The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-10-11

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 hign way
bonds, fourth issue, shall be paid
into the Idaho state highway fund.
Such moneys are hereby appropriate
ed and made available for the laying
out, surveying and constructing of
a system of state highways in the
state of Idaho, including all bridges,
culverts and grades and the pur-
chase of rights of way forming a
part thereof or being necessary to
be had, used or occupied in con-
nection Herewith and for such pur-
poses only. r No moneys shall at any
time be withdrawn permanently
from said fund except upon the war
rant of the state auditor.
Sec. 8. For the purpose OF Great
ing fund, which said fund is hereby
designated as the state highway re-
demption fund, fourth bond issue,
out of which shall be paid the princi-
pal and interest upon the bonds to be
issued under and by virtue of the
provisions of this act, there is here
by levied a tax of four-tenths of one
mill ($.0004) upon each dollar in
value of the taxable property with
in the state, the same to be known
as the state highway tax, and the
proceeds of the same are hereby
and set aside until such
time as the said Idaho state high
way bonds, fourth issue, and all in
terest which shall have accrued
thereon, are fully paid and redeem
ed. The moneys accruing from the
source above mentioned, which are
hereby diverted, appropriated and
set aside for the purpose above set
forth, shall be by the state auditor
and state treasurer credited to and
placed in the said state highway re-
demption fund, fourth bond issue,
out of which fund the state treas
urer shall pay the interest upon the
Idaho state highway bonds, fourth
issue, as the same shall become due,
and upon any day upon which the
interest coupons attached to said
bonds become due, beginning jan
uary 1, 1881, he shall also pay SO
much of the principal Of said bonds
rs it may be possible to pay after
reserving in said fund moneys suf-
ficient in amount to pay the interest
upon those said bonds then outstand-
ing which shall accrue and become
due during and within the next en-
suing year. M
Sec. 10. If at any time there shall
not be sufficient moneys in the said
state highway redemption fund,
fourth bond issue, to pay the interest
upon or principal Of the Idaho state
highway bonds, fourth issue, ar1t
.horized by this act, then due, the
state treasurer shall pay the same
out of the general fund of the state.
The state treasurer shall, however,
Is soon thereafter as sufficient mon
sys for that purpose have accrued to
he said state highway redemption
,und, fourth bond issue, repay to the
state general fund all amounts TAX
On therefrom under this privision
md not previously repaid.
Sec. IL. For the payment Of the
ponds authorized to be issued under
and by the provisions of this act
md the interest which shall accrue
thereon, according to the strict terms
hereof, the faith and credit Of the
state Of Idaho is solemnly pledged,
and for the payment of such bonds
md the interest thereon in lawful
money of the United States of Ameri-
Ca as and when the same shall be-
come due, the state treasurer shall
reserve any and sufficient of the
money in his hands, at the least pos
,ible cost, in preference to all other
Claims whatsoever, except the inter-
est upon and the principal of other
ponds of the state of Idaho hereto
tore issued under acts Of the legis-
ature of said state. ta. g
Sec. IL. The state treasurer shall
give two weeks notice publication
IN two newspapers Of general cir
,ulation, one of which is published
IN the state Of Idaho, Of the inten-
ion of the state to sell the bonds
by the provisions Of this
act, and shall invite bids therefor.
Said bonds must be sold at not less
han the par value thereof, upon
he best terms offered and at the
lowest rate of interest named by
my bidder. The state treasurer
shall have the right to reject any
ind all Of the bids offered and may
'eadvertise for bids, as herein pro-
1ided.
Sec. 13. The expenses OF printing
,r lithographing and procuring suit
able bonds with interest coupons at
.ached, for the purpose of carrying
,ut the provisions of this act, shall
De paid out Of the moneys arising
rom the sale thereof as an expense
Incident to the laying out, survey
ng and constructing of said system
If state highways.
Sec. IA. The said state highway
bonds, fourth issue, to be issued
Under the provisions of this act,
shall bear date of January 1, 1921,
md become due January 1, 1914.
Both bonds and interest coupons
herein authorized to be issued shall
be payable at the office Of the state