The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-10-11

Iecl Any and all bids and may refuse t.
make any hvard unieta Aatiefacfore security
shall be furushed BY > bidder for oomnii
shall be soit In conseeutisi Numerical order
and no bid shall BE- accepted which Il less
than thn pr .vHlue. o. such beads plus the
between the anta last preceding Interest
matetity daic and tho date OF the sale. The
proceeds placed 70 the credit Of tho State
10 l he sssSli o. Of NI lhs G state h Sssai Ssn s,', q
ccpt such amount As may have been paid
a. accrued interest on such bonds which
for payment u iafsrest on sush bonds. The
moneys placed IN the State Road Fund FROM
the proceeds Of such bondk shan b. used
exclusively for the puTposea for which the
said lndobtedness II authorized. Tho *.
lenses Incurred BY the Treasurer In tho
preparation Of the said bonds and IN ad.
vsfusing the sale thereof shall b paid oct
q funds available In the state Road Fuhe.
The proceeds realized from tho sale Of said
bonds shall ba paid out BY The State Treas.
urcr under the Huthority and direction u
the State Highway Commiaaion Of The itats
Of New Mexico. and tho STATE Highway
Comfnissioh u hereby authorized and 81.
reetea to cxpend the said proceeds from
ties Of tho State Of New Mesleo IN the cgn.
Atructon Of roads In said counties, the
amounts 20 he appended In the respective
10 the amount Of assessed valuation IN each
Of aid couniies Of oil the property therein.
according TO the tax rolls Of the respective
counties. aud the amnnnt so 10 be expended
ii each Of said counties shall be Determined
by tho said State Highway Commiasion from
the tax rolls Of said counties for the year
ls2I as .ssy Fasu BE- o. nls ~ ,se eii,s
0f New Mexico for said year.
Section A-To provide for tho payment
Of the interest and principal Of any bonds
act there shall be- and there is hereby la.
poAud and levied during each year IN which
Tho said bonds shall be outstanding an
annual ad valorem tax on all property in
ton for state purposes sufficient 70 pro-
dncn . sum .equal TO ono years interest On
all tho said bends then outstanding. In
each year after said bends shall have run
Tor hve years, there shall be and there Is
hereby imposed and levied on all property
In the State Of New MeSiso subject to tax.
alton for state purposes, an annual al
yelorcn, tax. sufficient 10 pay tho principal
Of said bonds NJ maturity, The taxes here.
by authorized, imposed and lcsted shall be
levied, assessed and collected In the same
manner as other taxes for state purposes.
aud Il shall BE- the duty Of The state Auditor
snd Of all iassessors and locni taxing au'
thoritieG TO cause said taxes 10 be levied.
assessed and collected. IN the same manner
and At the same times nS other taxes for
state purposes ae levied assessed and col
leeted.
Section The state Treasurer shall
keep separate accounts Of all moneys col.
locted under The taxes hereby levied and
imposed for the payment Of the interest
aud sinking fund Of said bonds respectively
and shalt from tins to time invest tho
moneys in said sinking fund In any bonds
or other securities iasued by the StHtr Of
New MeNico, or In any bonds or securities
OF any county in hald state. or In any bonds
Of any city or school district therein at
their market value, Provided, such bonds
or sceufities are payable from a tax upon
school districts and thHt all sutn bonds or
securities 90 purchased shall mature before
The maturity OF tho bonds for which said
section 6--Any holder OF my Of tho
Aonds issued p~urSuHnt TO the provisions Of
this act and any person or officer being a
equity, BY suit. action or mandamus en-
force and compel the performance Of tho
duties required by this act Of any Of tho
I officers or persons herein mentioned.
section AN bonds issuea under tho
provisions of thia act ahsli be exempt from
taxation.
hall Constitute an irrepeslihls contract with
the holders OF any bonds and the foupc1s
thereof issued pursuant TO the provislons Of
this act for the full performance u which
authorities the fall faith and credit Of tho
State OF New Mexico Is hereby pledged.
This act shall without reference to any
other act Of the Legislature Of tho State Of
New MeSico DO full authority for the issu.
ahce aud sale Of the bonds hereby author.
ized, which bands aud the coupons thereto
q AahhtA hAAAA hNNN nh ~ VuNAANltN u
negotiable paper under the Law Of mer.
chant and she'll not be invalid for any ir
regularity or defect In the proceedings for
the isIue and sale thereof aud shall be Ia.
contestable in the hands Of bona fido pur.
ehAsers or holders thereof for value.
Section e-,This act shall be submitted
to the qualified tleetora OF the state at tho
general election to be held In the month Of
November In the year 1920. aud II shall bs
the duty Of the Secretary Of the state to
cause this act to be published in full in 1t
I last ma nUMWnnn0F In ZACH 4nnNNw 81 NhA
state, II one be published therein, once each
week for four successive weeks next pre-
ceding. such election. An ballots used Of
said. election shall have printed thereon tho
words For STATE Highway Bond Act and
in a separate line under the same words
Against State Highway Bond Act" op.
pOsite each Of said llneH there shall be q
square In which the voter may mark a cross
to indicate whether no votes for or againSt
the said bond act, and those voting for said
act shall do so by placing a cross in tho
way Bond Act" and those voting against
the same shall do so By placing a cross in
State High HiRSWs SgpBSs Bond Asi. ~o'o' against
Section io-The votes east for and
against said bond act shall be counted. re.
tarned. eAnvassed and the result declared
and certified In the same manner as votes
east for state officers, and IL Il appears that
this act shall have received a minority Of
all the votes cast thereon at such election,
the Governor shall make proclamation
thereof aud thereupon this act bhall lmme.
diAteiy take effect and shall be irrepealAhlO
until the principal and interest Of oil bonds
issued and sold hereunder shall be paid and
satisfied. But " a majority Of the votes
cast thereon Al such election shall be against
this act, lhe same shall not take effect.
The cost Of publication Of the notice herein
provided for ahall be pEd out Of funds
available In the State Road Fund.
Svrtion ii-That IL y nccessary for the
preservation Of the public peace and safety
Of tho inhabitants Of the State Of New Mex.
leo that the provisions Of this act shall
become effective az the earliest time, and
therefore an emergency Il hereby declared
20 exist and this act shall take effect and
be In full force from and after lite passage
and approval.
J Oct.A.1i.is.2b.