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

H OF THE SALE THEREOf ron
THE PAYMENT OF A PORTION
OF THE COST OF LAYING OUT
SURVEYING THE CONSTRUCT,
ING A SYSTEM OF STATE HIGH
WAYS IN THE STATE OF IDA
/ no; PROVIDING BY A TAX
LEVY a REDEMPTION OR
SINKING FUND FOR THE PAY
MENT OF THE SAID BONDS AT
/ MATURITY AND THE INTER
EST THEREON AS THE SAME
BECOMES DUE; APPROPRIATE
INGs THE MONEYS WHICH
SHALL ACCRUE TO SUCH SINK
| ING FUND FOR THE PURPOSES
FOR WHICH PROVIDED; DI'
RECTING THE DEPARTMENT
OF PUBLIC WORKS HOW TO
APPLY THE PROCEEDS OF
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. 1. For the purpose of pro,
! viding moneys to be used in paying
! for portion of the cost of laying
out, surveying and constructing a
system of state highways in the
state of Idaho a loan of 100000
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 LIST
day of January and the 1st 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-
sive. 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
70 hn mt N6aA
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 or the state OF Idaho.
SEC. .. After being signed by
the governor and the secretary OF
state and being authenticated as
hereInbeLore provided the SAID bonds
shall be delivered to the state audi
tor who shall make and keep IN hi
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
he
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
ter of all bonds issued under the
provisions of this act, which register
shall show all those things required
to be shown by the register thereon
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. 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 his Of
er and each of the interest coupons
attached thereto shall have the
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. s. 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 lay.
ng out, surveying and constructing
Of system of state highways in tina |
state of Idaho, including all bridges, |
,ulverts and grades and the purchase
If rights of way forming part there |
If or being necessary to be had, |
lsed or occupied in connection there |
With and for such purposes only. No |
moneys shall at any time be with |
lrawu nnrmanent1v from said fund L