The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-08-23

demption fund, fourth bond issue,
out of which shall be paid the princi-
pal and interest upon the bonds to be
issued under and by virtue of the
provisions of this act, there is here
by levied tax of four-tenths of one
mill 100000 upon each dollar in
value of the taxable property with
in the state, the same to be known
as the state highway tax, and the
proceeds of the same are hereby
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
thereon, are fully paid and redeem
ed The moneys accruing from the
source above mentioned, which are
hereby diverted, appropriated and
set aside for the purpose above set
forth, shall be by the state auditor
and state treasurer credited to and
placed in the said state highway re-
demption fund, fourth bond issue,
out of which fund the state treas
urer 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 coupons attached to said
bonds become due, beginning Jan
uary 1, 1881, he shall also pay so
much of the principal of said bonds
as it may be possible to pay after
reserving in said fund moneys suf-
ficient in amount to pay the interest
upon those said bonds then outstand
ing which shall accrue and become
due during and within the next en-
suing 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, aur
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 redemption
fund, fourth bond issue, repay to the
state general fund all amounts TAX
en- therefrom under this privision
and not previously repaid.
Sec. II. 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 Ameri-
lea as and when the, same shall be-
come due, the state treasurer shall
reserve any and sufficient of the
money in his hands, at the least pos
sible cost, in preference to all other
claims whatsoever, except the inter-
est upon and the principal Of other
bonds of the state Of Idaho hereto
fore issued under acts of the legis-
lature of said state.
Sec. -. The state treasurer shall
give two weeks notice publication
in two newspapers of general cir
culation, one of which is published
in the state of Idaho, of the inten-
ton of the state to sell the bonds
authorized by the provisions Of this
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 bidder. The state treasurer
shall have the right to reject any
and all of the bids offered and may
readvertise for bids, as herein pro-
vided.
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, shall
be paid out of the moneys arising
from the sale thereof as an expense
incident to the laying out, survey
ing and constructing 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 /, 1921,
and become due January /, 1941.
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 pub
lie works of the state Of Idaho is
hereby directed to apply the pro-
ceeds of the said Idaho state high
way bonds, fourth issue, as follows,
to wit:
To the completion of 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
department.
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
public works at any time subsequent
to January /, 1922, that cooperative
funds will not be supplied in the
necessary amounts to make use Of
the entire amount herein apropriat-