American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1919-08-29

them, when so registered by said sec
rotary. shall by said secretary be de-
livered, TO the district treasurer afore-
said, and the said treasurer Shall
forthwith deliver said bonds to the
lawful purchaser, upon payment TO
him of the agreed purchase price
therefor; and the proceeds derived
from the said bonds shall be used
safely for the purpose for which said
bonds were issued.
10. In case the issuance of said
bonds shall be approved by the cleo
tors, then the interest falling due on
the oferesaid bonds on January LIST.
1920, shall be, and the same is here
by ordered appropriated and paid by
the treasurer of said highway dis
trict out of the general fund or any
moneys in his hands belonging to-
said district, and for the purpose of
providing the necessary funds to re-
imburse the amount so borrowed. and
also to pay the interest accruing on
said bonds subsequent to January LIST,
1929, promptly when and as the same
falls due and to constitute and MAIN
tain a sinking fund sufficient for the
discharge of the principal thereof at
maturity, there shall be and there is
hereby levied upon all of the taxable
property in said highway district, in
addition to all other taxes, the follow
ing direct annual ad valorem tax. to-
wit: Beginning with and in each of
the years 1919 to 1888 inclusive, a
direct tax for interest, sufficient to
raise annually a sun equal to the in
terest accruing on said bonds; and
in each of the years 1929 to 1888 in
elusive, a further tax for the princi-
pal sufficient to annually retire one
tenth of the principal amount of said
bonds; and said tax, when collected
shall be kept in a separate fund to be
known as and designated Highway
District No. l of Power county, Idaho
bond interest and sinking fund"
which shall be ~irrevocably pledged to
and used oslely for the payment of
the interest on and the principal of
the said bonds hereby authorized when
due, so long as any of said bonds or
the interest coupons thereto apper-
tanning remain outstanding and I'M
paid: and 70 rgreater certainty the
board Of county commissioners Of
said county shall in each of said
years 1919 20 1888 inclusive, include
the bond tax ~hereiuabove levied for
such year i'm the annual estimate for
said highway district for such year,
and said bond tax shall i'm each of
said years be certified, extended up
on the tax rolls, and collected by the
same officers in the same manne and
at the same time as the taxes for gen
eral county purposes for said coun-
/, ty are certified, extended and col
lected.
4, II. 1t shall be the duty of the
I board of county commissioners, and
they are hereby required annually al
' the time and in the manner provided
by law for the leyying of other taxes
to ratify and carry out the provisions
p hereof with reference to the levyine
of taxes, and requiring the officers
of and for said county to levy, eX.
/ tend and collect such taxes in the
1 manner provided by law. for the pur.
pose of creating a fund for the pay
4 ment of the interest upon and the
principal of said bonds, and the sale
taxes, when so collected, shall bt
kept for and applied only to the pay.
ment OF said interest and principa
: Of said bonds as hereinbefore speci
fled, but nothing herein contained
shall be so construed as to proven
said district from applying any fund.
that may be in the treasury and avail
able for that purpose to the paymcn
Of said interest or principal as TIN
same respectively mature and tn
levy or lcvies herein provided for ma.
thereupon to that extent be diminish
ed, and upon the payment of the prin
cipal of any Of the bonds issued here
4 under in said manner, or by the us
n Of the sinking fund herein provide,
If for, the levy or levies herein provid
ed for the payment of interest ma
a. to the extent of the interest on tn
n bonds so paid be diminished.
~. That all resolutions or part
thereof, heretofore passed or adopted
! In conflict with the provisions {
IS this resolution be and the same here
8 by are repealed.
9 10. That this resolution shall b
in full force and effect immediatel
upon its adoption.
The motion was duly seconded b
n Commissioner MILFORD Bennion, an
the question being upon the adoptio
of the foregoing resolution the 70
was called with the following result
n President. Il. b. Greenwood-aye.
n Commissioner, Il. f. Zaring-aye.
Commissioner, MILFORD Bennion-
Az aye.
A. And the motion was by the pres
he dem declared carried and the foreg
I'd ing resolution duly and unanimous.
adopted.
IT, There being no further business
r. come before the meeting the same a
by journed.
Approved, July 25th, 1919.
nv Il. %. GREENWOOD,
id President.
r. r. EARRING,
Member.
ia MILFORD BENNION,
(Seal) Member.