The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1920-07-29

ders, on such terms and conditions and
on open competitive bidding after
public advertisement in such manner
and for such times as may be pre-
scribed by said state highway board
The state highway board shall have
power to provide for the furnishing
by the state of any tools, machinery
supplies or materials needed for such
work, and in the event the state high
way board undertakes to furnish tools,
machinery, supplies or materials, such
tools, machinery, supplies and mater
Ials shall be purchased by the state
highway board on open competitive
bidding.
Sec. 6-The state highway board is
authorized to cooperate with the pro-
per authorities of any city or town of
the third or fourth class and expend
moneys for the improvement of any
portion of any highway herein describ-
ed which may pass into or through any
such city or town..
Sec. AL highways herein des-
crlbed when constructed along perma-
nent grades and alignment shall be
permanently controlled and maintain
ed by the State of Washington.
Sec. 8-For the purpose of provid-
ing means for the payment of the cost
OF construction of said state system
OF trunk line highways there shall be
issued and sold bonds Of the State of
Washington for an amount not ex-
ceeding thirty million dollars $780,
OOO,OO0), to bear interest at a rate
not to exceed five per cent (54o) per
annum, payable semi-annually.
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 issuance
of coupon or registered bonds, to be
dated, issued and sold from time to
time as the construction. work pro-
greses, in such amounts as may be
necessary to provide money to pay for
said work and the expenses incidental
thereto. All of the bonds issued here
under shall mature att the rate of one
million five hundred thousand dollars
Isl, 5OO,O 00.00) principal each year,
commencing in.the year 1922 and end
ing in the year 1941. Such bonds shall
be signed by the governor and the
state auditor under the seal of the
state, and any interest coupons at
tached to such bonds shall be authen-
ticated by the fac-simile signatures
of the same officers Any bonds may
be registered in the name of the hold
er on presentation to the state treas
urer or at the fiscal agency Of the
State of Washington in New York, as
to pricipal alone or both principal and
interest, under such regulations ( as
the state highway board may pre-
scribe. Said bonds shall be in such
denominations as may be prescribed
by the state highway board and en-
body 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 val
ue and fineness, at such place or places
as the state highway board may pro-
vide, and to levy sufficient taxes each
year to pay the interest and princi-
pal Of said bonds as they become due.
All bonds issued under the provisions
of this act shall be sold to the high
est and best bidder or bidders, on such
terms and conditions and on open COM
petitive 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 pur-
chaser exceed five per cent per annurn,
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 sbe
deposited in the state treasury to the
credit of special fund to be known
as the Estate Trunk Line Highway
Fund.-" which shall be used in carry
ing out the provisions of this act.
Sec. 10-All moneys paid to the
state under the provisions Of chapter
Jap of the Session Laws of 1915, COM
monty known as the Motor Vehicle
Code, and all acts amendatory thereof,
over and above such moneys as shall
be estimated by the secretary of state
to be necessary for the purpose of
administering said chapter LAP, shall
be first appropriated and used for the
purpose of paying and discharging
annually the principal and interest on
such bonded Indebtedness then due and
payable, and shall from time to time
be deposited in special fund to be
known as the Estate Trunk Line High
way Bond Redemption Fund" Each
year after this act becomes effective,
and until all of said 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 annual tax for such amount as
shall be necessary and sufficient, in ad-
dition to the moneys collected under
said chapter 142 and paid into the said
state trunk line highway bond redemp-
ton fund, to pay the interest annual
ly, as it shall accrue on each and every
bond issued under the provisions of
this act and also to pay and discharge
the principal of such bonds at par val
ue as such bonds shall respectively
fall due; Provided, that no such di-
rect annual tax shall be levied for any
| year in which sufficient money is col
lected 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 discharge the PRINCIPAL of all OF