The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1914-08-07

drawn upon any part of the general funo
Il the state. And II Is hereby mace me
DUTY of the state treasurer and the ooal1
10 annually. on or before the first day OF
August OF each year, notify IN writlhs ttie
board of directors of the distrlGt % s l,iSd
number of state bonds which viii pc sIiu
during the coming year and IL is herepy
made the duty of said district directors
to use said amount as basis and upon
said basis to make the levy OF olstric'
taxes for the said coming year.
Sec. "a. For the payment of said state
bonds a sinking fund 20 be knoWm , anu
as the Quincy valley Slhkliis
Fund" shall be and the same herepy ~
created and there shall be paid into saiu
d All sums which shall be collected
by the state treasurer by reason OF pay
ment by said district on account OF tne
sums due on its bonds or any
Part of them: ,,.a
i2) All sums which shall be collected
as interest arising from SAID dlstticit rnat
payable by the state upon its own ponus;;
the balance of said interest to be pald
into the improvement fund hereafter
~.
as The proceeds of all sales by the
state of said district bonds less. only me
difference between the rate OF lnterest
and the rate on the district bonds which
difference shall go in said Improvement
fund ..,.
of the investment of all or any part or the
said sinking fund and the principal as
provided in the next succeeding sectlon.
Sec. %. The state treasurer shall upon
the request in writing of the board and on
the state auditors warrant drawn for that
purpose invest and re-invest any moneys
in said sinking fund, not then needed to
meet the obligations of said SINKING iuna
in the purchase of bonds of the United
States or of the State of Washington. IN
Guiding the state bonds issued under TINS
act, and in any county; municipal, or
Il -t,t - dc nf
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 which to
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
ut not less than the purchase price there
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-
vlded that said bonds in this section men
toned may be sold upon basis of net in
terest return equal to the basis upon
which they were purchased. The state
treasurer shall faithfully collect all in
terest ACQUIRING on said investment bonds
and place same in said sinking fund. -,
Sec. 20. There is also hereby, created
Quincy Valley Improvement Fund" and
there shall be placed in this fund:
% That part of the receipts from the
interest collected by the state treasurer
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
\ I<.x1 de- rrrft Il
accrued interest
go 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
rants by the. state auditor for the pur--
poses of maintenance and operation of
said system until it is needed for said
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 to be
returned by the state treasurer out of the
first moneys received which would other
wise go into the fund to which the trans
fer was thus made, and If, in the judg-
any portion of said improvement fund
may be invested and re-invested in the
same manner. and subject to the same
rules as provided in section twenty five.
Sec. 2S. 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 a por-
ton of said district bonds as equal in
amount the portion of the state bonds so
CT fhn 10 70 fy~an
shall sell any portion of said state bonds
interest shall begin to run on a like
amount of said irrigation district bonds.
But if the state treasurer shall sell any
or all of said irrigation district bonds
then interest shall begin to run on so
many as are so sold from the day of such
sale.
Sec. 30. 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
ter provided for in this act shall at all
times be open to the inspection of any
party interested, or the governor, or the
er branch of the legislature, or a Joint
committee of both, or of any citizen of
the state.
Sec. 80. 1t shall be the duty of the
said bonds when the same falls due, out
of the sinking fund provided for in this
act, on the state auditors warrant duly
made the duty of said auditor to draw his
warrant for that purpose when said in
terest Is about to fall due;
Sec. 81. This act, if adopted by the
people; shall take effect on the thirty
first day of December A. D. nineteen
hundred htln fourteen, as to all its provisions
nd fnv
returning, canvassing. and proclaiming
the vote. and as to said excepted pro-
visions of this act shall take effect as
soon as may be under the provisions of
the state constitution and it's amend
ments.
Sec 80. This act shall be submitted
to the people of the State of Washington
for their ratification at the next general
election to be held in the month of No
Vember, a; -. nineteen hundred fourteen;
and all ballots of said election shall have
printed thereon. and at the end thereof.
the words. For Quincy Valley Irrigation
Act" ana In "A separate line under the
Act" and opposite each of said lines there
shall be left spaces In which the voter
may make cross to indicate whether he
votes for. or against the said act and
placing Il cross opposite the words For
Quincy Valley lrriga ion Act" and all
those voting against said act shall do so
by placing n cross opposite the words.
Against Quincy Valley Irrigation Act
Sec, 80. The governor of this state shall
include the submission of this act to the
vote of the people rs aforesaid in his pro-
clamatlon calling for said general cleo
ton.
Sec. "a. The secretary of the state shall
cause this act to be submitted to the peo-
pie of this state and the same to be pub
llshcd In at least one Newspaper in each
county If one be published therein
the state, for three months
next preceding the election at which
II is submitted to the people as herein
provided. And the sum of ten thousand
100000 dollars or so much thereof as
may be necessary Is hereby appropriated
10 pay for said publication. the same to be
paid out OF the general fund of the estate
Sec 35. The votes cast for or against
this act by the people shall be counted
returned and canvassed and declared in
the same manner and subject to the same
rules as votes cast for state officers; and