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

L
THE SALE OF SAID BONDS
HEREBY AUTHORIZED: AND
PROVIDING FOR THE APPROX
AL OR REJECTION HEREOF BY
THE PEOPLE OF THE STATE.
Be it Enacted by the Legislature OF
the State of Idaho:
SEC. /. For the purpose of pro
yiding moneys to be used in paying
for a portion of the cost of laying
out, surveying and constructing
system of state highways in the
state Of Idaho a loan of $2,OOO,OO0
is hereby authorized to be negotiated
upon the faith and credit of the
State of Idaho.
SEC. 2. The State Treasurer is
hereby authorized, empowered and
directed to issue bonds of the state
in such denominations as he deems
advisable, aggregating the amount
of the loan authorized in section l,
which shall be known as Idaho State
Highway Bonds, fourth issue, and
shall become due 20 years from the
date of their issuance. Such bonds
shall bear interest at a rate which
shall not exceed the rate of five
percentum per annum, and such in
terest shall be paid in equal semi
annual installments upon the 1st
| day of January and the LIST day Oh
July in each year. Such installments
| of interest shall be evidenced by 40
| interest coupons attached to each
bond in such manner that they may
! be detached and removed without
mutilating either the bond or the
coupons themselves and be number
| ed consecutively from l TO 40 inclu-
siye. Any or all of said bonds may,
at the pleasure of the state, be paid
off and redeemed after 10 years
from the date of issuance.
| SEC. 3. The state treasurer shall
cause to be printed or Autographed
suitable bonds in proper form with
! interest coupons attached thereto
/ for the purpose of carrying out the
provisions of this act.
SEC. 4. All bonds issued under
and by virtue of the provisions of
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
signed by the secretary of state in
his official capacity and be anthem
| ticated by having attached to each
| the great seal of the State of Idaho.
| SEC. 5. After being signed BY
| the governor and the secretary OF
state and being authenticated as
| hereinbefore provided the said bonds
shall be delivered to the state audi
! tor who shall make and keep IN his
| office register fully and properly
| describing each bond and the inter-
est coupons attached thereto in the
manner and form in which bonds
| heretofore issued by the State or
Idaho are described in the registers
thereof kept in the office of the
state auditor. Having so registered
| the same, the state auditor shall de-
liver the bonds to the state treasur>
er and shall charge the treasurer
with the full par value thereof.
! SEC. 6. The state treasurer shah
make and keep in his office a regis.
fter of all bonds issued under the
provisions of this act, which register
shall show all those things required
to be shown by the register thereof
kept in the office of the state auditor
and such other information with
respect thereto as the treasurer shall
deem it proper ana necessary to
record.
SEC. 7. When ready to make de,
| livery of same the state treasurer
shall sign each of said bonds with
Ibis own proper name and in his Of
60
er and each of the interest coupons
attached thereto shall have the
| Autographed or printed facsimile
| signature of the state treasurer,
which signatures shall bind the
state of Idaho. The state treasurer
shall make delivery of the bonds to
| the purchaser thereof on behalf oil
the state of Idaho and shall at the
same time make collection from said
purchaser of the full amount of the
price for which the same are sold.
SEC. 8. All moneys received from
the sale of the Idaho State Highway
bonds, fourth issue, shall be paid in.
to the Idaho State Highway fund.
Such moneys are hereby appropriat.
ed and made available for the Law.
ing out, surveying and constructive
of system of state highways in thu
state of Idaho, including all bridges.
culverts and grades and the purchase
of rights of way forming a part there
of or being necessary to be had,
used or occupied in connection there
with and for such purposes only. No
moneys shall at any time be with
drawn permanently from said fund
except upon the warrant of the state
auditor.
SEC. 8. For the purpose OF Gre
ating a fund, which said fund is
hereby designated as the state high.
way redemption fund, fourth bond
issue, out of which shall be paid the
principal and interest upon the
bonds to be issued under and by vir.
tue of the provisions of this act there
is hereby levied tax of four-tenths
of one mill ($.0004) upon each dol
lar in value of the taxable propert,
within 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