New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1921-07-08

all property subject to taxation in
each county as shown by the assess
ment rolls for the year preceding that
in which the bonds are sold as such
tax rolls appear On file in the Of
flee Of the State Tax Commission.
Sec. 7. To provide for the pay
ment Of the interest and principal of
any bonds issued and sold pursuant
to the provisions of this Act there
shall be and there is hereby imposed
and levied during each year in which
any of said bonds shall be outstand-
ing an annual ad valorem tax on all
property in the State of New Mexico
subject to taxation years interest on
all of said bonds then outstanding;
and in each year after said bonds shall
have run for five years there shall
be and there is hereby imposed and
levied an annual ad valorem tax on
all property in the State of New Mex
leo subject to taxation for state pur-
poses sufficient to create a sinking
fund to pay the principal of said bonds
at maturity.
The taxes hereby authorized, i'm
posed and levied shall be levied, as
sessed and collected at the times and
in the manner that other taxes for
state purposes are levied, assessed and
collected, and it shall be the duty
of the State Auditor and of all asses
sors and local taxing authorities to
cause such taxes to be SO levied, as
sessed and collected.
Sec 8. The state treasurer shall
keep separate accounts of all moneys
collected under the taxes hereby i'm
posed and levied for the payment of
tie interest and to provid a sinking
fund for 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 by any
county, or school district in the state
II their market value; provided such
bonds are payable from a tax upon
all taxable property in such county
o. school district and will mrlre
before the maturity of bonds for
which the sinking fund is created.
Sec. 9. Any holder of any of the
bonds issued pursuant to the pro-
visions of this Act, or any person
or officer being a party in interest,
may either at law or in equity by
suit, action or mandamus, enforce and
compel the performance of the duties
required by this act of any officer or
person herein mentioned.
The provisions of this act shall con-
stitute an irrepealable contract with
the holders of any of the bond and
the coupons thereof issvled pursuant
to this act for the faithful perfor
nance of which the full faith and
credit of the State of New Mexico
is hereby pledged.
This Act shall without reference
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
bonds and the coupons thereto at
tached shall have all the qualities of
negotiable paper under the law mer-
chant and shall not be invalid for
any i%rregularity or defect in the pro-
eeedings for the issue and sale there
of and shall be incontestible in the
hands of bona fide purchasers or
holders thereof for value.
All bonds issued under the provi-
sions of this Act shall be exempt from
taxation.
Sec 10. This Act shall take effect
OF the first day of december, 19.l
in case the amendment to the Con-
stitution of the State of New Mex
lco proposed by the Fifth Leqisla-
ture, providing that laws enacted
authorizing the issue and sale of
bonds as provided by this act shall
take effect without submitting them
TO the electors of the state. shall DE
ratified by a majority OF the cleo
tors voting thereon at the special
election to be held on Constitutional
Amendments. If such amendment
should not be ratified then this act
shall be submitted TO the qualified
electors of this state at the general
election to be held on the first Tues
day of November, 1922, and if it shall
receive a majority of the voters cast
thereon at such election it shall take
effect upon publication of the pro-
of the Governor %announc-
ing the result of such election. Pro-
that no bonds or debentures
shall be issued or sold under this
Act until the people of New Mexico
shall have voted upon and ratified
a constitutional amendment which
will permit this Act to become eli
f~ective.