The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-03-26
THE SCHOOL BONDS.
By Voting Them the People
Save Largely in Interest.
NO MORE FLOATING DEBT.
4 bout $4,000 Year WI III Be saved
and Additional Tax Avolded-i>aw
ForbId~ a New Debt

The calling OF special election for
April - by the board % education Tor the
purpose OF bonding the outstanding ceot
OF the school district has been he sun
5ect Of much discussion among faApay-
ers The feeling OF the people today Is
quite IN contrast 10 that Of year ago,
when the same proposition was neicre
the voters ana the bonds were defeated
Since then the loss 20 the district by the
defeat OF the bondoing scheme has been
about 81 sa. DR.. r. A Churchill, OF the
board OF education. who introduces the
resolution calling the election AZ the
meeting OF the board Saturday morning,
said yesterday. concerning the matter:
People are now paying per cent in
terest on all these outstanding warrants,
about sac 800 worth. and IL the debt Is
bonded II can be hoated at 5 per cent.
interest. being a saving OF about ss.so
a year, and then they will have twenty
years % pay * IN. A sinking fund III
be established TO take up these bends
during the next twenty years. According
70 the law recently passed by the ltgis-
lature. the passage Of the resolution cali
Ing for a bond election prohibits the
county treasurer from paying any but
current expense from the money from
taxes IN his hands. 50 that whether the
people vote the bonds Up or down. the
treasurer cannot take up any OF those
old warrants. That matter Is now al
ready out OF his hands. Now. II the peO-
pie vote the bonds. well and good: The
debt can be paid IN twenty years at
per cent. interest II the bonds are oted
down. the new law then requires that al
the annual tax levy the county commits
sioners shah levy a tax not exceeding
mills on the dollar TO take UP portion
OF these outstanding warrants. At this
rate the people Will be Obliged 10 pay the
warrants IN the course OF six or eight
years. being taxed mills or the dollar
each year which would ne heavy bur
den. and will be paying 5 per cent. in
terest all the while. AS the law new
stands. the people simply have the choice
OF. paying the warrants bonded in twenty
years bearing ) per cent. interest, or
taking them up in eight years a. per
/ cent. Any reasonable or intelligent man
must see that the former plan OF redeem
Ing them is by far the easier for the tax
payers. besides saving about $1,000 year
for the use OF the schools. which. in view
% the loss which the barefoot school
boy bin entails upon the district. IS a
very considerable item. The law now
provides that the annual expenses Of the
district shall not exceed its annual In
come. which may set al rest the fears
Of the people that the board OF eiuca-
ton desires To fund the past debt fer the
purpose Of plungiag into a new one. II
the Income is Sufficient TO run our schools
az the present rate for nine months. Il
viii be necessary either 70 cut down cX
penses or close the schools part Of the
time.
AT the last bond election the board OF
education evidently did not have the con-
iaeuce Of the people. Il was thought
that they desired 10 bond their old debt
and incur a new enc. bat the failure 20
vote the bonds has heen a great loss to
rants were and still are bearing - per
cent Interest BY the loss OF this cleo
ton the district has been deprived OF
about Sl2op excessive interest that
would have been paid upon hcods. But
now there IS nothing Of this sort 70 fear
and the most conservative can con~cien-
tiously vote for the bonds.
Following is the full text Of the law
under which the election IS 20 be held
An act 10 authorize counties. cities.
towns ami school districts 10 issue bonds
/ ga fund their outstanding Indebtedness
and 70 provide for the levy and collection
OF a specific tax 10 Pay the principal ard
interest on such bonds. ana declaring an
emergency.
'.Re 1t enacted ny tire legislature OF the
state az Washington:
Section l. That any county. city. town
or school district in the state Of Washing
ton which now has or may hereafter have
an outstanding Indebtedness evidenced
by variants or bonds whether Issued CT
iginally within the limitations or the
constitution Of this state. or % any law
thereof or whether such outstanding in
dchteiness has been or may hereafter be
validated or leEatzed In the manner
prescribed by law is hereby authorized
to issue bonds with which 20 take Up
ant cancel such outstanding Indebted
ness In fhe manner hereinafter r7en-
TONED provided. however. that nothing
tu this act Shalr be SO construed as 70
prevent any such county. city. town or
school district FROM funding its iadehj-
caness as row provided ~ Law.
So . Funding bonds authorized %
Boz isSac1 by this act shall 10 IN 5euoU-
nations Of not. less than one hundred
dollars. or more thar one thousand dol
lars aua shah hC signed hy the following
corporate authorities When issued by
a county. the chairman ~ the hoard ~
county commissioners. countersiEred bv
the county treasurer ana stteSted by the
county auditor VINO SHAH ark his Official
seal when ISSUED hv = city or town BIZ
IS mayor. counterstgne1 hy its treasurer
an3 attestcd by its clerk VINO shall arlx
his official seal They shall bear inter
est az rate nos 30 exceed Per certurn
per arnum. payable sent-snuuallv which
interest shall 20 evidenced Nv proper
coupons attached 20 each bond such
corporate authorities shall hv ordinance
or resolution provide for the manner %
issuing said bonds. and the ttusc or times
Whsn the S8ue shall he made nayahle.
hot ua bonds fssueH u0feT this at shall
Pea issuei for tovEer perioI than TWEEN
" wears ara when trey shall - made
PAYABLE az different periods Wlthn said
ywenty wears they SHAH he divided gnto
series sos tn rNreei ten io rrraDar ht3-
there shah Pc as many series as there
are aiG-vsn. tlues 81 payment aua an
t-,r IS Included 81 each series shan no