Deming graphic. (Deming, N.M.) 1903-1948, 1920-10-12
LEGAL NOTICES


than thirty days after the first adver-
tiScment In each OF said newspapers
such notice shall specify the amount,
denomination, maturity and description
Of the bonds To be sold and the place.
day and hour at which sealed bids
Will be received for the purchase OF
said bonds. At the place and time
named In said notice the said State |
Treasurer and the Governor. or In his |
absence, the president or a member or
the State Highway Commission shall |
I0pcn all bids IN public and shall award |
the bonds, or any part thereof, To the
bidder or bidders Offering the highest
price therefor. They may reject any
land all bids and may refuse 10 make
Iany award unless satisfactory security
shall be furnished by bidder for
compliance with the terms of the bid.
Said sends shall he sold In consecutive
numerical order, and no bid shall he
accepted which is less than the par
value Of such bonds plus the interest
which shall hive accrued thereon be-
tween the date last preceding interest
maturity date and the date of the safe.
The proceeds placed Ia the credit of
the State of the sale of such bonds
shall he placed to the credit of the
State Road Fund. except such amount
aS may have been paid as accrued III
tereSt ,On such bonds which shall he
credited to special interest fund for
b payment of interest on such bonds. The
moneys placed In the State Road Fund
from the proceeds of such bonds shall
be used exclusively for me purposes
, flor which the said Indebtedness Is au-
+ thOrizcd. The expenses incurred 10y the
, Treasurer in the preparation OF the
A said bonds and in advertising the sale
. thceof shall be paid out of funds avail
4 able in the State Road Fund. The pro-
. ceeds realized from the sale of said
l. bonds shall he paid out by the State
n Treasurer under the authority and di-
n rection Of the State Highway Commits
y sion of the State of New Mexico. and
l., the State Highway Commission Is here
n lby authorized and directed to eNpend
# the said proceeds from the sale Of said
+ bonds in the different counties of the
Y State of New Mexico in the construc
e ton of roads In said counties, the
q amounts to be expended in the respec
d portion to the amount of assessed valui
e ton in each of said counties Of all thu
u property therein, according 10 the tn,
u rolls of the respective counties, nn'
IL the amount so to he expended In eacl
u of said counties shall be determine,
d by the said State Highway Commits
IS sion from the tax rolls of said coun
De ties for the year 1920 as they shall b
Nc ON file in the office of the state Tia.
Df Commission of the State of New Mex
lc leo for said year.
IS Section Ito provide for the pay
'k ment of the interest and principal q
in any bonds issued pursuant to the pre-
IL visions Of this act there shall be an
III there is hereby imposed and levie
he during each year in which the sal
Ill bonds shall he outstanding an annual
w lad valorcn tax on all property In III
he state of New Mexico subject to taxi
le ton for state purposes sufficient
ii produce Il sum equal TO one years IL
rs terest ON all the said bonds then on
standing In each year after said bond
~ shall have run for five years, thcr
e. shall be and there is hereby impose
O. and levied on all property in tie stat
le of New Mexico subject 10 taxat.oE ft
t. state PURPOSES, an annual al valOr,
e tax sufficient to pay the principal I
O. said bonds at maturity. The taxes Der
Ill by authorized. imposed and levied sha
Ill be levied, assessed and collected IN q
Pr same manner as other taxes for STA
e, purposes. and ii shall he the duty
Pr the State Auditor and Of all asSeSso
H. and local taxing authorities to eau
IN said taxes 10 he levied, assessed al
W collected In the same manner and
n the same times as other taxes for sta
w ". purposes are levied, assessed and @
NJ lected.
!" Section 1.-The State Treasnr
~, '' shall keep separate accounts or
Nv moneys collected under the taxes heI
VI by levied and imposed for the payne
~ Nof the interest and sinking FUND
Nv said bonds respectively and shall frt
Nv time to time invest the moneys
w said sinking fund in any bonds or OF
w or securities issued by the State
w New Mexico, or in any bonds or secu
"a ties of any county in said state, or
~ any bonds Of any city or school distr
w therein at their market value; r.
W vided. such bonds or securities are p'
~. able from Il tax upon all taxable PR
we. erty In such county, city or sent
we districts and that all such bonds or
L. curities so purchased shall mature
-, 4 fore the maturity of the bonds
40 which said sinking fund is created
section ANY holder of any
the bonds issued pursuant to the
'ns visions Of this act and any person
. .as officer being party in interest II
ri either at law or in equity, by suit,
'ah tion or mnndamus enforce and com
Az the performance OF the duties requi
Ter by this act Of any of the officers
ich persons herein mentioned.
ron. Section All bonds issued un
lin. the provisions Of this act shall he
is- empt from taxation.
1ey Section S-The provisions OF this
,no. shall constitute an irrepealable eontr
to with the holders of any bonds
lch the coupons thereof issued pursuant
of. the provisions Of this net for the
the performance of which by the st
rom and its Officers and taxing huthori
red the full faith and credit of the II
xed of New Mexico Is hereby pledged.
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