Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1920-10-22

lied; AND PROVIDING FOR
THE APPROVAL OR REJECTION
HEREOF By THE PEOPLE OF
THE STATE.
Be IL Enacted By the Legislature
Of tho State OF Idaho.
SEC. L. For the purpose OF pro-
viding moneys to be- used In paying
for a portion Of the cost OF laying
out, surveying and constructing q
system of state highways In the state
OF Idaho loan OF $4,000, 900 is here
BY authorized to be negotiated upon
the faith and credit OF the state OF
Idaho.
SEC. 2. The State Treasurer In
hereby authorised, empowered and
directed to issue bonds OF the state
In such denominations az he deems
advisable, aggregating the amount
.of the loan authorized In section /,
which shall be kncwn as Idaho State
Highway Bonds, fourth issue, and
shall become due 20 years from date
of their issuance. Such bonds shall
bear interest at rate which shall
not exceed the rate OF five percentum
per annum, and such interest shall
be paid In equal semi-annual INSTALL
ments upon the LIST day of January
and the LIST day OF July in each year.
Such installments OF interest shall
be evidenced by 40 interest coupons
attached TO each bond In such man
ner that they may be detached and
removed without mutilating either
the bond or the coupons themselves
and be numbered consecutiVely from
to 40 inclusive. ANY or all OF said
bonds, may at the pleasure OF the
state, BIO paid off and redeemed after
10 years from the date OF issuance.
SEC. 3. The state treasurer
shall cause to be printed or litho-
graphed suitable bonds In proper
form with interest coupons attach
ed there to for the purpose OF car
rying out the provisions OF this act.
SEC. 4. All bonds issued under
and by virtue OF the provisions or
this act shall be signed by the gov
ernor OF the state OF Idaho with his
own proper name and in his official
capacity. They shall likewise be sign
ed by the secretary OF state in his
official capacity and be authentica-
ted by having attached to each the
great seal OF the state OF Idaho.
SEC. 8. After being signed by
tho governor and the secretary OF
state and being authenticated a.
hereinbefore provided the said bonds
shall be delivered TO the state audit
ro who shall make aud keep In his OF
flee q register fully and properly de-
cribing each bond and the interest
coupons attached thereto in the man
ner and form In which bonds hereto
fore issued by the state OF Idaho are
described in the registers thereof
kept in the office OF the state audit
or. Having SO registered the same,
the state auditor shall deliver tho
bonds to the state treasurer and
shall charge tho treasurer with the
full par value thereof.
SEC. 6. The state treasurer
shall make and keep In his office
register OF all bonds issued under
the provisions or this act, which re-
gtster shall show all those things re-
quired TO be shown by the register
thereof kept in the office OF the state
auditor and such other information
with respect thereto as tho treasurer
shall deem 1t proper and necessary TO
record.
SEC. z. When ready TO make
delivery OF same the state treasurer
shall sign each of said bonds With his
own proper name and his official
capacity as such state treasurer and
each Of the interest coupons attach
ed thereto shall have the Autograph
ed or printed facsimile signature Of
the state treasure, which signatures
shall bind the state OF Idaho. The
state treasurer shall make delivery
of the bonds to the purchaser there
of on behalf Of the state Of Idaho
and shall a. the same time make
collection from said purchaser OF the
full amount Of the price for which
tho same are sold.
SEC. 3. All moneys received
from the sale Of the Idaho state high
way bonds, fourth issue, shall be
paid into the Idaho state highway
fund. Such moneys are hereby ap-
propriated and made available for
thu laying out, surveying and con-
structing OF q system OF state high
ways In the state OF Idaho, tnclnd-
] tng all bridges, cufyertn and grades
and the purchase Of rights OF way
forming . part thereof or being ne
cessary TO be had, used or occupied
In connection Herewith and for such
purposes only. no moneys shall nj
any time be Withdrawn permanently
from said fund except upon war.
rant OF the state auditor.
SEC. 8. For the purpose Of
creating a fund. which said fund Il
hereby designated as the state high
way redemption fund, fourth b0ns
Issue, out Of which shall DO paid tn
principal and interest upon the bend
TO be issued under and by virtue 0
the provisions OF this act there i
hereby levied . tax of fourteenth
Of one mill (s.0O04l upon each dol
lar in value Of the taxable pr0pert
within the state, the same 20 b
known as the state highway tax, an,
the proceeds Of the same are here
BY appropriated and set aside unit
such time a. the said Idaho stat
highway bonds. fourth issue, and al
interest which shall have accrue
thereon are fully paid and redae1ue.