The Oroville weekly gazette. [volume] (Oroville, Wash.) 1905-19??, 1914-08-28

Warrants upon said fund shall be dT avn
non and shall be paid out OF sa are
n n tIs ,,Ion any part Of the general TITO
~ the state And II IL hereby mau eoard
duty Of the state treasurer ana u.e Az az
- annually on OF before the flrst uay re
70 an an. 81 each wear. notify In writing tne
hoard If directors OF the distriGt u ia
nTr1ber of state bonds when VIII Sarehv
during the coming yea d aHf directors
~ 'isA ssid amount as a basis and upDl,
seid basis to make the levy OF oiS'i'S'
taxes for the said coming ye of said state
sec "a For the payment oi soI ard
bonds a sinking fund 10 be knoG sinL d,
designated as the Quincy Naleg eTabv Is
Fund" shall be and the saIlg1, ITO said
created and there shai DC pa''
'ur Tj All sums which shall be collected OIL Sdel
by the state treasurer by reason reason, ~ the
UAnt by said district on account VI ~,
nrIncinal sums due on its bonds or any
Ia5G55, u All sums which shall be collected
~ o- AZ srisinp from said district bonds
az the extent only of the rate OF interest,"
| "a va HE by the state upon It's own DoIuiH;;
| the balance Of said interest 10 pc PS, ,sL
into the Improvement fund hereai tei
meg 5g The The proceeds OF all sales by the
state of said district bonds Tess oriy a
difference between the rate OF lnterest
Iiat,obia nv the state upon its own bonds
and tbe rate on the district bonds whicn
| difference shall go in SAID Improvement
u1 "a All interest received as the result
~ the Investment Of all or any part OF the
said sinking fund and the prlncIpa. az
provided in the next succeea sbaIl upon
| the request in writing Of the board ana on
the state auditors warrant drawn lot tiiae
purpose invest and re,in my tSea any gyeeded to
meet the obligations Of said sinking, tund
in the purchase Of bonds OF the United
states or Of the state OF Wassningso,l' his ti
ect and in any county. municipal OF
school district bonds of this state al OF
which bonds when so purchased si, sra-, &c
rereDtacle appropriately labeled: but ths
| treasurer must retain in the sinking Iuiio
a sufficient sum Of money with "n WIN ~ 10
nav the interest next falling due on such
| II said bonds herein provided 70 pc Is
| sued as may have been heretofore SOLO.
| The state treasurer upon the request m
writing of the board shall sell any OF
| said bonds so purchased for investment
at not less than the purchase price tnere-
| of and interest. TO be sold In the same
! manner as the sale Of the state oonds
| issued under this act and all of the pro,
ceads thereof. less the costs Of sale, shall
| he placed in the said sinking fund: Pro-
| vided that said bonds in this section mem
| toned may be sold upon basis OF net IN
| farest return equal to the basis upon
which they, were purchased. The state At
| terest ACQUIRING on said investment bonds
| and place same in said sinking fund.
| Sec 90 There is also hereby created
a fund to be known and called !, the e
| 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 amour
representing the rate Of interest payable
BY the state on its bonds issued under
| this act
| sale OF said district bonds less the amount
| representing the rate Of interest payable
| by the state referred TO in subdivision
| ID herein. when said bonds are sold with
| accrued interest.
| t3) All water power and service rent
| ais including water charges.
| a. And when IL 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. ther
~ proceeds from whatever source under
| this act shall be placed in said improve
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 o.
said system until it is needed for SAID
purposes it must by the state treasurer
be temporarily transferred upon tbs
| written request OF the board into either
| the irrigation or the sinking fund for the
| proper uses of either OF said funds TO bs
| returned by the state treasurer out OF tht
| 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 tbs
| rules as provided in section twenty-five
| Sec. IS. The interest on said irrigation
district bonds in the hands OF the boa-C
or state treasurer shall not begin to rur
| until the state has sold all or some por-
| ton of said state bonds issued under thi:
| act and in that case only on such por'
| ton OF said district bonds as equal If
| amount the portion Of the state bonds 81
| sold; and as fast as the state treasure,
| shall sell any portion OF said state bond:
| interest shall begin TO run on a Ike
| amount Of said irrigation district bonds
| But II the state tree shall sell an!
| or all OF said irrigation district bond:
| then interest shall begin TO run or s.
many as are so sold from the day Of such
! sale
Sec. % The state auditor and the stats
| treasurer shall keep fun and particuia,
| accounts and records OF all their pro-
| ceedinss under this act. and they shall
| transmit 70 the governor an abstract Of al
| such proceedings hereunder, with an an
rual report 70 be by the governor laid
books and papers pertaining TO the mat
! ter provided for il this act shall az al
| times be open 20 the inspection OF any
| party interested, or the governor. or the
attorney general. Or q committee Of eith-
81 branch OF the legislature. OF Join.
| committee Of both, or OF any citizen OF
Sec, 50. It shall be the duty 0. the
state treasurer 10 pay tire interest 0.
said bonds. when the same falls due. cut
~ the sinking fund provided for in r1,s
drawn for that purpose; and il IS hereby
made the duty q said auditor 70 draw his
warrant tor inst purpose when said il
tsreSt Is about - fall due.
Sc. 81. This act i. adopted by ire
Neop'e, snaU take effect on the thirty
tt~s; DAY. q December, \. y. nineteen
3 al -s,-ss~ - :
except those relating 70 and necessary
scr is submission - the people. and for
returning. canvass;ng. and proclaining
We vote, and rs - said excepted pro
visions - iris act shall take stfect rs
Sccn As may BE under the provisions 0.
the state constitution and its amend
SCI. 5. This act shall BE submitted
tr ,he people " the State q Washington
Tor their r0UtiI1uCr n tHs next general
e'eIuon q BE held n the month Of No
trj AL Ballots " said election shall have
pvnted tHereon. ard ~ the end thereof.
tHs words For Quincy Valley Irrisa alton
Nct and IN l separate line under the
sane. "AS0,nSt Quincy Valley lrriga ton
Nrt.' AoG opposite each q said lines there
shall be leit spaces in which the voter
votes for ~ against the said act and
tnose voting for said act shall DO so By
placing = crcSS opposite the words For
(utncy Valley Irriga ION Act'' and ali
those voting against said act shall DO 50
CS placing i Cross opposite the words
against Quincy Valley Irrigation Act
Sec IS. The governor OF this state shall
include the submission OF this act 10 the
vote W the people As aforesaid IN his pro-
ton.
Sec. "a. The secretary OF the state shall
r1NSe this act 70 be submitted 10 the pao-
pie % this state and the same TO be pub
l'shed in II least one newspaper in each
county. q one BE published therein
throughout the state Tor three months
next proceeding the election at which
10 j. submitted 70 the people as herein
provided. And the sum q ten thousand
100000 dollars or much thereof as
may be necessary IS hereby approprisr ted
" nav tor sud puhlicAtior, the sarr,a 20 h