Carrizozo outlook. [volume] (Carrizozo, N.M.) 1910-1945, 1920-10-15

Chicago. State Of Illinois, once each
week for four successive weeks prior
TO the date fixed for such sale, such
date being not less than thirty days
after the first advertisement In each OF
said newspapers, such notice shall spe-
city the amount, denomination. matur-
ity, and description Of the bonds 10 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 Raid notice tho
the said State Treasurer and the Gov
ernor, or in absence the president or a
member Of the State Highway Commits
sion shall open all bids In public and
and shall award the bonds, or any part
thereof, to the bidder or bidders offer
ing the highest price therefor. They
may reject any or all bids and may re-
fuse TO make any award unless salts
factory security shall be furnished By a
bidder for compliance 10 the terms Of
the bid. Said bonds shall be sold In
consecutive numerical order and no bid
shall be accepted which il less than the
par value OF such bonds plus the
interest which shall have accrued there
on between the date last preceding
interest maturity date and date Of the
sale. The proceeds placed TO the cred
II Of the State Of the sale Of such bonds
shall be placed 10 the credit OF the
State Road Fund. except such amount
ms may have been paid as accrued in
terest on such bonds which shall be
credited 10 n special interest fund for
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 the pur-
poses for which said indebtedness Ia
authorized. The expenses incurred by
the Treasurer In the preparation OF the
said bonds and in advertising the sale
thereof shall be paid out Of funds av-
ailable 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 di-
rection Of the State Highway Commits
sion of the State of New Mexico, and
the State Highway Commission is here
by authorized and directed TO expend
tine said proceeds from the sale Of said
bonds In the different counties of the
State of New Mexico In the cOnstruc-
tiun of roads in said counties, the am
cunts to be expended in the respective
counties IN the state TO be in proper
tion To the amount of assessed valua-
tiun In each of said counties Of all the
pro erty therein, according TO the tax
rolls Of the respective counties, and the
amount ~ TO be expended In each of
said counties shall be determined by the
State Highway Commission from the
tax ~ Sol said counties for the year
1920 rs they shall be on file in the of
iire az the state Tax Commission of
the State of New Mexico for said year.
Section Ito provide for the pay
ment Of the interest and principal of
any bonds issued pursuant TO the pro-
visions of this act there shall be and
there Is hereby imposed and levied
during each year in which said bonds
shall be outstanding an annual nd va
lorum tax on all property in the State
OF New Mexico subject to taxation for
state purposes sufficient 10 produce a
sum equal TO one years interest on all
Of the said bonds outstanding. In each
year after said bonds shall have run
for five years, there shall be and there
Is hereby imposed and levied on all
property in the State of New Mexico
subject to taxation for state purposes,
an annual ad valOrem tax sufficient 10
pay the principal Of said bonds at ma
turity. The taxes are hereby author
lied, imposed, and levied shall be lev
led, assessed and collected In the same
manne as other taxes for state pur-
poses, and II shall be the duty OF the
State Auditor and OF all assessors and
legal taxing authorities to cause said
taxes TO be levied, assessed and col
lected in the same manner and at the
same times as other taxes for state
purposes are levied, assessed and col
lected.
Section 5-The State Treasurer shall
keep separate accounts of all moneys
collected under the taxes hereby levied
and imposed for the payment Of the
interest and sinking fund Of said bonds
respectively and shall from time TO
time invest the moneys in said sinking
fund in any 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: Provided, such bonds or
securities are payable from a tax upon
ell taxable property In such county.
city or school districts and that all such
bonds or securities so purchased shall
mature before the maturity Of the
bonds for which said sinking fund is
created.
Section 6-Any holder or any Of the
bonds issued pursuant TO the provisions
Of this act and any person or officer
being a party In interest may either at
law or IN equity, 10y suit, action or
%mandamus enforce and compel the per-
formance Of the duties required by this
net Of any of the officers or persons
herein mentioned
Section r an bonds issued under the
provisions Of this act shall be exempt
from taxation.
Section s The provisions Of this act
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