The Clovis news., 1920-10-21

tested as in this act provided shall,
when duly issued and sold, be valid
obligations of the State although the
issue and sale thereof be made after
the persons so signing, countersign-
ing and attesting the same shall have
ceased to be the incumbents Of their
respective offices. The bonds author
lied by this act shall be sold by the
State Treasurer at such times and in
such amounts as the Governor shall
direct to the highest bidder for cash.
The Governor shall issue such direc-
tions to the State Treasurer upon be-
ing requested so TO do by resolutions
Of the State Highway Commission
specifying the amount Of money
which in = the judgment Of said
Commission shall be required from
time to time for the purposes for
which such Indebtedness is author
lied. Before offering any Of such
bonds for sale the State Treasurer
shall detach thcrefrom any coupons
which may have matured or may
mature before the date fixed for such
sale. He shall publish notice Of the
time and place Of sale in one news
paper published in Santa Fe, New
Mexico, in one newspaper published
at Albuquerque, New Mexico, and in
one newspaper published in each Of
the cities Of New York, state Of N. Y,
and Chicago, State of Illinois, once
each week for four consecutive weeks
prior TO the date fixed for such sale
such date being not less than thirty
days after the first advertisement in
each Of said newspapers; such notice
shall specify the amount, denomina-
tion, maturity and description of the
bonds to 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 said State Treas
urer and the Governor, or in his
absence the president or. u member
Of the State Highway Commission
shall open all bids in public and shall
award the bonds or any part thereof
to the bidder or bidders offering the
highest price therefor. They may re-
ject any and all bids and may refuse
to make any award unless satisfac-
tory security shall be furnished by
bidder for compliance with the
terms Of the bid. Said bonds shall
be sold in consecutive numerical or
der and no bid shall be accepted
which is less than the par value of
such bonds plus the interest which
shall have accrued thereon between
the date last preceding interest ma
turity date and the date Of the sale.
The proceeds placed to the credit Of
the State Of the sale of such bonds
shall be 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 exclu-
sively for the purpose for which the
said indebtedness is authorized. The
expenses incurred by the Treasurer
in the preparation Of the said bonds
and in advertising the sale thereof
shall be paid out of the funds avail
able 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 direction of the State Highway
Commission Of the State Of New Mex
leo, and the State Highway Commits
sion is hereby authorized and direct
cd to spend the said proceeds from
the sale Of said bonds in the different
counties Of the State Of New Mexico
in the construction Of roads 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 property therein,
according to the tax rolls Of the
respective counties, and the amount
SO TO be expended In each Of said
counties shall be determined by the
said State Highway Commission
from the tax rolls Of said counties
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 fof said year.
Section 4.-To provide for the
payment of the interest and prin-
cipaI of any bonds issued pursuant
to the provisions Of this act there
shall be and there is hereby impos-
ed and levied curing each year In
which the said bonds shall be out
standing an annual advalorem tax on
ali property in the State Of New
Mexico subject to taxation for state
purposes sufficient to produce a
sum equal to one years interest on
ali the said bonds then outstanding.
In each year after said bonds shall
have run for five years, there shall
be and there is hereby imposed and