Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1889-05-09
SOME NEW LAWS.


An act to authorize the t2riiag 81
county Indebtedness, and tur her utlr-
poses.
Section 1.-The county commissioners
o. the respective counties OF This territory
are hereby authorized and empowered 70
issue coupon bonds Of the sail ,unnir.
III exchange for their outstandiu. indri,t-
edness us evidenced by the Warrants 81.
bonds OF said counties duly issued, which
mas now accrued or may arCrlr W to the
LIST OF July, A. ID. 1889; said counties are
also authorized and empowered to refund
any bonded Indebtedness, With the infer
est thereon, where the same can I've done
under the provisions OF this act, 50 as to
enable such county or counties TO refund
alta lower rate OF interest than is now
being paid upon such bonds, and all
bonds so exchanged or sold shall be az
changed and sold at their pr 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 1st day of July, \. y. 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 eXpcdicnt,
and the same shall be sold or exchanged
for cash at discount OF not more than j
per cent on their par or face valuc pro-
sided, that no bonds shall he issued Or
sold by virtue of this section after the LIST
day Of January, 1890, and if any should
be issued after such date they shall be
void and no warrant shall be issued after
the LIST day of January, A. y. 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 appropriated 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 sain 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 suli-
clent 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 commissioners Of
such county to make an additional levy,
not to exceed one-half OF one mill or each
dollar 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 I'M
der the provisions Of this act shall he OF
the denomination of 800 each or some
multiple thereof, and shall bear interest
at rate of 6 per Centum per annuln,
payable semi-annually on the first DAYS
of January and July of each year; both
principal and interest shall be payable at
the Office of the county treasurer of the
county issuing such bond or bonds, or at
such place as the county commissioner
may designate, and all such bonds shall
be payable at the opinion OF the county
commissioner issuing the same in ten
years, absolutely due and payable 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 LIST day OF
July, A. D. 1889, amounting with accrued /
interest thereon to 500 or more, may APP T.
ply to the probate clerk and ex-oiiico /
county clerk of said county for bonds of
ting kind hereinbefore described in ex-
change for such warrants and interest
accrued thereon, dollar for dollar; and
any county taking the benefit of this act
shall compute the interest upon such war
rant from the date of their issue until /
taken up, at the rate of 8 per cent per an ,
mum. 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 50 is
sued as aforesaid the board of county .
commissioners shall issue to the owner or
owners thereof new warrant similar to .
the county warrants heretofore issued, /
and bearing interest at rate OF 6 per |
cent per annum 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 bond or bonds !
OF the county in exchange for county
warrants as is herein provided, then the .
probate clerk shall indorse such warrants /
as follows: Presented, but not funded" /
which Endorsement shall be dated and .
signed by the clerk, and, unless sooner !
converted into bonds in accordance with !
the terms of this act, such warrants shall
be paid in their regular order with inter
est at the rate OF 6 per cent per annum,
such interest to be 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 for exchange for such bonds
on or before the LIST day of July, A. d. |
1889, 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 county over and above what is neces
sary to meet and defray the current ex
penses of said county.
CONTINUED tomorrow