Carrizozo outlook. [volume] (Carrizozo, N.M.) 1910-1945, 1920-10-08

" HHAN MH HNNNNL N" y D LN p" NNN"H
chicago. state of Illinois. once each
week for four successive weeks prior
10 the date fixed Tor such sale, such
date being not less than thirty days
after the FIRST advertisement in each of
laid newspapers, 7r-h notice hall spec
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 said notice the
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 he sold IN
consecutive numerical order and no bid
shall be accepted which vs. loss 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 he placed TO the credit of the
State Road Fund. except such amount
as may have been paid as accrued in
terest on such bonds which shall be
credited to a 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 Is
authorized. The expenses incurred by
the Treasurer In the preparation ~ 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-
rcction 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 # New Mexico in the cOnstruc-
ton of roads in said counties, the am
cunts to be expended in the respective
counties In the State to be in rOpOr-
ton TO the amount Of assessed valua-
lion in each of said counties of all the
pro erty therein, according to the tax
rolls of the respective counties, and the
amount so to be expended In each OF
said counties shai. be determined by the
State Highway Commission from the
tax rolls Of said counties for the year
1920 as They shall be on file in the of
flee of the State Tax Commission OF
the State Of New Mexico for said year,
Section ITO provide for the pay
mont 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 levieC
during each year in which said bond,
. shall be outstanding an annual ad va
lorum tax on all property in the State
OF New Mexico subject TO taxation foi
state purposes sufficient TO produce /
sum equal to one years interest On al
, of the said bonds outstanding. In eacl
r year after said bonds shall have rur
, ion five years, there shall be and ther,
h. hereby imposed and levied or al
property in the State of New Mexico
subject TO taxation for state purposes
All annual nd valorem tax sufficient L
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 SAINT
manner as other taxes for state pur
poses, and 1t shall be the duty of the
State Auditor and Of all assessors anC
; legal taxing authorities to cause said
taxes to be levied, assessed and cot
T lected In the same manne and at the
: same times as other taxes for state
purposes are levied, assessed and col.
J 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 10
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 DISCREET therein AZ their
market value: Provided. such bonds or
securities are payable from a tax upon
all taxable property IN such county,
city r school districts and that all such
bonds or securities go purchased shall
mature before the maturity of the
bonds for which said sinking fund IL
created.
section g. Any holder Of any of the
bonds issued pursuant to the provisions
of this act and any person or officer
} being a party In interest may either al
law or IN equity, by suit, action on
mandamus enforce and compel the per
; Torrance of the duties required by this
act OF any OF the officers or persons
herein mentioned
; Section AN bonds issued under the
provisions of this act shall be exempt
! | lun... An.nIi.n