The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-09-20
OF THE SALE THEREOF FOR

OF THE SALE THEREOF FOR
THE PAYMENT OF A PORTION
OF THE COST OF LAYING OUT,
SURVEYING AND CONSTRUCT
ING A SYSTEM OF STATE HIGH
WAYS IN THE STATE OF IDA
HO; PROVIDING BY A TAX
LEVY A REDEMPTION OR SINK
ING FUND FOR THE PAYMENT
OF THE SAID BONDS AT MA
TURITY AND THE INTEREST
THEREON AS THE SAME BE-
COMES DUE; APPROPRIATING
THE MONEYS WHICH SHALL
ACCRUE TO SUCH SINKING
FUND FOR THE PURPOSES FOR
WHICH PROVIDED; DIRECT
ING THE DEPARTMENT OF
PUBLIC WORKS HOW TO AP-
PLY THE PROCEEDS OF THE
SALE OF SAID BONDS HEREBY
0'nAUTHORIZED; AND PROVID-
ING FOR THE APPROVAL OR
REJECTION HEREOF BY THE
PEOPLE OF THE STATE.
Be It Enacted by the Legislature Of
the State of Idaho:
Section /. For the purpose Of
providing moneys to be used in pay
ing for portion of the cost of lay
Ing out, surveying and constructing
system Of state highways in the
state of Idaho a loan of 100000
is. hereby authorized to be negotiat-
ed upon the faith and credit of the
state Of Idaho. e.
, 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 rate which
shall not exceed the rate of five
per centum per annum, and such
interest shall be paid in equal semi
annual installments upon the LIST
day of January and the 1st day Of
July in each year. Such install
ments of interest shall be evidenced
by 40 interest coupons attached to
each bond in such manner that they
may be detached and removed with
out mutilating either the bond or
the coupons themselves and be num-
bered consecutively from l to 40 in
elusive. 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 a 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 OF
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 with the full par value thereof.
Sec. 6. The state treasurer shall
make and keep in his office q regis
ter of all bonds issued under the
provisions OF this act, which regis
ter 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 infor-
nation with respect thereto as the
treasurer shall deem It proper and
necessary to record
Sec. 7. When ready to make de-
livery of same the state treasurer
shall sign each Of said bonds with
his own proper name and In his Of
ficial capacity as such state treas
urer and each Of the interest cou-
pons 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 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. 8. 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 appropriat-
ed and made available for the laying
out, surveying and constructing of
system of state highways in the
state of Idaho, including all bridges,
culverts and grades and the pur-
chase of rights Of way forming q
A.