The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-03-08
NoTICE-oFFICE or STArR AUDITOR.
~ OlyEpsA. wash. NarrA L sSaa-

~ &@R~4s ~ 49, ~ 8rI2 L.. 3$kf-
Proposals viii Dc received q my ofsce In
okymp,a, until y o'clock meridian on ske 18Th
DAY OF March. 1880. for the purchase OF tae
Of three hundred thousand lssfno0j solar; 10
ss issusd u pursuance ct "a ass od the lesisla-
ture Of saia stale. spproved February -. issa
BE II enacted b. the lesiaiafars Of the state Of
Waxhiugtcu.
ssxcTioS / That TIA governor. STATE auditor
ana state treasurer Be and ARE hereby authorized
70 borrow. On the credit of the state. the sasn at
t6ree hundred thousand da.lsrs $40 0pl cF %
fnnca thereof - rnay - necessary to ltcrsdAte
the said Indebtedness af rate OF interest not
exceeding I've 80 per cent per annum. which
money. 10 borrowed, shall Be raid al any time
alter ave years. aud within tfseen years. 81 tie
option OF the state.
sSec = This loan shall be made urou stase
bonds. which bonds shall he signed by the gov
ernor and afsexfed by the secretary Of state un-
Ger the SEA OF the state. and ccunseriRued aud
reeistered by the state andtsof. 10 shall be the
duty Of the governor and state auditor TO cause
TO be prepared for such purpose bonds OF the
state TO the amount OF three hundred thousand
tons not less than one thousand dollars tsi pss
EACH and shall ON their face. be made payable
1t any time after eve years. aud within fifteen
wears, from their date. at the option OF The state.
shall pledge the faith and credit of the state 70
the payment thereof.
bonds shall become due, the same shall be paid
by the state tre&suref.
Sec For the purpose Of providing fund
for the Redemption of said bonds and payment
Of interest thereon. the state auditor 10 hereby
authorized and required 70 levy for Eve t5l com
secutive years an annual tax not exceeding one
tenth q 10 Of one mill on the dollar of the tax
able property of the state. which tax. when col
jeeteu, shall be known ~ the .sinteress fund.-
and shall be applied solely to the payment Of
the interest on said bonds In the yesr 1888 and
thereafter the state auditor IL hereby authorized
aud required TO levy an annual tax Of not ex-
ceedine onefift u-ss Of one mill on the dollar on
the taxable property Of the state. which tax,
when collected. shall be known - the
redemption fund" and shall. until
such bonds and interest are paid,
be applied solely 10 the payment thereof in the
following manner. viz: whenever the amount
thereof shaii exceed snm SUFFICIENT 10 pay the
interest falling due at the next annual period OF
payment then such excess remaining. after set
ting apart SUFFICIENT for the payment OF such In
tercss shall be used and paid for the redemptio
of so many of said bonds a. the same shal be
sufficient 10 redeem. when said bonds ere all
redeemed. and all interest thereon paid. the
residue of said fund. and oil subsequent coiiec-
lions OF said tax shall be transferred to the gen.
eral revenue OF the state"
The bonds viii Be sold 10 the bidder or bidders
who win make the loan provided for In said act
AZ the lowest rate OF interest or to the bidder or
bidders offering the highest premium for said
bonds, bearing interest ~ the rate Of q per
cenfum ~ per annum. % may be determined BY
the governor, state auditor aud state treasurer.
T. NJ REED. State Auditor.