Albuquerque morning journal., 1921-07-18

IESDODSlDl6 Dlu ltGtlNNu ct oiNlA
| public offering. The state treas
urer is authorized to purchase any
of such bonds with the perma-
nent funds in his hands for in
vestment at any time at price
not less than par and accrued in
terest and which will yield not
less than four per centum per an-
mum interest on such investment.
The State Auditor shall make a
record in q book kept for that
purpose in which shall be entered
the date, number, amount and
series of each bond sold and the
amount for which the same shall
have been sold.
ANY of said bonds sold may be
registered at the request and in
the name of the holder in a book
kent by the state treasurer upon
presentation of said bond and may
he registered as to principal only,
or as to both principal and in
terest, in which latter case all in
terest coupons attached to such
bond shall be detached and can
celled.
The certificate of such registra-
ton with the date thereof shall be
endorsed by the state treasurer ON
each bond so registered
Sec. 6. The proceeds of the sale
of said bonds shall be placed to
the credit of the State Road Fund
except such amount as may have
been paid as accrued interest.
which amount shall be credited to
special interest fund for pay
ment of interest on such bonds.
The expenses incurred by the state
treasurer in the preparation and
sale of said bonds shall be paid
out of the State Road Fund. The
said proceeds shall be used exclu-
sively for the purposes for which
said Indebtedness is authorized
and shall be paid out on war;
rants drawn by the State Auditor
supported by voucher of the State
Highway Commission and the
said Commission is hereby au-
thorized and directed to eXpend
the said proceeds for the con-
struction and improvement of
state highways in the several
counties of the state, in prepara-
ton to the amount of the as
sessed valuation of all property
subject to taxation in each county
as shown by the assessment rolls
for the year preceding that in
which the bonds are sold as such
tax rolls appear on file in the Of
fee of the State Tax Commission.
Sec. Z. To provide for the pay
ment of the interest and principal
I. i s,N11
suant to the provisions of this
Act there shall be and there is
hereby imposed and levied dur
ing each year in which any of
said bonds shall be outstanding
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 lev
led an annual ad valorem tax on
all property in the State of New
Mexico subject to taxation for
state purposes sufficient TO create
q sinking fund to pay the prin-
The taxes hereby authorized,
imposed and levied shall be lew
led, assessed and collected at the
times and in the manner that
other taxes for state purposes are
levied, assessed and collected, ana
it shall be the duty of the State
Auditor and of all assessors and
local taxing authorities to cause
such taxes to be so levied, as
sessed and collected.
Sec. s. The state treasurer shall
keep separate accounts of all
moneys collected under the taxes
hereby imposed and levied for the
payment of the interest and to
provide 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 at their market value, pro-
vided such bonds are payable
from a tax upon all taxable prop
erty in such county or school dis
trict and will mature before the
maturity of bonds for which the
sinking fund is created.
Sec. 8. Any holder OF any OF
the bonds issued pursuant to the
provisions of this Act, or any per-
son or officer being q party In
interest, may either at law or IN
equity by suit, action or manda-
mus, enforce and compel the per-
formance of the duties required
by this act of an officer or person
herein mentioned.
whe provisions of this act shall
constitute an irrepealable contract
with the holders of any of the
bonds and the coupons Thereon
issued pursuant to this act for the
faithful performance of which the
full faith and credit of the State
of New Mexico is hereby pledged.
This Act shall without REFER
ence to any other act of the Leg
islature of the State of New Mex
leo be full authority for the is
suance and sale of the bonds
hereby authorized which bonds
and the coupons thereto attached
shall have all the qualities of ne-
gotiable paper under the law
merchant and shall not be invalid
for any irregularity or defect in
the proceedings for the issue and
sale thereof and shall be incon-
testible in the hands of bona fide
purchasers or holders thereof for
value.
All bonds issued under the pro-
visions of this Act shall be ex-
empt from taxation.
Sec. 10. This Act shall take ef-
feet on the first day of December,
1921, in case the amendment to
the Constitution of the State of
New Mexico proposed by the
Fifth Legislature, providing that
laws enacted authorizing the is
sue and sa of bonds as pro-
vided by this act shall take effect
without subj itting them to the
electors of the state, shall be rat
flied by a majority of the electors
voting thereon at the special elec-
| ton to be held on Constitutional
Amendments. If such amendment
should not be ratified then this
act shall be submitted to the quail
| ifad alaotnre nf this stata at tho