The Emmett index. [volume] (Emmett, Idaho) 1893-1925, 1920-09-02
CHAPTER iss, Oh. B. No. 274)
AN ACT

PROVIDING FOR the issuance and sale
OF state bonds in the sum Of ST.
UOO,0OO; appropriating the proceeds
OF the sale thereof for the payment
OF a portion Of the cost Of LAYING
out, surveying and constructing :
system OF state highways in
the state Of Idaho; providing bv
a tax levy . redemption or sink
! ing fund for the payment Of the
| bonds at maturity and the inter-
est thereon as the same becomes
due; appropriating the moneys
which shall accrue to such sink
ing fund for the purposes for
which provided; directing the de-
partment Of public works how
to apply the proceeds of the sale Of
said bonds hereby authorized; and
providing for the approval or re-
lection hereof by the people of the
state.
Be it enacted by the Legislature Of
the State Of Idaho:
Section l. For the purpose Of pro-
vlding moneys to be used in paving
for portion of the cost Of laying out,
surveying and constructing q system
of state highways in the state of Ida
no loan of $4,000, 900 is hereby au-
thorized to be negotiated upon the
faith and credit of the state of Idaho.
Section 2. The State Treasurer Is
hereby authorized, empowered and d.
rected to issue bonds of the state in
such denominations as he deems ad-
visable, aggregating the amount of
the loan authorized in section 1, which
shall be known as Idaho stat highway
bonds, fourth issue, and shall become
due 20 years from the date of their
issuance. Such bonds shall bear in
terest at rate which shall not ex-
coed the rate of five percentum per
annum, and such interest shall be paid
IN equal semi-annual installments up
on the LIST day of January and the 1st
day Of July in each year. Such in
stallments of interest shall be evil
denced by 40 interest coupons attach
ed to each bond in such manner that
they may be detached and removed
without mutilating either the bond or
the coupons themselves and be num-
bered consecutively from / to 40 in
elusive. Any and all of said bonds
may, at the pleasure Of the state, be
paid off and redeemed after 10 years
from the date of issuance.
Section g. The state treasurer
shall cause to be printed or Htho-
graphed suitable bonds in prop
err form with interest coupons at
tached thereto for the purpose Of car
rying out the provisions of this act.
Section A. All bonds issued under
and by the virtue of the provisions of
this act shall be signed by the COVER
nor of the state of Idaho with his own
proper name and in his official capac-
ity. They shall likewise be signed
by the secretary of state in his official
capacity and be authenticated by hav-
ing attached to each the great seal of
the state of Idaho.
Section 5. After being signed by
the governor and the secretary of
state and being authenticated as here
inbefore 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 at |
tached thereto in the manner and form |
in which bonds heretofore issued by
the state of Idaho are described in
the registers thereof kept in tie office
of the state auditor. Having so reg
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.
Section 6. The state treasurer |
shall make and keep in his office a
register 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 re-
spect thereto as the treasurer shall |
deem it proper and necessary TO re-
cord
Section Z. When ready to make de-
livery of same the state treasurer
shall sign each of said bonds with his
own proper name and in bis official
as such state treasurer 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 be-
half of 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.
Section 8. 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 appropriated
md made available for the laying out,
,urvevin0 and constructing Of q sys-
,em Of state highways in the state of
IDAHO, including all bridges, culverts
md grades and the purchase Of rights
# way forming a part the-ecf or be-
ng necessary to be had, used or occu-
lied in connection Herewith and for
,uch purposes only. No moneys shall
It any time be withdrawn permanent
v from said fund except upon the
warrant of the state auditor
Section 9. For the purpose Of ere
ting q fund, which said fund is here
" designated as the state highway
f,1od fourth bond issue.