Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1920-09-09

~NN~ $3.50
Tor the purpose above set forth, shah
be by the state audror and state
| treasurer 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 interest cou
| pons attached to said bonds become
| due, beginning January l, 1881, he
shall also pay SO much of the princi-
pal 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 Will
accrue and become due during and
within the next ensuing year.
SEC. 10. II 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, au.
| thorized 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 mon
eys for that purpose have accrued
| to the said state highway redemp>
| ton 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 Idaho is solemnly
pledged, and for the payment OF
such bonds and the interest thereon
in lawful money of the United States
of America as apd when the same
shall become due the state treasurer
shall reserve any and sufficient 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
| heretofore issued under acts of the
| legislature of said state.
SEC. IL. The state treasurer shall
give two weeks notice by publica-
ton in two newspapers of general
ed in the state of Idaho, of the in
tention of the state to sell the bends
authorized by the provisions of thin
act, and shall invite bids therefor.
Said bonds must be sold at not less
than the par value thereof, upon the
best terms offered and at the lowest
rate of interest named by any bid
der. The state treasurer shall have
the right to reject any and all OF
the bids offered and may readvertisa
for bids, as herein provided.
SEC. 10. The expenses of printing
or lithographing and procuring suit
able bonds with interest coupons at
tached, for the purpose of carrying
out the provisions of this act, shah
be paid out of the moneys arising
from the sale thereof as an expense
incident to the laying out, surveying
and constructing of said system of
state highways.
SEC. IA. The said state highway
bonds, fourth issue, to be issued un.
der the provisions of this act, shall
bear date of January 1, 1921, ana
become due January l, 1941. Both
bonds and interest coupons herein
authorized to be issued shall be pay
able at the office of the state trea-
surer at Boise, Idaho.
SEC. Is. The department of pub
lie works of the state of Idaho is
hereby directed to apply the pre-,
ceeds of the said Idaho State high
way bonds, fourth issue, as follows,
to-wit:
To the completion or construction
of state roads or bridges in coop
Grafton with counties and highway
districts of the state of Idaho or the
federal government or both, in such
amounts as deemed proper by the de-
partment.
The foregoing allotment is made
contingent upon the availability of
cooperative 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 l, 1922, that cooperative
funds will not be supplied in the nee
essary amounts to make use of the
entire amount herein appropriated,
the department of public works may
use, at 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. Is. This act shall not take
effect until at the next general cleo
ton it shall have been submitted to
the people and shall have received
majority of all the votes cast for Oh
against it at such election.
The question to be submitted to
the electors of the state at the next
general election in order to deter.
mine whether they will approve or r
reject this act, shall be as follows: {
Shall a. bond issue of $2,G00,000
be authorized for the laying out, sur
veying and constructing Of state
SEC. II. The Secretary of Stats
is directed to publish this act in one
newspaper in each county, If one be
published therein, throughout the
state for three months next nrpced.