Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-03-09
THE FUNDING ACT.
How the County Finances Shall be
Placed Upon a Cash
Basis.
Full Text of One of the Most Important
of the Many New
Laws.

hpDtuutu ID u tOIICSt CoPy VI ,ACSouA
ty funding act which was passed at the
recent session OF the legislative assembly {:
Section. 1.-The county commissioners
of the respective counties of this territory
are hereby authorized and empowered to
issue coupon bonds of the said counties
in exchange for their outstanding indebt-
edness, as evidenced by the warrants or
bonds OF said counties duly issued, which
has now accrued or may accrue up to the
LIST day of July, A. D. 1889. Said coun-
ties are also authorized and empowered to
refund any bonded Indebtedness, with
the interest thereon, where the same can
be done under the provisions of this act,
SO as to enable such county or counties
to refund at lower rate of interest than
is now being paid upon such bonds, and
all bonds so exchanged or sold shall be
exchanged and sold at their par or face
value.
Sec. I'm order to enable the county
commissioners to place the finances of
any county upon cash basis, such coun-
ty commissioners are hereby authorized
to issue coupon bonds, such as are pro-
vided for by this act, from time to time
after the LIST day of July, A. d., 1889, to
meet the current expenses Of the county
Such bonds to be issued at such times and
in such quantities as in the judgment Of
said commissioners may be expedient and
the same shall be sold or exchanged for
cash at discount Of not more than per
cent on their par or face value. Provided,
that no bonds shall be issued or sold by
virtue OF this section after the LIST day of
January, A. D., 1890, unless there be
enough money in the county treasury for
all county purposes sufficient to meet the
same. And hereafter all taxes annually
levied for county purposes shall be ap-
propriated and used exclusively to meet
and pay the current expenses of the
county for the year succeeding that in
which such taxes have been levied, to the
extent that such taxes have been collected
prior to and during said last mentioned
year. Provided, that all delinquent taxes
Of preceding years shall be applied when
collected, to pay the current expenses OF
the county as they may accrue. Provided
further, that if at any time the taxes COL
lected during any year shall not be sutf-
cient to meet the current expenses of such
county for the succeeding year, then it
shall be lawful at the next annual levy OF
taxes for the county commission ers OF
such county, to make an additional levy
not to exceed " of mill on each 81 of
taxable property in such county, for the
purpose of making up such deficit in the
current expense of such county.
Sec. 3.--Any and all bonds issued
under the provisions of this act, shall be
of the denominations of 500 each or
some multiple thereof, and shall bear in
terest at rate of 6 per centum per an
mum, payable semi-annually on the first
days Of January and July of each year
both principal and interest shall be pay
able at the Office of the county treasurer OF
such county issuing such bond or bonds,
or at such place rs the county commits
sioners may designate, and all such bonds
shall be payable, at the option of the
county commissioners issuing the same,
in ten years, and absolutely due and pay
able thirty years after the date thereof.
Sec AT any time after this act goes
into effect the holder of any warrant or
warrants outstanding on the lst day Of
July, A. D. 1889, amounting with accrued
interest thereon to 500 or more, may APP
ply to the probate clerk, and ex-ofiicio
county clerk, of said county for bonds of
the kind hereinbefore described in ex-
change for such warrants and interest ac-
crued thereon, dollar for dollar, and any
county taking the benefit of this act shall
compute the interest upon such warrants,
from the date Of their issue until taken up,
at the rate of 8 per cent per annum. The
county commissioners of each county
shall thereupon execute such bond or
bonds and deliver the same to the holder
OF such warrants; and for any balance Of
such warrants and interest as aforesaid,
over the amount of bonds 80 issued as
aforesaid, the board of county commits
sioners shall issue to the owner or owners
thereof q new warrant, similar to the
county warrants heretofore issued, and
bearing interest at rate of per cent per
,llnum from the date thereof. All such
warrants shall be reported by the county
commissioners to the county treasurer,
and shall be registered and paid by him
in the same order as though they had
been presented to him for registration by
the holder thereof upon the date such
warrant bears; and in case of neglect or
refusal of the county commissioners to
deliver a bond or bonds of the county in
exchange for county warrants, as is herein
provided, then the probate clerk shall in
dorse such warrants as follows: "Pre-
scented, but not funded" which indorse-
ment shall be dated and signed by the
clerk, and, unless sooner converted into
bonds, in accordance with the terms Of
this act, such warrant shall be paid in
their peculiar order with interest ut the
rate Of per cent per annum; such in
terest to he computed and paid in the
same manner as though such warrants
had been received in exchange for bonds.
Provided, that all warrants not exchanged
or presented tor exchange for such bond
on or before the LIST day July, A. d. 1859,
shall not bear interest after said date, and
shall not be paid by any county treasurer,
except when there shall be a surplus Of
county funds in the treasury Of said coun-
ty, over and above what is necessary to
meet and defray the current expenses Of
said county.
Sec. 5.-All bonds issued under the
provisions of this act shall be numbered
consecutively, beginning with number
one, and shall be signed by the chairman
of the board of county commissioners,
and attested by the probate clerk under
the seal OF the county. The county COM
missioners shall prescribe the date and
form of such bond or bonds, and al
coupons shall be signed by the chairman
OF the board of county commissioners and
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