Parkinson v. Seattle School District No. 1

Citations

• 28 Wash. 335
• 68 P. 875
• 1902 Wash. LEXIS 491

Syllabus

<p>SCHOOL DISTRICTS-ISSUANCE OF BONDS-NOTICE OF ELECTION-SPECIFICATION OF INTEREST RATE.</p> <p>The fact that notice of election for the purpose of authorizing the issuance of bonds by a school district arbitrarily fixed the rate of interest at four per cent., instead of leaving the rate open to competition, would not invalidate the election; since under Laws 1897, p. 401, § 117, the issuance of such bonds, bearing a rate of interest not exceeding ten per cent, per annum, is authorized, and under Id., § 118, it is provided that notices of election to determine the question of issuing bonds “shall state amount of bonds proposed to be issued, time they are to run, and purpose for which the money is to be used,” but it is nowhere required that the matter of interest shall be submitted to popular vote, and hence the statement of rate of interest in the election notice was an immaterial matter, not binding on the board, nor invalidating the election.</p> <p>SAME-SALE OF BONDS-CALL FOR BIDS-SUFFICIENCY.</p> <p>Under Laws 1897, pp. 402, 403, §§ 119, 120, which provide that the county treasurer, where an issue of bonds has been authorized by popular vote of a school district, must make a call for bids wherein he shall ask “bidders to name price and rates of interest at which they will purchase such bonds;” and such bonds shall be sold to the person making the most advantageous offer, the failure of the treasurer in his notice to require bidders to name a rate of interest at which they would be willing to purchase the bonds, would be, in the absence of bad faith or oppression, but a mere irregularity not affecting the validity of the bonds, where the bids were otherwise within the statutory limitations, and the one accepted was for the face of the bonds, with a premium which, in effect, decreased the interest rate named by the school district. {Dunbar, J., dissents.)</p>