The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1914-07-10

a
duty of the state treasurer ana the poat ~
70 annually, on or before the first day OF
August of each year, notify IN Writlns We tte
board of directors Oh tne bc GIst viii he sold
during the coming year and it is hereby
made the duty of said district dlTectors
to use said amount as pasls F'i 9is tprt
said basis to make the levy OF ulstrlct
taxes for the said coming year. .,.,
Sec. "a. For the payment Of said statS 9
bonds a sinking fund 20 be knoW " anu anu
DESIGNATED as the Quincy Valley Slnklhs
Fund" shall be and the same herepY Is
created and there shall be paid into SAID
fund.- .,,oo+o1
by the state treasurer by reason OF pay
ment by said district on account OF the
principal sums due on its bonds or any
90 All sums which shall be collected
as interest arising from said district bonds
to the extent only of the rate OF interest,"
payable by the state upon its own BONDS;
the balance of said interest to be paid
into the improvement fund hereafter
mentioned. A.,
state of said district bonds less only the
difference between the rate of interest
payable by the state upon its own bonds
| and the rate on the district bonds which
difference shall go in said improvement
fund.
% All interest received as the result
| of the investment of all or any part of the
| said sinking fund and the principal as
provided in the next succeeding sectlol.
Sec. 25 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 70
meet the obligations of said sinking fund
! in the purchase of bonds of the United
States or of the State of Washington, IN
| Guiding the state bonds issued under this
| act. and in any county, municipal or
| school district bonds of this state all OF
| which bonds when so purchased snail be
| safely kept by the treasurer in a proper
| receptacle appropriately labeled: but the
| treasurer must retain in the sinking 1und
| 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
! 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 ofsnet in
terest return equal to the basis upon
| treasurer shall faithfully collect all in
| terest ACQUIRING on said investment bonds
| and place same in said sinking fund.
Sec. 26. There is also hereby created
a fund to be known and called the
| 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
from the. district bonds less the amount
by the state on its bonds issued under
| this act.
go 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
| accrued interest.
| CD All water power and service rent
ais including water charges.
| ca 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.
l. Sec. p. Said improvement fund may
he used by said board upon proper war
| 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-
ment of the board, it is desirable, all or
any portion of said improvement fund
may be invested and re-invested in the
same manner and subject to the same
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 sc
sold: and as fast as the state treasurer
shall sell any portion of said state bonds
interest shall begin to run on a like
amount of said irrigat ton district bonds
But # the state tre?s'lrer shall sell any
or all of said irrigation district bonds
then interest shall begin to run on sc
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
before the legislature biennially; and all
books and papers pertaining to 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 committee of eth
er branch of the legislature or joint
committee of both or of any citizen OF
| Sec. 80 1t shall be the duty of the
state stat treasurer to pay the interest OF
of the sinking fund provided for in this
act. on the state auditors warrant duly
drawn for that purpose; and it is hereby
|
warrant for that purpose when said in
terest is about to fail due
Sec. 81 This act. if adopted by the
people, shall take effect on the thirty-
first day. of December A. D. nineteen
hundred fourteen. as to all it's provisions
except those relating to and necessary
| for its submission to the people, and for
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
| tc
ments.
Sec. S2 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.; ID. nineteen hundred fourteen
printed thereon, and at the end thereof
the words, For Quincy Valley Irrigation
Act" and 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
y yof fga sad the fd ae and
placing cross opposite the words For
Quincy Valley Irriga ion Act" and ali
those tn. e voting against said act shall do SO
ny placing cross opposite the words,
| Against Quincy Valley Irrigation Act
| Sec; 49,. The governor of this state shall
| include the submission of this act to the
vote of the people as aforesaid in his pro-
clamatlon calling for said general cleo
| SCI %. Inc secretary OF the state shall
| cause this act to be submitted to the peo-
Lple of this state and the same to be pub-
| lished in at least one newspaper in each
| county, If one be published therein,
| throughout the state, for three months
| next preceding the election at which
| 1t is submitted to the people as herein
| provided. And the sum of ten thousand
| tlo,oOO) dollars or so much thereof as
| may be necessary is hereby Appropriated
| to pay for said publication the same to he
| paid out of the general fund of the estate,
| sec. 20, The votes cast for or against
| TINS 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
| II 1t appears that said act shall have re-
CeiVed sixty per cent of all the votes cast
Tor OF IL.