Deming graphic. (Deming, N.M.) 1903-1948, 1920-10-19
LEGAL NOTICES

tisement In each of said newspapers
such notice shall specify the amount.
denomination, maturity and description
Of the bonds to be sold and the place,
day and hour at which sealed bids
will he received for the purchase of
said bonds. At the place and time
named in said notice the said State
Treasurer and the Governor, or In his
absence, the president or a member or
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 reject any
land all bids and may refuse to make
lany award unless satisfactory security
shall he furnished by Il bidder for
compliance with the terms of the bid
Said sends shall he 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 thereon be-
tween the date last preceding interest
maturity date and the date Of the safe.
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
rs may have been paid as accrued in
tercst on such bonds which shall he
credited to n 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 purposes
for which the said indebtedness Is au-
, th0rized. The expenses incurred by the
Treasurer in the preparation OF the
said bonds and In advertising the sale
theeof shall he paid out of funds avail
able In the State Road Fund. The pro-
cecds realized from the sale of said
bonds shall he 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
, by authorized and directed Ia eXpend
the said proceeds from the sale of said
bonds in the different counties of the
2 State of New Mexico in the construc.
, ton OF roads In said counties. the
, amounts to he expended in the respec-
: tive counties in the State to be in pro.
| portion to the amount Of assessed yalua
, ton in each of said counties of all the
property therein, according to the tax
T rolls of the respective counties, and
| the amount so 10 he expended In each
| of said counties shall be determined
| by the said State Highway Commits
5 sion from the tax rolls Of said coun
g ties for the year 1920 as they shall b,
e on file In the office OF the state TaN
( Commission of the State of New Mex
c leo for said year.
J. Section Ito provide for the pay
X ment of the interest and principal ol
n any bonds issued pursuant to the pro
+ visions of this act there shall be ant
Il there is hereby imposed and levict
e during each year in which the SAT-
II bonds shall he outstanding an annua
v al valorem tax on all property in IN,
e state of New Mexico subject to taxa
e ton for state purposes sufficient I,
u produce sum equal TO one years in
: terest on all the said bonds then out
standing. In each year after said bond
o shall have run for five, years, thcr,
: shall be and there Is hereby impose,
: and levied ON all property in the stat
e of New Mexico subject 10 taxation 70
L state purposes. an annual nd valOr,G
= tax sufficient TO pay the principal .
: said bonds at maturity. The taxes here
Il by authorized. imposed and levied shat
II he levied. assessed and collected in tn
u same manner as other taxes for stat
p purposes, and IL shall be the duty q
II the State Auditor and Of all assessor
az II tux 80.
y said taxes to he levied, assessed an,
IL collected in the same manner and "A
~ the same times as other taxes for stat
II purposes are levied, assessed and col
y lected.
/, Section 5-The State Treasure
10 shall keep separate accounts OF al
), moneys collected under the taxes here
= by levied and imposed for the paymen
% Of the interest and sinking fund y
y said bonds respectively and shall frOn
y, time to time invest the moneys il
- said sinking fund In any bonds or 9th
:, or securities issued by the State o
4 New Mexico, or in any bonds or securi
T. ties OF any county in said state, or IL
+, any bonds Of any city or school distric
u therein at their market value; Pro
IA Nlucu, Sucu OolluS OF SccuTllieS are pay
Is able from tax upon all taxable prop
- erty in such county. city or schoo
- districts and that all such bonds or sc
I, curities so purchased shall mature be
- fore the maturity of the bonds 70
- (which said sinking fund is created.
Section ANY holder of any o
~ ~ the bonds issued pursuant to the pre-
=, visions of this act and any person o
y officer being n party In interest ma
II either at law or In equity, by suit, aC
a. ltion or mandamus enforce and compe
: the performance Of the duties require
,r by this act OF any Of the Officers o
N persons herein ;aentiOned.
m Section All bonds issued unde
II. the provisions OF this act shall be eN
s empt from taxation.
- Section S-The provisions OF this &C
a. shall constitute an irrepealable contrac
70 with the holders of any bonds an
N the coupons thereof issued pursuant
4. the provisions of this act for the fu
ne performance OF which by the stat
m and its Officers aud taxing authorize
ID the full faith and credit OF tho Stat
N of New Mexico Is hereby pledged.
q. This act shall without reference {
n IL