The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-03-05

0EtA y aACQH>
NoTlcz-oFYIcE or Stair AUDITOR.
olympia wash. March ]. 1Sa-
OLYMPIA. ansli u o'cloek MERRIAM On saa 18th
Gay Or Ms-cA. 1s2a. xns tbs purchase al sh@
easids OF tne sta:s al Washington. 10 the amount
b Issued u pursuance Of an aet Il ne lexssss-
tnrs OF saii STATE. approved rshrr&ry - lssa,
Which reads Substantially - follows:
e = enacted ey the legislature Of the state Of
~sKcT1os ! That TIE governor, state snaasor
And state treasurer be and are hereby authorised
three hundred thousand dollars sysa. eau. OF -
much thereof - may Re necessary - iieEsaste
the said iasee'ednesS 81 rate Of interest nos
sxsesaing ave 90 per cent per snnum. wsieh
AFTER ave years. and within nfseen years 81 the
option of the state.
sec : Tn. lean shan he made upoa ssAse
bonds. which bonds shall be signed hy the gov
error and o. ested by the SECRETARY OF state ua-
der the sea OF the state, and eouassrxigneSi and
registered ny the stale auditor. IL stall be the
cuty OF the goyerrof and STATE aadstor "a cause
70 be prepared tor saeh purpose bonds OF TIE
state 70 the amount % three hundred thousand
dollars stSaooD. watch shall be 81 denamina-
tons rot less than one thousand Collars ksf Gee
each, and shall. on their face. Be made pas abe
~ any time after I've years. and within fifteen
yeas. from their date. ~ the optsea OF the state
shall pledge the faith and credit oi the state 70
the payment thereof.
Sec s whenever the interest on the above
bonds shAu become due, the same shall be paid
by the state treasurer.
Sec For the purpoee Of providing fund
for the redemption OF said bonds and payment
OF interest thereon. the state auditor ID hereby
authorized and required 10 levy for Eve tss con-
kecutsve years an annual tax not exceeding one
tenth Il lel of one mill on the dollar Of TIE tax
shle property OF the STATE. which tax. when col
lected. shall be known ~ the interest fund.-
and shall he applied solely 70 the payment OF
the interest on said bonds In the year 1885, and
thereafter. the state auditor Is hereby authorized
and required to levy an ANIMAL tax OF not ex
ceeding one 9Th ti5l OF one mill on the dollar on
the taxable property OF the state. which Tax.
when collected, shall BE- known Is the
such bends and interest are paid.
be applied solely TO the payment thereof in tie
following manner. viz: whenever the amount
thereof shall exceed q sum sufficient TO pas the
interest falling due 1T the next annual period OF
payment, then such excess remsintng. alter set
ting apart sufficient for the payment Of such In
terest. shall be used and paid Tor the redemption
OF so many of said bonds as the same shall be
sufficient 70 redeem. when said bonds ase all
redeemed. and all interest thereon paid. the
residue of said fund. and all subsequent coliec-
TONS OF said tax shall be transferred 10 the gen.
era revenue OF the state"
The bonds will be sold 10 the bidder or bidders
WHO will make the loan provided for IN said act
at the lowest rate of interest. 70 the bidder
bidders Offering the highest premium Tor said
bonds, bearing interest at the rate of nee per
centum (5} per annuu. - may be determined by
the governor, state auditor and state treasurer
T. N. REID. State Auditor.