Denver Bond House Walks Away From Stevens County's $219,500 Debt
A Colorado bidder refused the county's funding bonds after winning them — so the board turned around and handed the whole issue to the State of Washington.
July 9, 1909. — Board of county commissioners met pursuant to adjournment. Commissioners Beggs and Bryant present. Minutes of July 8 read and approved.
In the matter of accepting bids for the $219,500 issue of Stevens county funding bonds, said bonds having been awarded conditionally to H. H. Rollins & Son, of Denver, Col., and said company having refused to accept said award, therefore it is hereby resolved that said bonds be and the same are hereby awarded to the state of Washington in accordance with the resolution passed by this board May 17, 1909.
W. Lon Johnson having been appointed superior court commissioner to succeed Geo. H. Shaver, the county auditor is hereby ordered to draw a warrant for $10 in favor of said W. Lon Johnson the first Monday in each month as salary of said court commissioner, services starting June 1.
The county auditor is hereby ordered to draw a warrant on the R B fund for $66.90 in favor of John R. Ricks for right of way for county change of Dead Medicine road.
The surveyor's report on the following roads having been filed and approved, said roads are hereby ordered opened: the C. W. Potter road, the Jas. Kelly road and the E. Brady road.
“Said company having refused to accept said award, therefore it is hereby resolved that said bonds be and the same are hereby awarded to the state of Washington.”
Rural counties in 1909 borrowed by selling bonds to distant houses, and a buyer's cold feet could leave a whole county's funding in limbo overnight. Stevens County's rescue came from the state itself, which bought the entire issue. Small local governments still live or die by the appetite of far-off creditors for their debt — the arithmetic of a courthouse, a road or a bridge still starts with who will buy the paper.
From readers
No comments yet. If you know something about this story — a correction, a family memory, a source — it belongs here.