Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1920-09-02
AN ACT

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
AIENT 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; 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. /. For the purpose of pro
Viding moneys to be used in paying
for a portion of the cost of laying
out, surveying and constructing
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 sueh denominations as he deems
advisable, aggregating the amoHnt
OF the loan authorized in SECTION l.
which shall -be kRswn as Idaho State
Highway Bonds, fourth issue, and
shall become die 70 years from the
date Of THAR issuance. SUCH bonds
shall bear interest at a. rate which
shall net exceed the rate Of five
peFeentUm per annHm, and such in
teSest sk1lll be paid in equal semi
annual installments upon the 1st
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
mutiIating either the bond or the
coupons themselves and be number
ed consecutively from I 10 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.
SEC. 8. 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. /. Ali 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 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
the same, the state auditor shall de-
liver the bonds to the state treasur>
er and shall charge the treasurer
with the full par value thereof.
SEC. 6. The state treasurer shall
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 thereof
kept in the office of the state auditor
and such other information with
deem it proper ana necessary to
record.
SEC. Z. When ready 10 make de.
livery of same the state treasurer
shall sign each of said bonds with
his own proper name and in his Of
fetal capacity as such state treasur.
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
he purchaser thereof on behalf oil
he 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
he sale of the Idaho State Highway !
ponds, fourth issue, shall De paid in. |
o the Idaho State Highway fund. |
such moneys are hereby approprfat. |
ID and made available for the lay. |
ng out, surveying and constructive |
# system of state highways in the /
tate of Idaho, including all bridges,
ulverts and grades and the purchase
f rights of way forming part there
f or being necessary to be had,
sed or occupied in connection there
nth and for such purposes only. No
loneys shall at any time be with
rawn permanently from said fund
kept upon the warrant of the state
iriitnr