurer.
~ ~ n-A A.