Deming graphic. (Deming, N.M.) 1903-1948, 1920-10-26
LEGAL NOTICES

tlnn thirty days after the first adver-
tlsement In each of said newspapers
such notice shall specify the amount.
denomination, maturity and description
Tot the bonds to be sold and the place
day and hour mt which sealed bids
viii be eived 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 member Of
the State Highway Commission shall
open all bids in public and shall award
the bonds. or any part thereof, TO the
bidderNor bidders offering the highest
prise therefor. They may reject any
ana all bids and may refuse to make
any award unless satisfactory security
shall be furnished by n bidder for
compliance with the terms OF the bid
Said sends shall he sold In consecutive
numerical order, and no hid shall BE-
accepted which is less than the par
value Of such bonds plus the interest
which shall have accrued thereon be.
tween the date last preceding interest
maturity date and the date of the safe
The proceeds placed 10 the credit of
the State of the sale of such bonds
shall be- placed to tile credit OF the
State Road Fund, except such amount
rs may lave been paid as accrued i'm.
tcrest ON such bonds which shall he
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
he used exclusively for the purposes
for which the said Indebtedness Is au
thorized. The expenses incurred by the
Treasurer In the preparation OF the
said bonds and in advertising the sal,
theeof shall he paid out of funds avail
able in the State Road Fund. The pro
IceedS 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
the said proceeds from the sale of said
bonds in the different counties of the
State Of New Mexico in the construc
ton OF roads In said counties. tho
amounts TO be expended in the respec
tive counties in the State to be In pro
portion to the amount OF assessed valua
ton in each Of said counties of all IN,
| property therein, according to the taN
| rolls of the respective counties, and
the amount 50 to be expended in eacl
Of said counties shall be determinec
10y the said State Highway Commits
sion from the tax rolls OF said coun
ties for the year 1920 as they shall b,
on file In the office of the State TaN
Commission of the State of New Mex
leo for said year.
Section To provide for the pay.
meat of the interest and PRINCIPAL of
any bonds issued pursuant to the pro
visions of this act there shall be- nnd
there is hereby imposed and levied
during each year in which the sand
bonds shall be outstanding an annual
al valOrem tax ON all property in the
state of New Mexico subject to taxa.
Ton FOR state purposes sufficient Ia
produce sum equal to one years in.
tcreSt on all the said bonds then our.
standing. In each year after said bonds
shall have run for five years, there
shall be and there is hereby imposed
ana levied ON all property In the State
OF New Mexico subject To taxation for
state purposes, an annual al valorrnl
tax sufficient 10 pay the principal of
said bonds at maturity. The taxes here.
by authorized imposed and levied shall
he levied, assessed and collected i'm the
same manner as other taxes for state
purposes, and IL Shall be the duty of
the state Auditor and of all assessors
and local taxing authorities to cause
said taxes 10 be levied assessed and
collected In the same manner and nj
the same times as other taxes for state
purposes are levied, assessed and col.
lected
Section 1.-The State Treasurer
shall keep separate accounts Of all
moneys collected under the taxes here
10y levied and imposed for. the payment
Of the interest and sinking fund Df
said bonds respectively and shall FROM
time TO time invest the moneys in
said sinking fund in any bonds or 9th.
or securities issued by the State OF
New Mexico, or in any bonds or securi-
ties of any county in said state, or in
any bonds of any city or school district
therein at their market value: Pro
vided, such bonds or securities are pay
able from a tax upon all taxable prop
crty in such county, city or school
districts and that all such bonds or Sc
curitics so purchased shall mature be-
fore the maturity of the bonds FOR
which said sinking fund is created.
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, ac.
ton or mandamus enforce and compel
the performance OF the duties required
10y this act Of any OF the officers or
persons herein mentioned.
Section All 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