Carrizozo outlook. [volume] (Carrizozo, N.M.) 1910-1945, 1920-10-22

newspaper published In each Of the cities
Of New York. State Of New York. and
Chicago. state Of Illinois, once each
week for four successive 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 epe-
city the amount, denomination, matur-
! ity and description of the bonds TO be
sold and the place, day and hour at
which scaled bids will be received for
the purchase of said bonds. At the
/ place nnd time named in said notice the
the said State Treasurer and the Gov
ernog. or IN absence the president or a
member Of the State Highway Commits
sion shall open all bids IN public and
AMI shall award The b nds, ~ any part
! there (. to the bidder or bidders offer
inr the highest price therefor. They
may reject any or all bids and may re
fuse 10 make any award unless salts
f. tory security shall be furnished by a
bidder for compliance TO the terms of
the bid. Said bonds shall be- sold in
consecutive numerical order and no bid
shall be accepted which Is less 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 10 the cred
IL 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
forest on such bonds which shall be
credited 10 n special interest fund for
payment Of interest on such bonds.
Tho 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 IL
authorized. The expenses incurred by
the Treasurer in the preparation of the
gatd 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-
rection of the State Highway Commits
sion of the State of New Mexico, and
the State Highway Commission is here
hy authorized and directed to- expend
the said proceeds from the sale of said
bonds IN the different counties of the
State Of 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 he IN proper
ton to the amount of assessed valua-
ton 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
State Highway Commission from the
tax rolls of said countiep for the year
1920 rs they shall be on file In the of
H.. 4 H. AN.s. 10 Xf..,u.ta.s., -
the State of New Mexico for said year.
Section TO provide for the pay
mcnt 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 levied
during each year In which said bonds
shall be outstanding an annual nd va
lorum tax on all property in the Stete
Of New Mexico subject 10 taxation for
state purposes sufficient To produce q
sum equal 10 one years interest on all
I Of the said bonds outstanding. In each
year after said bonds shall have run
for five years, there shall be and there
is hereby imposed and levied on all
property in the State of New Mexico
subject to taxation for state purposes.
an annual ad valorem tax sufficient to
pay the principal Of said bonds ut ma
turity. The taxes are hereby author
lied, imposed, and levied shall be lev
led, assessed and collected IN the same
manner as other taxes for state pur
poses, and IL shall be the duty of the
State Auditor and Of oil assessors and
legal taxing authorities 10 said
taxes to he levied, assessed and col
locted Ia the same manner and at the
same times as other taxes for state
purposes 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 fund 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 amy bonds or securities of any county
In said state, or IN any bonds OF any
city or school district the Elm at their
market value: Provided, such bends or
securities are payable from o tax upon
all taxable property In such county,
city or school districts and that nl such
bonds or securities so purchased shall
mature before the maturity of the
bonds for which said sinking fund Ia
crentcd.
section 6-Any holder Of any Of the
bonds issued pursuant TO the provisions
of this act and any person or officer
being q party IN interest may either at
law or In equity, by silt action or
mandamus enforce and compel the per-
formance of the duties required by this
act Of any OF the officers or persons
herein mentioned.
Section All bonds issued under the
provisions Of this act shall be exempt
from taxation.