Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1920-09-21
CHAPTER 1893
blouse Bill No. 274)
Preside
AN ACT

COST OF LAYING OUT, SURVEY
ING THE CONSTRUCTING OF A
SYSTEM OF STATE HIGHWAYS
IN THE STATE OF IDAHO; PRO
VIDING BY A TAX LEVY A RE-
DEMPTION OR SINKING FUND
FOR THE PAYMENT OF THE SAID
BONDS AT MATURITY AND THE
INTEREST THEREON AS THE
SAME BECOMES DUE; APPROPRI-
ATING THE MONEYS WHICH
SHALL ACCRUE TO SUCH SINK
ING FUND FOR THE PURPOSES
FOR WHICH PROVIDED; DIRECT
ING THE DEPARTMENT OF PUB
Lie WORKS HOW TO APPLY THE
PROCEEDS OF THE SALE OF
SAID BONDS HEREBY AUTHOR
lied; AND PROVIDING FOR THE
APPROVAL OR REJECTION HERE
OF BY THE PEOPLE OF THE
STATE.
Be it Enacted by the Legislature of
the State of Idaho:
Sec. 1. For the purpose of provid-
ing moneys to be used in paying for a
portion of the cost of laying out, sur
veying and constructing a system of
state highways in the state of Idaho
loan of 100000 is hereby author
lied to be negotiated upon the faith
and credit of the state of Idaho
Sec. 2 The State Treasurer is here
by authorized empowered and directed
to issue bonds of the state in such de-
nominations as he deems advisable, ag-
gregating the amount of the loan auth
orized 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
interest shall be paid in equal semi
annual installments upon the first day
of January and the first day of July
in each year. Such installments of
interest shall be evidenced by 40 inter-
est coupons attached to each bond in
such manner that they may be de-
tached and removed without mutilat-
ing either the bond or the coupons
themselves and be numbered from l to
40 inclusive. Any or all of said bonds
may, at the pleasure of the state, be
paid off and redeemed after 10 years
from the udte OF issuance.
Sec 8. The state treasurer shall
cause to be printed or autographed
suitable bonds in proper form with in
terest 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 governor the
state of Idaho with his own proper
name and in his official capacity. They
shall likewise be signed by the secre-
tary of state in his official capacity and
be authenticated by having attached to
each the great seal of the state of Id
aho
Sec. After being signed by the
governor and the secretary of state
and being authenticated as hereinbe-
fore provided the said bonds shall be
delivered to the state auditor who
shall make and keep in his office a
register fully and properly describing
each bond and the interest coupons
attached thereto in the manner and
form in which bonds heretofore issued
by the state of Idaho are described in
the registers thereof kept in the office
istered the same, the state auditor
shall deliver the bonds to the state
treasurer and shall charge the treas
urer with the full par value thereof.
Sec. 6. The state treasurer shall
make and keep in his office a register
of all bonds issued under the provis-
ions 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
and necessary to record
Sec. 7. When ready to make deliv-
cry of same the state treasurer shall
sign each of said bonds with his own
proper name and in his official capac-
ity as such state treasurer and each of
the interest coupons attached thereto
shall have the Autographed or printed
facsimile signature of the state treas
urer, which signatures shall bind the
state of Idaho. The state treasurer
shall make delivery of the bonds to
the purchaser thereof on behalf of the
state of Idaho and shall at the same
time make collection from said pur-
chaser of the full amount of the price
for which the same are sold.
Sec. s. All moneys received from
the sale of the Idaho state highway
bonds, fourth issue, shall be paid into
the Idaho state highway fund. Such
moneys are hereby appropriated and
made available for the laying out, sur
veying and constructing of a system
of state highways in the state of Idaho
including all bridges, culverts and
grades and the purchase of rights of
way forming a part thereof or being
necessary to be had, used or occupied
in connection Herewith and for such
purposes only. No moneys shall at
any time be with withdrawn perma-
nently from said fund except upon the
warrant of the state auditor.
Sec. 8. For the purpose of creating
a fund, which said fund is hereby des-
ignated as the state highway redemp-
ton fund, fourth bond issue, out of
which shall be paid the principal and
interest upon the bonds to be issued
under and by virtue of the provisions