The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-04-02

paper, published IN this state and Of GIN
eral circulation in the county where such
school district is situated IN two restl-
lar issues OF such weekly newspaper next
preceding the day of such election. said
notices shall contain q copy OF the reso-
luton mentioned In section 2 OF sslls set
the tine of holding slrch election. and To-
cation OF polling places. statement Of
the object OF the election. and the form of
the ballot adopted by the board 70 deter
mine the question submitted to the
voters
SEC. 5 II the Indebtedness OF such
school district is validated and ratified.
as provided in section two OF this act
by three-fifths OF the voters at such cleo
ton. the board OF directors or board Of
education. As the case may be. of such
school district without any further vote
may borrow money and issue negotiable
coupon bonds therefor 20 an amount not
TO exceed the unpaid Indebtedness OF such
school district existing AT the tims of
the adoption of the resolution. mentioned
in section of this act. dejucting from
the amount of such unpaid indebtedness
the amount of all Indebtedness evidenced
by negotiable coupon bonds then out
standing against, and payable by such
district Bonds so issued shall bear a
rate OF interest not TO exceed per
cent. per anuum interest payable semi
", pay dIsE ECartfsit&Hit al SUCH
time and place as designated inThe bonds.
but not exceeding twenty years from date
OF issue The bonds and coupons shall
be in such form as the board of direc-
tors or the board OF education, as the
case may be. shall prescribe. and payable
at such place as may he designated there
In In all school districts except in cities
OF 1000 or more Inhabitants. said
bonds with the coupons must he
signed by the board of directors and
countersigned by the clerk of the school
district In school districts in cities or
l00o1 or more inhabitants said bonds with
the coupons must be signed in the cor
rorate name of the district by the presi-
dent OF the board of education thereof.
and attested by the secretary of the
board. The seal OF said district, II such
district has a seal. snail be affixed 10
each bond by the secretary thereof. The
moneys arising from the sale of coupon
bonds issued under this act shall be
placed by the treasurer of the county in
a snecfaI fund TO the credit of such school
district. and out OF such fund shall he
paid the Indebtedness of such district ex-
listing at the time OF the adoption OF the
resolution mentioned in section OF
this act, not evidenced by negotiable
coupon bonds.
Sec 8. When authorized and einpow-
cred 10 issue bonds, as provided in sec
or the board OF education. as the case
may be. of such district shall, at meet
ing of such board, determine by rcSoiu-
ton the amount of bonds TO be issded,
and shall deliver copy or said Tcsolu-
ton 10 the county treasurer OF the coun-
ty In which such school district is SIT
uated. who shall Immediately advertise
for sale said bonds. and the provisions Of
sections 3. 4, 5. 6, I. S. ., 10 and IL of an
act entitled An act allowing school dis
tricts to borrow money and issue bonds
for the building and furnishing of school
houses: 10 permit the funding of school
district bonds. not exceeding, however.
the unpaid Indebtedness OF such dis
trict after deducting the bonded
indebtedness existing at the time of
the adoption of the resolution men
toned in section Of this act,
heretofore or hereafter to be issued, leg
alizing the same. and declaring an emer-
gency." approved March 10. 1890, shall
govern, control and apply 10 bonds issued
or sold under this act, except that bonds
issued under this act shall not bear a
greater rate of interest than per cent.
per annum and they may be sold In such
amounts or blocks as the board of d.
rectors or the board of education may
direct, and such board may also require
all persons bidding for said bonds, except
the state of Washington, 10 deposit j
per cent. of the par value OF the bonds
hid for on depositing with the treasurer
their bids. and IL the bidder fails to take
and nav for the bonds for which he bids.
In case OF their sale TO him. the amount
SO deposited shall he forfeited 10 the
school district. otherwise TO be returned
TO such bidder, and resale of such bonds
SO refused to be taken may he made as
II the bid for the same had been re)ectefl
and the money arising from the sale OF
bonds issued under this act shall he ap-
Piled as provided in section or this
act.
Section :. II bonds issued under this
act are not sold as herein provided. the
holders Of unpaid warrants drawn on the
county treasurer by such district for an
Indebtedness existing at the time OF the
adoption of the resolution mentioned In
section OF this act. may exchange
said warrants at the face value thereof
and accrued interest thereon for coupon
bonds issued under this act, at not less
than the par value and accrued interest
OF such bonds at the time OF the ex-
change; such exchange 20 he made under
such regulations as may he provided by
the board Of directors, or the board OF
education, as the case may be, OF such
district.
Section : When the board of directors,
or the board Of education. as the case may
be, has adopted the resolution mentioned
in section of this act. II shah imme-
diatelv cause notice of the adoption OF
such resolution TO he given to the county
treasurer OF the county In which such
district is situated. and all moneys then
or thereafter in the hands of such areas
urer belonging 10 such district, arising
from the annual tax levy or from fines
or other sources. for the support and
maintenance of common schools in such
district shall be applied only 70 the pay
ment OF interest on the bonded indebted
ness and to the current expenses OF such
school district incurred after the sdop-
ton Of the resolution mentioned In
section Of this act. and shall not be us Cd
for or applied to the payment OF any In
dsbtesiness of such district existing be-
fore the adoption Of said resolution, ex-
cent interest on the bonded indebt ednese
The annual expenses Of such district shall
note hereafter exceed the annual revenue
thereof and any officer Of such district
who shall knowingly aid in increasing
the annual expenditure in excess OF The
annual revenue % such district shall Re
deemed II ha guilty OF a misdemeanor,
and shall bs punished by a fine OF not ex-
ceeainr $50. II the indebtedness Of such
school district. excluding the bonded in
dehtefn ness existing before the adoption
Of said resolution is not eStinguished by
fba exchange OF warrants for bonds. 81
nv the proceeds Of the sale OF bonds. as
herein provided. then IL shall he The duty
% tho hoard OF directors or the board al
e5n~aatfoo. as the case may be. thirty
Aavs before the regular annual taS
1ar1- n certify the amount
~ such Indebtedness remaining
unpa9d IN the board % county commits
stone-s % the county IN which such
a H.. 49,