The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-03-06
NOIiCE-OEFICE OF STATE ATpITOR
~ 0.ymrsA. NAH Marrh 4 1.sl--


FFcpasAs Viii be received a. my ossee II
y1sMpss anti u O'clock mcclellan On fAs issa
eas o. Marca. issa for tee purchase Of the
81 three hundred thousand ssss0o5 aasIars. 20
Dc issued N pursuance 81 al act OK tie lexssaa-
tare q sasa ssste. spEs0yeSi Fear1Ary e. issa.
wh.ea reszss substantially as fellows:
Be y enacted BY the Legislature Of the state OF
Washington.
''sEcTioS |. Tha, TIE governor. state auditor
and state treasurer Be and are hereby au;horssed
% borrow. en- tue ers1af OF the s-afe the saTa az
three hundred thousand dollars sac one o. SO
much thereof - nnay Ne necessary - liqaitste
fEe SAID 1enfeaness at q rate 81 interest rot
exceeding Eve sSl per cent per gnuagn which
money. 80 borrowed, shah De PAID a. any time
alter ave years- and within Etseeu years. az the
''sse. This loan SHALL he made uron state
bonds. which bonds shall he signed BIZ the sew
eruor and atsesfed by the secretary OF state an.
Ger the seal OF the state, ard connsersigned and
reeisisfea hy the state auditor. 70 shall be the
cusy OF the governor and state aHditor 70 esnxe
TO be prepared Tor such purpose honds of the
state 10 the amount OF three hundred thousand
dollars gsss1ool. which shali be II denomina-
tons not less than one thousand dollars Isl nsf
each. and shall. on their face. be made pay abe
:. sny srs as'sr ave .s:,s and .saia ns.ssn
~ the ofnee OF the state treasurer. aud they
shall pledge TIE faith and credit OF the state TO
the payment thereof
'.see 8 whsnsver the interest on the shav.
bonds shall eecora. due. The same shall be paid
by the state treasured
Sec. FOR the purpose OF rrcysG2DE faa1
for the redemption OF said bonds and payment
OF interest thereon. the state auditor 10 hereby
authorised and required 20 levy for FIVE lSs con-
sec0fiye years an annual txg not exceeding one
tenth a To- of enc mill on the dollar OF tae tax
able property OF the state. which tax. when col.
iscfed, shall be known a. the interest fund"
and shall be applied solely 10 the payment of
the interest on said boads. In The ear 1888 ana
thereafter. the state All iior is herehy authorized
aud required 20 levy ar annual tax OF not ex-
ceedine cneffrh tl5l OF one mill on tie dollar on
the taxable property OF the state, which tax,
when collected. shall be kncwa a. the
redemption fund" and shall until
such bonds and interes; are paid.
b. applied solely 20 the payment thereof in the
following manner, viz Whenever the amount
thereof shall exceed a sum SUFFICIENT 10 pas the
interest failing due at the next annual period OF
payment then such excess Remaining, after set
TING apart sufficient for the payment OF such In
teress. shall be used and paid Tor the redemption
of SO many of saic bonds as the same sasi. be
sufficient 20 redeem. when said bonds are all
redeemed. and ell Interest thereon paid. the
residue Of said fund. and all subsequent coiec-
tons 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 viii make the loan provided for Ia said act
st the lowest rate OF interest. TO the bidder
bidders offering the highest premium for said
bonds. bearing Interest at the rate OF lie per
centum (Sl per annuTn. as may be determined by
the governor, state auditor sud state treasurer.
Il Nj REID. state A.tsrrr.