State Ex Rel. Toll Bridge Auth. v. Yelle

This is an original mandamus application to compel the State Auditor to sign refunding bonds for (1) “The Washington State Ferry System Refunding Revenue Bonds, 1955,” and (2) “The Washington Toll Bridge Authority, Ferry and Hood Canal Bridge Revenue Bonds, 1957.”

The total original face value of the two issues was $40,-500,000, of which $37,920,000 is unpaid. In order to avoid impending default, the legislature of 1961 chose to refund both issues. While retaining the original plan of payment from tolls, a new fund denominated “The Puget Sound Reserve Account” was established, from which…