Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1893-04-14
THE EAGON ROAD Law.
4 Highly Important Measure
For l5uhO County.

\
building said road and paying OF
the other expenses incurred by
virtue of the provisions of this act,
a loan of one hundred and thirty
five thousand dollars is hereby
authorized to be negotiated on the
faith and credit of the State, and
the Treasurer of the State is hereby
authorized, empowered and direct
ed to issue bonds of the State in
the sum of one thousand dollars
each, payable in twenty years from
the date of their issuance, to bear
interest at the rate of five 90 per
centum per annum, payable semi
annually, ON the first day of Janu-
airy and July each year, at bank
in the city, county and State of
New York, to be selected by the
State Treasurer; but said bonds
shall be redeemable at the pleasure
of the State at any time after the
expiration of ten years from the
date of their issuance, and shall be
numbered from one to thirty-five
consecutively. The Treasurer OF
the State is hereby directed, au-
thorized and Empowered, to cause
to be printed or autographed suit
able bonds in proper form with
coupons attached. All such bonds
shall be signed by the Secretary of
the State with his own proper name,
affixing his official character, and
shall be authenticated with the
great seal of the State, and shall be
signed or Endorsed by the Governor
OF the State with his proper name
and affixing his official character,
and shall then be- delivered by the
Secretary of the State to the Audi
tor of the State, who shall make
and keep a register of such bonds,
showing the number and amount
of each bond, and then deliver the
same to the Treasurer of the State,
and charge him on the official books
of the Auditors Office with the full
amount of such bonds.
SEC. II. At the time of issuing
said bonds under the provisions of
this act, the State Treasurer shall
sign them with his own proper
name, affixing his official character,
and shall in like manner sign the
coupons thereunto attached, and
such signing shall bind the State.
The coupons for the payment OF
interest shall be attached to said
bonds in such manner that they
may be taken off with out injuring
or mutilating the bonds, and shall
be severally numbered from one to
forty, inclusive, each bearing the
corresponding number of the bond
to which they are attached. The
Treasurer shall keep register O
all the bonds issued by him, show
ing the date of issuance, and shall
deliver said bonds with the coupons
attached as aforesaid, to the purch
aser or purchasers upon the receip
of the purchase money therefor;ant
the money received from the sal
of the bonds herein provided TO
shall be used in the construction o
said wagon road and the other ex
penses provided for in this act, ant
shall be paid out as herein provid
ed: Provided, however, That non
of such bonds shall be sold for les
than their face or par value. TIL
expenses of printing or lithagraph
ing and procuring suitable bond
with the coupons attached, shall b
paid out of the funds arising frol
the sale of the same, as an expens
incident to the construction of sal
road.
Sec. Is. For the purpose of crea
ing a fund to pay the interest COZ
pons, and the principal Of sal
bonds, in addition to the taxes no
imposed by law, an additional a
vaiorem tax of three cents upC
each one hundred dollars of IL
assessed value of all property
the State not exempt from taxatit
is hereby levied, and shall be &C
lected as other taxes for Sta
purposes. All moneys received
the State Treasurer as the procee
of the tax hereby levied shall
set apart by him, and shall cons
tute a separate and distinct fun
to be known as the Road Fun
And the State Treasurer shall p'
the interest on said bonds VIII
due out of said Road Fun
taking the coupons as his vouche
therefor. And after the expirati
of ten years from the issuance
any of said bonds, whenever the
shall be five thousand dollars
more in said Road Fund, over al
above the amount required for t
payment of interest coupons dl
or to become due within the ems
ing six months, the State Treasnl
shall use such surplus money
the redemption of said bonds in
order of their number and date
issue, of which the Treasurer sh
give notice by publication one'
week for four successive weeks
tome newspaper published at
Ssate capital, and from the date
the last publication of such mott
the bonds proposed to be redeem
shall cease to draw interest; and
any such bonds shall not be p