The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-10-25


md no bid shall be acecpted which is less
thhn tho par value Of such bonds plus tho
interest which shall have accrued thereon
between he date last preceding interest
maturity date and the date Of the sale. The
proceet- Placed 10 the credit Of the State
II the sale Of such bonds shall be placed
TO the credit Of the state Road Fund, ex.
cept such amount "a may have been paid
a. accrued interest ON such bonds which
shall be credited TO a spccisl 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 tho purposes for which the
said Indebtedness is authorized. The *.
pcnses incurred by the Treasurer In the
preparation Of the said bonds and in Ad-
vertisinF the sale thereof shall be paid out
q funds available In The State Road Funa.
The proceeds realized from the sale Of said
bonds SHAH be paid out by tho state Treas.
urer under the authority and direction Of
the State Highway uomirission NJ the State
Of New Mexico, aud the State Highway
Commission Is hereby authorized aud d.
rectod To expend the said proceeds from
ties Of the State Of New Mexico in a O con.
s%truetion Of roads In said counties. the
amounts to be expended In the respective
counties In the state to be in proportion
10 the amount Of assessed valuation in each
Of said counties Of all the property therein.
according to the tax rolls Of the respective
counties, and the amount 30 TO be expended
In each Of said counties shall he determined
by the said State Highway Commission from
the tax rolls of said counties for the wear
1920 rs they shall be- on file On the Office
Of the State Tax Commission Of the State
u New Mexico for said year.
Section Ito provide for the payment
Of the interest and principal Of any bonds
issued pursuant to the provisions Of this
act there shall be and there is hereby i'm.
posed aud levied during each year in which
tho said bonds shall be outstanding On
annual ad valorcm tax on all property in
the state Of New Mexico subject to iaSr.
ton for state purposes sufficient to pro.
duce q sum equal to one years interest on
all the said bonds then outstanding. In
each year after said bonds shall have run
for five years, there shall he and there is
hereby imposed and levied on all property
in the State Of New Mexico subject TO tRs.
alton for state purposes, an annual ad
valorem tax sufficient TO psy tho principal
of said bonds at maturity. The taxes here.
by authorized, imposed and .evied shall be
levied, assessed and collected in the same
manner as other taxes for state purposes.
and N shall be the duty Of the STATE Auditor
and ~ all assessors and local taxing an.
~thorities to cause said taxes to be levied.
assessed and collected in the sama manner
aud at the same times rs other taxes for
looted.
Section 5-The State Treasurer shall
keep separate accounts Of all moneys col.
leeted under the taxes hereby levied aud
imposed for the payment Of the interest
and sinking fund Of said bonds respectively
and shall from time TO tins invest the
money! In said sinking fund In any bonds
or other securities issued by the State Of
New Mexico. or In any bonds or securities
q 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 u tax upon
all taxable property in such county, city or
school districts and that all such bonds or
securities 90 purchased shall mature before
the maturity Of the bonds for which said
sinking fund Is created.
Section 0--Any holder Of any Of tho
IAWNn taaaUal H.uu a. I'll ..--HMG--.
this act and any person or officer being a
party In interest may either at law or In
equity, by suit, action or mandAmus en-.
force and compel the performance Of the
officers or persons herein mentioned.
section ALI bonds lssmeo under the
provisions Of this act shalt be exempt FROM
taxation.
section s-The provisions Of this act
shall constitute an irrepealablc contract with
the holders Of any bonds and the coupons
thereof Issued pursuant TO the provisions Of
this act for the full performance Of which
by tho state and ia Officers and taxins
authorities the full faith and credit Of the
state Of New Mexico is hereby pledged.
This act shall without reference to any
other act OF the Legislature Of the State Of
New Mexico be full authority for the issu.
ance and sale Of the bonds hereby author.
ICED, which bonds aud the coupons thereto
negotiable paper under the law Of mer.
chant and shall not be invalid for any In.
regularity or, defect In the proceedings for
the issue and sale thereof aud shall be In.
contestable In the hands Of bona nde pur.
chascrs or holders thereof for value.
Section e-This act shall be submitted
TO the qualified electors Of the state at the
general election TO be held In the month Of
November IN the year 1920, and Il shall bs
the duty OF the Secretary OF the State TO
cause this act to DO published In full In ut
least one newspaper In each county Of tho
state, II one be published therein, once each
week Tor four kuggfNNtNn Wp0Eg uaNf ura.
ceding such election. An ballots used at
said election shall have printed thereon the
words For state Highway Boad Act and
Against state Highway Bond Act OPP
pcsite each Of said lines there shall be =
square In which the voter may mark a cross
the said bond act, and those voting for said
act shall do 30 by placing n cross In the
SQUARE opposite the words For State High.
the same shall do so by placing a cross in
The square opposite the. words Against
State Highway Bond Act
Section 1q--The volos cast for and
ssain,' said bono act shall be counted; re-;
and certified in the same manner as votes
cast for state officers. and q Il appears that
this act shall have received a majority Of
all the votes cast thereon al such election.
the Governor shall make proclamation
thereof and thereupon this act shall imme.
diately take effect and shall be irrepealable
until the principal and interest Of al bonds
Issued and sold hereunder shall be paid and
satisfied. hut n a majority Of The votes
EAST thereon At such election shall be against
this act, tho same shall not take effect.
The cost Of publication Of the notice herein
provided for shall be paid out OF funds
available In the State Road Fund.
Section ti-That Il IA necessary for tho
preservation Of the public peace and safety
o. the inhabitants Of the State Of New Mex.
leo that the prOvihionA Of this net shall
become effective az the earliest time, aud
therefore, an emergency II hereby declared
20 ezlat and this act shall take effect aud
be In full force from and after its passage
and nppToynl.
o. L-II-In-