The Clovis news., 1920-10-14

tested as in this act provided shall,
when duly issued and sold, be valid
obligations of the State although the
issue and sale thereof be made after
the persons so signing, countersign-
ing and attesting the same shall have
ceased to be the incumbents of their
respective offices. The bonds author
lied by this act shall be sold by the
State Treasurer at such times and in
such amounts as the Governor shall
direct to the highest bidder for cash.
The Governor shall issue such direc-
tions to the State Treasurer upon be-
ing requested so to do by resolutions
Of the State Highway Commission
specifying the amount of money
which in the judgment of said
Commission shall be required from
time to time for the purposes for
which such Indebtedness is author
lied. Before offering any of such
bonds for sale the State Treasurer
shall detach therefrom any coupons
which may have matured or may
mature before the date fixed for such
sale. He shall publish a notice Of the
time and place Of sale in one news
paper published in Santa Fe, New
Mexico, in one newspaper published
at Albuquerque, New Mexico, and in
one newspaper published in each of
the cities of New York, state of N. Y,
and Chicago, State of Illinois, once
each week for four consecutive 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 specify the amount, denomina-
tion, 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 Treas.
urer and the Governor, or in his
absence the president or a member
of the State Highway Commission
shall open 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 re.
ject any and all bids and may refuse
to make any award unless satisfac.
tory security shall be furnished BY
bidder for compliance with the
terms of the bid, Said bonds shal
be sold in consecutive numerical or
der and no bid shall be accepted
which is less than the par value oi
such bonds plus the interest which
shall have accrued thereon between
the date last preceding interest ma
turity date and the date of the sale
The proceeds placed TO the credit Of
the State of the sale of such bondi
shall be placed to the credit of tn,
State Road Fund, except such amoun
as may have heen paid as accrued in
terest on such bonds which shall b,
credited to a special interest funt
for payment Of interest on sucl
bonds. The moneys placed in tn
State Road Fund from the proceed
Of such bonds shall be used exclu
sively for the, purpose for which tn,
said indebtedness is authorized. TIL
expenses incurred by the Treasure
in the preparation of the said bond
and in advertising the sale thereo
shall be paid out of the funds avail
able in the State Road Fund TIL
proceeds realized from the sale o
said bonds shall be paid out by tn
State Treasurer under the authorit
and direction of the State Highwa
Commission Of the State of New Mex
leo, and the State Highway Commi:
sion is hereby authorized and direct
: ed to spend the said proceeds fror
the sale Of said bonds in the differer
counties Of the State of New Mexic
= in the construction of roads in sal
counties, the amounts to be expende
in the respective counties in the stat
to be in proportion to the amour
Of assessed valuation in each of sal
counties Of all the property therein
according to the tax rolls Of th
respective counties, and the amour
so to be expended in each Of sal
counties shall be determined by tn
, said State Highway Comh1issio
from the tax rolls of said countit
Lfor the year 1920 as they shall b
on file in the office of the State Ia
} Commission of the State Of New Me,
leo for said year.
Section 4.-To provide for tn
payment of the interest and priI
, cipal Of any bonds issued purmar
, to the provisions Of this act thei
shall he and there is hereby impoi
. ed and levied during each year
, which the said bonds shall be on
standing an annual advalorem tax o
all property in the State of Ne
Mexico subject to taxation for stat
: purposes sufficient to produce
, sum equal to one years interest o
all the said bonds then outstanding
} In each year after said bonds sha
have run for five years, there sha
be and there is hereby imposed an