Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1920-09-23


for the purpose above set forth, shah
be by the state audrtor 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 saia
bonds then outstanding which will
accrue and become due during ana
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, 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 r9demp>
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 and 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-
circulation, one of which is publish
ed in the state of Idaho, of the in
tention of the state to sell the bends
authorized by the provisions of THU
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
4 ho tota ire chall haHa
| the right to reject any and all OF
the bids offered and may readvertiss
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 CT
state highways.
SEC. IA. The said state highway
! bonds, fourth issue, to be issued I'M
! 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
| duLuOl lLCu " NC oholl bo p"J
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 pro
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 1, 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 1t
for the best interests of the state.
SEC. 16. 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 Il
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
reject this act, shall be as follows:
Shall a bond issue of S2,0OO,OOO
be authorized for the laying out, sur
veying and constructing Of state
highways?
SEC. IT. The Secretary of State
is directed to publish this act in one
newspaper in each county, il one be
tN,, l. Itch oh