Belen news. (Belen, N.M.) 1912-1947, 1920-10-14

~ "4iH oidii dWdfu tbe BGndS, or am
part thereof to the bidder ol. bidder.
otfel1ng the highest price thcrefors
Ihe} may reject airy and al bids and
nay refuse to make ;as award IN
ess satisfactory security snau be
furnished by bidder for compliance
with the terms Of the bid. Said bonds
Shall De sold IN consecutive numerical
order and no bid shah be accented
Whlch Is less than the par value Of
such Ecnds plus the interest which
shall havc accrued thereon .betuss sen
the da-l last preceding interest
ln@ldrity G"to and the date~6T the sale
lhc proceeds placed to the credit OF
The stare o the sale of such bonds
shall he placed to the credit Of the
state hoad Fund, except such amount
rs may nave been paid as accrued in
terest or such bonds which shall be
credited 10 special interest fund for
payment Of interest on such bonds
ihe moneys placed in the State Road
FunG fHom the proceeds of such bonds
shall be used exclusively for the pur
poses for which the said Indebtedness
Is authorized. The expenses incurred
py the Treasurer IN the preparation
ol the said bonds and IN advcrtisima
Tie sale thereof shah be paid OUT O.
ianas available in The State Road
tGnd The proceeds realized from the
sale ol SAID bonds shall he paid ont
by the State Truaauror under the
authority and direction OF the state
Highway Commission of the State OF
New Mexico, and the State Highway
Commission is hereby authorized and
directed TO eXHend the said proceeds
from the SAX OF said bonds in the
different counties Of the State Of New
inf 1 t..t..
in said counties. the amounts to be
expended in. the respective counties
in the State to be in, proportion to
the amount OF assessed valuation in
each of said counties of all the prop
erty therein, according to the tax rolls
OF the respective counties, and the
amount so to be expended in each OF
said counties shall De determined by
the said State Highway Commission
from the tax rolls OF said Countjes
for the year 1920 as they shall be
on file in the office of the State Tax
Commission of the State of New Mex
leo for said year.
Section4-To provide for the paw
ment of the interest and principal of
any bonds issued pursuant to the spro-
visions of this act there shall be and
there is hereby imposed and levied
during each year in which the said
boii;s.s shall be outstanding an annual
ad Valorem tax on all property in the
State of New Me%;tC@ subject to taxa
tion for state purposes sHtIicient to
produce sum equal to one years in
terebt ON all the said bonds then out
Standing. In each year after said
bonds shall have run for five years.
there shall be and there is hereby i'm
posed ANA levied on all property in
the State of New Mexico subject to
taxation for state purposes an annual
.deAlalePetn tssNss sufficient to pay the
principal of said bonds at maturity.
Fhe taxes hereby authorized, imposed
ana levied shall be levied, assessed
and collected iu the same manner as
other taxes for state purposes, and
it shall be the duty of the State
Auditor and Of all assessors and local
taxing authorities TO cause said taxes
to be leveid, assessed and collected in
the same manner and at the same
times as other taxes for state puF-
poses 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
fuhG 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
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 tax upon all taxable |
property in such county, city or school |
districts and that all such bonds or
securities so rurrh' SCd shall mature |
before 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, !
action or mandamus enforce and COM
pei the performance of the duties re-
duired by this act of any of the Of !
fjcers 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 with the holders of any bonds |
and the coupons thereof issued pur-
suaat 10 the provisions OF this act |
Tor the fan performance OF which by
the state and it's officers and taxing |
authorities the fun faith and credit
of the State OF New Mexico IS hereby !
pledged.
This act shall without reference to
anv other act of the Legislature OIL
the State of New Mexico be full
for the issuance and sale
of the bonds hereby authorized, which |
bonds and the coufons thereto at
tached shall have all the qualities of
NEGOTIABLE paper under the law OF |
merchant and shall not be Invalid |
for any irregularity or defect in the
proceedings for the issue and sale |
thereof and shall be incontestable IN
the hands of bona fide purchasers or
holders thereof for value.
Section sg-ThiS act shall be sub
mitted to the qualified electors OF
the state at the general electlon TO
no held in the month of November
in tbe year 1920. and it shall be the
dutv of the Secretary of the state TO
cause This act to be published in full
in at least one newspaper IN eacil
county of the state, if one be pupllshed
therein. once each week TOR TOUR sue
cessive weeks next preceding sucll
election. All ballots used at Sald eiec-
ton shall have printed thereon the
words For State Highway Bona Act
aud in n separate line under the same
,,,nrde against State Highway Bond !
Act" Opposite each of said hnes
+bora shall be a square in which the
sso+er NAV mark a cross to lndlcate
whether he votes for or against the
said bond act and those voting LOT
ai5 act sbaI1 do so by placing cross