Belen news. (Belen, N.M.) 1912-1947, 1920-10-21


eAid state Treazurer and tho GoNef7
nor. or in his absence the president
or a member of The State Highway
Couriist,ion shall open all bids IN pub
lie and shall award the bonds, or any
hart thereof. to the bidder or bidders
offering the highest price therefor,
They may reject any and all bids ana
may refuse To make any award un-
jess satisfactory security Shall bc
furnished by Il bidder foi conipliance
with fhe terms OF the bid. Said bonds
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 between
the d t. last preceding interest
M sulit. 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 pc
credited 10 a special interest fund ror
payment Iaol interest on such BONDS.
The moneys placed in the state ROAD
Fund from the proceeds of such bonds
shall be. used exclusively for the pur-
poses 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,
funds available 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 Mexico and the State Highway
Commission is hereby authorized ana
directed to expend 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
i'm the State to be in proportion TO
the amount of assessed valuation in
each of said counties of all the prop
erty 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 lax rolls of said counties
for the year 1920 as they shall be
! on file in the office of the State Tax
ICommission of the State of New Mex
| leo for said year.
Section4-To provide: for the. pay
ment 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 the said
bonds shall be. outstanding an annual
| ad valorem tax on all property in the
State of New Mexico subject to taxa
| ton for state purposes sufficient TO
produce Il sum equal to one years in
/ terest on all the said bonds then out
standing. In each year after said
bonds shall have run for five years,
there shall be and there is hereby JIM
posed and levied on all property in
the State OF New Mexico subject to
taxation for state purposes, an annual
lad va1orem tax sufficient to pay the
i principal of said bonds at maturity
4 The taxes hereby authorized, Imposed
1 and levied shall be levied, assessed
/ and collected in the same manner as
i other taxes for state purposes, anc
lit shall be the duty Of the State
i Auditor and of all assessors and loca
Il taxing authorities to cause said take:
to be leveid, assessed and collected II
the same manner and at the same
4 times as other taxes for state pur
poses are levied, assessed and col
Ilected.
Section 5-The State Treasures
| shall keep separate accounts of al
!, moneys collected under the take
hereby levied and imposed for th'
= payment of the interest and sinkin;
fund of said bonds respectively an
) Shall from time to time invest tn
;, moneys in said sinking fund in an,
. bonds or other securities issued by tn
State OF New Mexico, or in any bonds o
securities of any county in said state
or. in any bonds OF any city or schoo
, ldistrict therein at their market value
: slProvided, such bonds or securities ar
: payable from tax upon all taxabl
= property in such county, city or Schoc
] districts and that all such bonds o
securities SO purchased shall matur
! before the maturity of the bonds 70
: which said sinking fund is created
. Section 6--Any holder of any c
1 the bonds issued pursuant to the pro
3 visions of this act and any person 0
a officer being q party in interest ma
: either at law or in equity, by sui
!, action or mandamus enforce and com
I pei the performance of the duties re
: ouired by this act of any of the oi
? Ulcers or persons herein mentioned
= Section 7-All bonds issued unde
!. the provisions of this act shall be e,
4 empt from taxation.
Section S-The provisions of tn
act shall constitute an irrepealabl
= contract with the holders of any bono
= and the coupons thereof issued pul
! suant to the provisions of this az
= for the full performance of which
! the state and its officers and taxin
- authorities the full faith and cred
- of the State of, New Mexico is heret
= pledged.
- This act shall without reference
i any other act OF the Legislature
5 the state OF New Mexico be fu
g authority for the issuance and sa
: of the bonds hereby authorized, whic
! bonds and the coupons thereto a
= tached, shall have all the qualities
% negotiable paper under the law
- merchant and shall not be inval
e for any irregularity or defect in Il
y proceedings for the issue and sa
- thereof and shall be incontestable
y the hands of bona fide purchasers
ss holders thereof for value.
y Section 9--This act shall be su
= mitted to. the qualified electors
- the state at the general election
-, be held in the month of Novemb
IN a. in the year 1920. and it shall be t
y duty OF the Secretary of the State
y cause this act to be published in Fl
~ in at least one newspaper in ca
81 county of the state, il one be publish
=. therein, once each week for four ST
y cessive weeks next preceding su
,,s- election. All ballots used at said elt
= ~ ton shah have printed thereon I
y ~ words For State Highway Bond Ac
-. ~ and in a separate line under the sal
A. a. TT