The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1914-07-31

Drawn upon any part of the senera, III tho
Of the state. And II is hereoS ~. usSu Soard
any If the state treasurer and the noa[Tf
~ Snnuallv. on or before the tirst daN on
| august of each year, notify IN WIS he
hoard of directors OF the ulsliyOt ~ soid
| number of state bonds which VIII oe 80
INNS the coming year and it is HEREBY
made the duty of said district on ,,,,,,3
to use said amount as a BASS o S'd district
| said basis to make the levy % N'9"''
| taxes for the said coming wear. state
| sec. "a For the payment OF SAID star 'S
bonds a sinking fund 20 De 0, KnoS SinlLing
| designated as the Quincy Nahey SI lhN
| Fund shall be and the same heteoA -
created and there shall he paid mo s"'"
| fund: ,.,.,, shall no collected
| hv the state treasurer by reason OF pay
| ment by said district on account OF w
nrinCipal sums due on its bonds or any
l''if ~, ' All i'e Sums which shall be collected
| as interest arising from said district eonu lt
| to the extent only of the rate OF ina eI,Gs
| navable by the state upon its own hohuS;;
| the balance of said interest to be pala
| into the Improvement fund hereafter
| mentioned. -. ~. +ba
| state of said district bonds less. only the
difference between the rate or nteIes.
payable by the state upon us own t ng'iHb
| and the rate on the district bonds whlcn
| difference shall so in said improvement
"C "a All interest received as the result
| Of the investment of all or any part or the
| said sinking fund and the principal as
provided in the next succeeding section:
Sec. %. The state treasurer shaI upon
the request in writing Of the board ana on
the state auditors warrant drawn Tor thaI
purpose invest and re-invest any moneys
| in said sinking fund not then needea t9
| meet the obligations of said SINKING lun1
| in the purchase of bonds of the United
| States or of the State of Washington N
| Guiding the state bonds issued under TINS
| act and in any county, munClpa! OF
| school district bonds of this state, all OF
which bonds when so purchased shall be
safely kept by the treasurer IN a proper
| receptacle appropriately labeled: but the
| treasurer must retain in the sinking fund
| a sufficient sum of money with whlch 10
| pay the interest next falling due on such
| of said bonds herein provided to be Is
sued as may have been heretofore sold
| The state treasurer upon the request in
| writing of the board shall sell any OF
| said bonds so purchased for investment
| at not less than the purchase price there
of and interest. to be sold in the same
| manner as the sale of the state BONDS
| issued under this act, and all of the pro-
ceeds thereof. less the costs OF sale Shall
| be placed in the said sinking fund: Pro-
vided that said bonds in this section men
| toned may be sold upon basis OF net m
terest return equal to the basis upon
| which they were purchased. The state
treasurer shall faithfully collect all in
and place same in. said sinking fund.
| Sec % There is also hereby created
a fund to be known and called. the
| there shall be placed in this fund:
| G6 That part of the receipts from the
| interest collected by the state treasurer
| from the district bonds less the amount
representing the rate Of interest payable
by the state on its bonds issued under
| this act
| (2) That part of the proceeds of the
sale of said district bonds less the amount
| representing the rate OF interest payable
| by the state referred to in subdivision
| % herein, when said bonds are sold with
(S( All water power and service rent
| ais including water charges.
| (4) And when it is certain that there
is enough money in the said sinking fund
| to pay the full amount of all state bonds
| issued under this act or which can legally
| be issued. both principal and interest, then
! all proceeds from whatever source under
| this act shall be placed in said improve
ment fund
Sec. 81. Said improvement fund may
be used by said board upon proper war
| rants by the state auditor for the pur-
poses of maintenance and operation Of
purposes it must by the state treasurer
| be temporarily transferred upon the
| written request of the board. into either
| the irrigation or the sinking fund for the
| proper uses of either of said funds 10 be
| returned by the state treasurer out of the
| first moneys received which would other
fer was. thus made. and r. in the tudg-
ment of the board. it is desirable. all or
any portion of said improvement fund
may be invested and re-invested in the
1
| rules as provided in section twenty five.
| Sec. IS. The interest on said irrigation
| district bonds in the hands of the board
or state treasurer shall not begin to run
| until the state has sold all or some por-
ton of said state bonds issued under this
| act and in that case only on such q por-
| amount the portion OF the state bonds 50
sold; and as fast as the state treasurer
shall sell any portion Of said state bonds
interest shall begin TO run on 4 like
amount of said irrigation district bonds.
| But If the state treNS'lrer shall sell any
| or all of said irrigation district bonds
many as are so sold from the day Of such
| sale.
Sec % The state auditor and the state
treasurer shall keep full and particular
| accounts and records OF all their pro-
| ceedingS under this act, and they shall
| transmit to the governor an abstract Of all
| such proceedings hereunder. with an an
| nual report to be by the governor laid
| before the legislature biennially; and all
books and papers pertaining 70 the mat
! ter provided for in this act shall At all
| times be open TO the inspection OF any
| party interested. or the governor. or the
| attorney general or a COMMITTEES u eth
| er branch OF the legislature. or 4 joint
| committee of both, or OF any citizen Q.
| the state.
Sec. 80 1t shall be the duty Of the
state treasurer TO pay the interest az
| said bonds, when the same falls due out
of the sinking fund provided for in this
act. on the state auditors Warrant duly
| W" iN' ''.i' tN'iVSS' ana II IS NSrSCN
made the duty OF said auditor 10 draw his
| warrant for that purpose when said in
'orest Is about TO fan due:
| sec II; rms act, IL adopted ~ the
neoplc, shall take effect on the thirty
| first day OF December. A. u nineteen
hundred fourteen. rs IL all its vl,,vs<ic.s
except those relating 70 and Necessary
| for its submission 70 the people ana ~
returning, Cauvassiug. and YDaclAiv,:ns
| tho vote, and as 10 said eXtevtsi ms
visions of this act shall take etfe,t as
soou as may Ne under the pr,visic-s ~
tho state constitution a,i - a,.,.,..
mcnts
Soc 81 This act shall No s,,N-.stt>;
to tho pcoplc ~ thc Stafs ~ vs. -, -.
for thclr ratiff,,,fi,r ~, 49,, -. ~ -
election tn hn h,,ii j., ~, ,.,,,.Nr -
N,u,hcr ~ -, ~, -. -, ~ ~