The Clovis news., 1920-10-21

New Mexico subject to taxation
for state purposes, an annual ad
valorem tax sufficient to pay the
Of said bonds at maturity.
The taxes hereby authorized, i'm
posed and levied shall be levied,
assessed and collected in the same
manner as other taxes for state
purposes, and it shall be the duty
of the State Auditor and Of all as
SCISSORS and local taxing authorities
to cause said taxes to be levied, as
sessed and collected in the same
manner and at the same times as
other taxes for state purposes are
levied, assessed and collected.
Section 5--Thc 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
to time invest the moneys in said
sinking fund in any bonds or other Sc
curities 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 district
therein at their market value; Pro-
vided 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 purchased
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
provisions of this act and any per-
son or officer being a party in in
terest may either at law or in equ-
ity, by suit, action or mandamus
enforce and compel the performance
Of the duties required by' this act
Of any Of the officers or persons
herein mentioned
Section 7-All bonds issued under
the provisions of this act shall be
exempt from taxation.
Section S--The provisions of this
act shall constitute an irrepealable
contract with the holders of any
bonds and the coupons thereof is
sued pursuant to the provisions of
this act for the full performance Of
which by the State and its Officers
and taxing authorities the full faith
and credit Of the State Of New Mex
leo Is hereby pledged.
This act shall without reference to
to any other act Of the Legislature
Of the State Of New Mexico be full
authority for the issuance and sale Of
the bonds hereby authorized, which
b nds and the coupons 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 9-This act shall be sub
mitted to the qualified electors of
the state at the general election to
be held in the month Of November
in the year Of 1920, and it shall be
the duty of the Secretary of the
State to cause this act to be published
in full iu at least one newspaper in
each county Of the state, if one be
published therein, once each week
for four successive weeks next pre-
ceeding such election. All ballots
used at said election shall have print
thereon the words "For State High
way Bond Act" and in a separate
line under the same words, Against
State Highway Bond Act" Opposite
each Of said lines there shall be a
square in which the voter may mark
a cross to indicate whether he votes
for or against the said bond act, and
those voting for said act shall do so
by placing a cross in the square OPP
posite the words, "For State High
way Bond Act" and those voting
against the same shall do so by plac-
ing cross in the square opposite the
words, Against State Highway Bond
Act"
Section 10-The votes cast for and
against said bond act shall be counted
returned, canvassed and the result
declared and certified in the same
manner as votes cast for state offic-
ers, and If It appears that this act
shall have received a majority Of all
the votes cast thereon at such cleo
tion, the Governor shall make procla-
nation thereof and thereupon this
act shall Immediately take effect
and shall be irrepealable until the
the principal and interest Of all bonds
issued and sold hereunder shall be
paid and satisfied. But Il a majority
of the votes cast thereon at such cleo
tion shall be against this act, the same
shall not take effect The cost Of
publication Of the notice herein pro-
vided for shall be paid out Of the
funds available In the State Road
Fund