Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1920-09-28

warrant OF the state auditor.
Sec. 8. For the purpose OF creating
a fund, which said fund is hereby des-
ignated as the state highway redemp-
ton fund, fourth bond issue, out OF
which shall be paid the principal and
interest upon the bonds to be issued
under and by virtue of the provisions
of this act there is hereby levied a tax
of four-tenths of one mill (s.0004 up
on each dollar in value of the taxable
property within the state, the same to
be known as the state highway tax,
and the proceeds of the same are here
by appropriated and set aside until
such time as the said Idaho state high
way bonds, fourth issue, and all in
terest which shall have accrued there
on are fully paid and redeemed. The
moneys accruing from the source
above mentioned, which are hereby df-
verified, appropriated and set aside for
the purpose above set forth, shall be
by the state auditor and state treasur-
err credited to and placed in the said
state highway redemption fund, fourth
bond issue, out of which fund the state
treasurer shall pay the interest upon
the Idaho state highway bonds, fourth
issue, as the same shall become due,
and upon any day upon which the in
terest coupons attached to said bonds
become due, beginning January l, 1881
he shall also pay so much of the pr1n-
cipal of said bonds as it may be posi-
BILE to pay after reserving in said fund
moneys sufficient in amount to pay
the interest upon those said bonds
then outstanding which shall accrue
and become due during and within the
next ensuing year.
Sec 10. If at any time there shall
not be sufficient moneys in the said
state highway redemption fund.- fourth
bond issue, to pay the interest upon or
principal of the Idaho state highway
bonds, fourth issue, authorized by this
act, then due, the state treasurer shall
pay the same out of the general fund
of the state. The state treasurer
shall, however, as soon thereafter as
sufficient moneys for that purpose have
accrued to the said state highway re-
demption fund, fourth bond issue, re-
pay to the state general fund all
amounts taken therefrom under this
provision and not previously repaid.
Sec. IL. For the payment of the
bonds authorized to be issued under
and by the provisions of this act and
the interest which shall accrue thereon
according to the strict terms thereof,
the faith and credit of the state of Id
aho is solemnly pledged, and for the
payment of such bonds and the inter-
est thereon in lawful money of the
United States of America as and when
the same shall become due the state
treasurer shall reserve any and suffic-
lent of the money in his hands, at the
least possible cost, in preference to
all other claims whatsoever, except
the interest upon and the principal of
other bonds of the state of Idaho here
tofore issued under acts of the legis-
lature of said state.
Sec. u. The state treasurer shall
give two weeks notice by publication
in two newspapers of general circula-
ton, one Of which is published in the
state of Idaho, of the intention of the
state to sell the bonds authorized by
the provisions of this act, and shall in
vite bids therefor.
Said bonds must be sold at not less
than the par value thereof, upon the
4 UGSl IGIluS On6IGu anu DIT lli6 lOWt6t
rate of interest named by any bidder
The state treasurer shall have the
right to reject any and all of the bids
offered and may readvertise for bids
as herein provided.
Sec. 10 The expenses of printing OF
lithographing and procuring suitable
bonds with interest coupons attached
for the purpose of carrying out the
provisions of this act, shall be paid
out of the moneys arising from the
sale thereof as an expense incident to
the laying out, surveying and construc-
ting of said system of state highways
Sec. IA. The said state highway
bonds, fourth issue, to be issued under
the provisions of this act, shall bear
date of January 1, 1921, and become
due January /, 1871. Both bonds and
interest coupons herein authorized to
be issued shall be payable at the office
of the state treasurer at Boise, Idaho
Sec. Is. The department of public
works of the state of Idaho is hereby
directed to apply the proceeds of the
said Idaho state highway bonds, fourth
issue, as follows, to-wit:
To the completion or construction OF
state roads or bridges in cooperation
with counties and highway districts
of the state of Idaho or the federal
government or both, in such amounts
as deemed proper by the department
The foregoing allotment is made
contingent upon the availability of CO.
operative funds to be supplied by
counties, highway districts and the
federal government, as provided by
law. or funds supplied by private do
nation or received from any other
source, and should it appear to the
satisfaction of the department of pub
lie works at any time subsequent to
January 1, 1922. that cooperative funds
will not be supplied in the necessary
amounts to make use Of the entire
amount herein appropriated, the de-
partment of public works may use, al
its discretion any remainder for the
construction or completion of such
state highways as deemed by it for the
best interests of the state.
Sec. 16. This act shall not take ef.
feet until at the next general election
it shall have been submitted to the
people and shall have received a ma
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