General and Special Laws of the State of Idaho (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ... register of the bonds issued by him under this Act, showing the date of issuance, and shall deliver said bonds, with coupons attached, as aforesaid, to the purchaser thereof, upon receipt of the purchase money therefor, and all the money received upon the sale of the bonds herein provided for shall be used for the completion of said Paris-Franklin Road and the payment of the other expenses authorized by this Act, and shall be disbursed as by this Act; Provided, However, That said bonds shall not be sold for less than their face or par value. The expenses of printing or lithographing and procuring a suitable bond with coupons attached, shall be paid out of the funds arising from said sale as an expense incidental to the completion of said road. Sec. 8. For the purpose of creating a fund to pay the interest coupons and the principal of said bonds, in addition to the taxes now imposed by law, an additional ad valorem tax of one-twenty-fifth (1/25) of a mill upon each One Hundred Dollars ($100) of the assessed valuation of all property in this State not exempt from taxation, is hereby levied and shall be collected as other taxes for State purposes. All moneys collected by the State Treasurer as the proceeds of the tax hereby levied shall be set apart by him and shall constitute a separate and distinct fund, to be known as the Paris-Franklin Road Fund. The State Treasurer shall pay the interest on said bonds when due out of said funds, taking the coupons as his voucher therefor. After the expiration of ten (10) years from the issuance of said bonds, the Treasurer may redeem the same, whenever there is sufficient money in the said fund so to do. Sec. 9. If at any time there shall not be sufficient moneys in said fund to pay the interest...