The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-18
WILL THEY BE VALID?
Questions Raised Concerning
Proposed City Bonds.
DEBT IN EXCESS or THE LIMIT.
Mr.. Thomas X. Shepard Points Out Grave
Legal Objections to the Present
Funding Scheme.


SEATTLE Dec. II, 1890.
To THE EDIroR: The fate of Tacoma's
$4,000 of city hall and refunding bonds,
contracted to be sold on August 30th last,
but now rejected by the buyers as illegal
on the strength of the opinion of so emin-
ent legal authority as Judge Dillon,
offers a hitting occasion for comment on
the pending action of our city toward the
issuing of more bonds, and for forecast
of the inevitable result of efforts to place
such bonds if authorized. shall do this
i'm the hope that the voters at the polls, on
January 10Th, viii save the city from an
absurd and discrediting position, by re-
fusing to authorize the issue.
The bonding proposition submitted by
ordinance No. i,547 published in this issue
of your papcr) for popular vote Is, in the
language of the ordinance title, PROPOSE
ton to issue "bonds in the sum of $751;
s04.6o for the funding of the outstanding
warrants on the road fund and outstand-
ing warrants on the fire fund, and interest
accumulated thereon, and also for indebt-
edness created by the widening OF Com
mercial, Second, South Second, South
Third and Front streets and establishing a
public square, with the interest accumu-
lated thereon" Its preamble recites that
the city's current assessed valuation
amounts to SIC, OILS, $50, that its bonded in
debtedness is $685., 200, and that said exist
ing bonded indebtedness and the proposed
additional bonded Indebtedness land all
of the indebtedness of said city of what
ever kind and character" "does not amount
TO 10 per cent" of said assessed valuation.
The ordinance then proceeds, in section L,
TO provide that on the 18th of January,
1891, pursuant to the provisions of an act
of the Legislature" authorizing cities and
towns to construct internal improvements
and to issue bonds to pay therefor" ap-
proved March Vi, 1890, there shall be held
a special city election that the voters may
vote for or against 'sthe proposition of
authorizing the city of Seattle to fund the
following Indebtedness by the issuance of
6per cent. bonds therefor
First-Outstanding warrants on the
road Iund, amounting on the LIST day
OF February, 1891, to the sum of. s3ss,674 80
Seeond-Outstanding warrants on the
fire fund, amounting TO the sum of. 1882 90
Interest ON the above road and fire
warrants to February l, lS91........ 1900 90
1bird-For the funding OF a city in
debtedness created by the widening
of Commercial, Second, South Sec
ond, South Third and Front streets,
and establishing public square =. 26S,23 20
Interest on said Indebtedness to Feb
ruary !, 1891 ACKNOWLEDGEMENTS. $500 90
Being total ACKNOWLEDGEMENTS I. -o4 60
BY the latter sections the places of vot-
ing are designated-only one in each ward,
instead OF one each in precincts containing
not over 300 voters; the election officers
are appointed; the form of the ballot is
designatcd-the number of this ordinance.
to be referred to in the text of the ballot,
being left blank in the ordinance as en-
crossed, authenticated and approved; the
notice of election is prescribed, and the is
suing OF the bonds if authorized at the
polls, and the subsequent financial affairs
relating to them, are regulated.
waving the minor errors above alluded
TO, the foundation sought in this ordinance
to be laid for the issue of these proposed
bonds is fatally defectivs in three main
particulars:
/. The bonds are not proposed for any