Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1920-08-26
AN ACT

PROPRIATING THE PkOCEEDn
or THE SALE THEREOF FOR
THE PAYMENT OF A PORTION
OF THE COST or 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.
ALENT OF THE SAID BONDS AT
MATURITY AND THE INTER-
EST THEREON AS THE SAME
/ BECOMES DUE; APPROPRIATE
! ING THE MONEYS WHICH
SHALL ACCRUE TO SUCH SINK
ING FUND FOR THE PURPOSES
FOR WHICH PROVIDED; Dl'
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.
lie it Enacted by the Legislature OF
the State of Idaho;
| SEC. |. For the purpose of pro,
viding moneys to be used in paying
! for a 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 stats
in such denoPinations 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 1st
day of January and the list 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 1 TO 80 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.
Cto 70 tra1 E,1ra cT,a1f
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 authen> !
ticated by having attached to each /
the great seal of the State of Idaho. |
SEC. ). 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 and shall charge the treasure,
with the full par value thereof.
SEC. 6. The state treasurer shall
make and keep in his office a regis,
er of all bonds issued under the
provisions Of this act, which register (
hall show all those things required {
o be shown by the register thereon I
Kept in the office of the state auditor
md such other information with !
aspect thereto as the treasurer shall s
leem it proper ana necessary to .
ecord. |
SEC. Z. When ready 10 make de, /.
VERY of same the state treasurer
hall sign each of said bonds with {
is own proper name and in his Of {
lcial capacity as such state treasur I
r and each of the interest coupons l
ttached thereto shall have tie I
autographed or printed facsimile S
lgnature of the state treasurer. [
'hich signatures shall bind the
tate of Idaho. The state treasurer e
hall make delivery of the bonds to t
ne purchaser thereof on behalf OF t
ne state of Idaho and shall at the Il
ame time make collection from said a
urchaser of the full amount of the
rice for which the same are sold. {
SEC. s. All moneys received from &
lie sale of the Idaho State Highway n
ondS, fourth issUe. shall be paid in. T.
the Idaho State Highway fund
UGH moneys are hereby appropriat. b
and made available for the Law. v
g out, surveying and constructive h
system of state highways in tina
ate OF Idaho, including all bridges. is
llverts and grades and the purchase n
rights of way forming u part there, p
or being necessary to be had ST
ied or occupied in connection there in
it'll and for such purposes only. No S,
oneys shall at any time be with Il
.trYO Ia