Belen news. (Belen, N.M.) 1912-1947, 1920-10-28


purchase of said bonds. At the place
and time named in said notice the,
said state Treasurer and the Cover
nor, or in his absence the president
or Il member OF. the state Highway
Commission shall open all bids in pub
lie and shall award the bonds, or any
part thereof, to the bidder or bidders
offering the highest price therefor.
They may reject any and all bids and
Ilaay refuse to make any award M
LESS satisfactory security shall be
furnished by a bidder for compliance
with-thc terms of the bid. Said bonds
shall be sold in consecutive numerical
iorder and no bid shall be accepted
which is less than the par value of
such bonds plus the interest which
shall have accrued thereon between
THE dat lest preceding interest
maturity date and the date OF tie SALE.
THE PROCEEDS placed to the credit Of
lthe State of the sale of such bonds
shaft be placed TO the credit eof the
State Road Fund, except such amount
IS may have been paid as accrued in
terest on such bonds which shall be
credited to special interest fund for
payment of interest on such bonds.
lThe moneys placed in tho State Road
Fund from the proceeds Of such bonds
shall be used exclusively for the pur-
poses for v tich the said indebtedness
| iB authorized. The expenses incurred
| by the Treasurer in the preparation
| tfl the sa1n Hoffus and In advertising
! ihe Sale thcieol Shall be pAitt but OF
funds available in the State Road
Fund The proceeds realized from the
sale of said bonds shall be paid out
by the State Treasurer under the
authority and direction of the State
| Highway Commission of the State of
| New Mexico, and the State Highway
ltsomniission is hereby authorized and
Edirecteds to expend the said proceeds
/ from the sale of said borpds in the
laiffereiit counties OF the State of New
AfeSihfI in the cdhstruetien of roads
In said counties the AMOUNTS to be
expended in the respective counties
in the State to be in proportion to
the amount Cf assessed valuation in
each of said counties of all the prop
ertv therein, according to the tax rolls
OF the Irrespective counties, and the
amount 30 to be expended in each of
said@ counties shall be determined by
the said Ethte Highway Commission
for the year 1920 as they shall be
: oil file in the office of the State Tax
IGoinnlissioiii oil, the st6ts Of New Mex
fieo tor said year.
| Section4-To provide for the pay
hd6nt of the interest and principal of
any bonds issued pursuant to the pro-
ivisiens of this act there shall be and
There is hereby imposed and levied
/ during each year in which the said
Ibonds shall be outstanding an annual
1 ad yalorem tax on all property in the
State of New Mexico subject to taxa
/ tiohs for state purposes sufficient to
pfoHuce sum euual to one years in
t1erest on all the said bonds then cuts
lstanding In each year after said
bonds shall have run for five years,
there. shalE.be and there is hereby i'm
posed and levied on all property in
| the State of New Mexico subject to
taxation for state purposes, an annual
ad valorem tax sufficient to pay the
principal Of said bonds at maturity.
| The taxes hereby authorized imposed
Ind levied shall be levied, assessed
lhnsl rollected in the same manner az
Hthet taxes ftjf state pilrpbHes. and
III Shall be fhe duty Of The !! Statq
4 Auditor andsnf all assesselss and local
Itaxfng aHthDlitics t. cause said taxes
To be leyeid assessed and collected III
the same manner and at the same
times as other taxes for state pur-
Iposess are levied, assessed and coll
lleeted
Section 5--The State Treasurer
shall keep separate accounts of all
] moneys collected under the taxes
Thereby levied and imposed for the
/ hayt1ief1t OF the interest and sinking
fund OF said bonds respectively aiid
shall from time to time invest the
moneys in said sinking fund in any
i bonds or other securities issued by the
State of New Mexico, or in any bonds or
securities Of any county in said state,
or in any bonds of any city or school
district therein at their market value;
I Provided, such bonds or securities are
/ payable from q tax upon all taxable
A property in such county, city or school
/ districts and that all such bonds OF
Isecurities SO purchased shall mature
4 before the maturity Of the bonds fpF
4 which said sinking fund is created
4 Section 6--Any holder of any OF
the bonds issued pursuant to the pro-
visions of this act and any person or
officer being a party in interest may
either at law or in equity, by suit
action OF mandamus enforce and COM
pei the performance of the duties re-
s quired by this act of any of the Of
Il fiberk or persons herein mentioned
i Section Ali bonds issued under
the provisions Of this act shall be ex.
empt from taxation. -.
Section S-The provisions of this
act shall constitute an irrepealable
contract with the holders of any bonds
Il and the coupons thereof issued pur-
slant to the provisions Of this act
for the full performance of which By
the state and its officers and taxing
authorities the full faith and credit
of The state Of New Mexico is hereby
pledged.
This act shall without reference tt
any other act of the Legislature Of
the State of New Mexico be full
authority for the issuance and sa1t
of the bonds hereby authorized, which
bonds and the coupons thereto at
/, tached, shall have all the qualities o.
! negotiable paper under the law oi
merchant and shall not be invalit
for any irregularity or defect in tn,
proceedings for the issue and salt
!. thereof and shall be incontestable ii
, the hands Of bona fide purchasers o.
I holders thereof for value. u
Section 9-This act shall be sub
: mitted to the qualified electors o
the state at the general election tt
: be held in the month of Novembe
in the year 1920 and it shall be tn
: duty of the Secretary of the State t.
cause this act to be published in full
, in at least one newspaper in eael
: county of the state, il one be publishes
i. therein, once each week for four sue
: IfpsSiNe weeks next DracadinR alicl