The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1920-09-24

snail be issued and sold bonds of the
State of Washington for an amount
not exceeding thirty million $780,
OOO,0OO), to bear interest at a rate
not to exceed five per cent (59e) per
annum, payable semi-anually.
The issuance, sale or retirement of
said bonds shall be under the general
supervision and control of the state
highway board. Such board may in
its discretion provide for the issu-
ance of coupons or registered bonds.
to be dated, issued and sold from
time to time as the construction work
progresses, in such amounts as may
be necessary to provide money to pay
for said work and the expenses Incl
dental thereto. All of the bonds is
sued hereunder shall mature at the
rate of one million five hundred
thousand dollars (S1,500,0000O) prin-
clpal each year, commencing in the
year 1922 and ending in the year
1911. Such bonds shall be signed by
the governor and the state auditor
under the seal of the state, and any
interest coupons attached to such
bonds shall be authenticated by the
fac-simile signatures of the same of
ficers. Any bonds may be register
ed in the name of the holder on pre-
sentation to the state treasurer or at
the fiscal agency of the State of
Washington in New York, as to prin-
cipal alone or both principal
and interest. under such regu-
lations as the state highway board
may prescribe. Said bonds shall be
in such denominations as may be pre-
scribed by the state highway board
and embody an absolute promise of
the State of Washington to pay both
principal and interest in gold coin of
the United States of the present
standard of value and fneness, at
such place or places as the state
highway board may provide, and to
levy sufficient taxes each year to pay
the interest and principal of said
bonds as they become due All bonds
issued under the provisions of this
act shall be sold to the highest and
best bidder or bidders, on such terms
and conditions and on open competi-
tive bidding after public advertise
ment and at such times as may be
prescribed by the state highway
board. but not for sum so low as to
make the net interest returned to the
purchaser exceed five per cent per
annum. payable semi-annually, as
computed by standard tables, upon
such sum.
SEC. 9. The money arising from
the sale of each issue of bonds shall
be deposited in the state treasury to
the credit of a special fund to be
known as the estate Trunk Line
Highway Fund" which shall be used
in carrying out the provisions of this
act.
SEC. 10. All moneys paid to the
state under the provisions of chapter
142 of the Session Laws of 1915, COM
monty known as the Motor Vehicle
Code, and all acts amendatory there
of. over and above such moneys as
shall be estimated by the secretary
of state to be necessary for the pur-
pose of administering said cha pter
142, shall be first appropriated and
used for the purpose of paying and
discharging annually the principal
and interest on such bonded in
debtedness then due and payable,
and shall from time to time be de-
posted in special fund to be known
as the Observation-Disclosures
Redemption Fund" Each year after
this act becomes effective, and until
all of the bonds have been retired, it
shall be the duty of the state board
of equalization to include in the tax
levied for state purposes a direct an
nual tax for such amount as shall be
necessary and sufficient, in addition
to the moneys collected under said
chapter 142 and paid into the said
state trunk line highway bond re-
demption fund, to pay the interest
annually as it shall accrue on each
and every bond issued under the pro-
visions of this act and also to pay
and discharge the principal of such
bonds at par value as such bonds
shall respectively fall due Provided.
that no such direct annual tax shall
be levied for any year in which suf-
fcient money is collected under said
chapter 142 and paid into said bond
redemption fund to pay the interest
as it shall accrue on said bonds for
that year and also to pay and dis
charge the principal of all of said
bonds falling due during such year.
Any surplus of money collected un-
der said chapter 142 after the pay
ment of the expenses of administer
ing said law by the secretary of state
and providing for the payment of the
principal of and the payment of the
interest on bonds falling due during
that year, as aforesaid, shall be paid
into a fund to be known as the estate
Trunk Line Highway Mainten-
ance Fund" and used for the purpose
of maintaining the roads herein de-
scribed in pursuance of appropriations
therefor by the legislature.
Any surplus remaining in the state
trunk line highway maintenance
fund over and above that expended
in pursuance of appropriations for
the maintenance of roads as herein
provided, shall annually be distribut-
ed TO the various counties. cities and
towns Of the state in the following
manner:
To the various counties of the state
in which are located primary high
ways the Improvement and mainten-
ance of which is not provided for by
this act. for the maintenance of such
highways; and to the various cities
and towns of the state in which are
located streets forming part of the
route of any primary highway
through such city or town, for the
maintenance and improvement of such
streets. a sum not to exceed two hun
bred dollars (s20000) per mile for
each mile of such primary highway