Rio Grande republican. (Las Cruces, N.M.) 1881-1914, 1889-03-23
The Funding Act.

Appended IS = correct copy Of The
county funding act which was passed
at the recent session Of the !egis-
latiye assembly:
Section 1.-The county commits
sioners of the respective counties OF
this territory are hereby authorized
and empowered 10 issue coupon
bonds of the said counties in cx-
change for their outstanding itdebt.
edness, rs evidenced s5 tl'e sgg::..IssE 3 nj $
or bonds OF said counties duly issacj,
which has now accrued OF may ac=
crue up to the lst day Of July, A. b.,
1889. Said counties are also author.
ised and empowered to refund any
bonded indebtedness, with the inter
est thereon, where the same esn be
done under the provisions of this act,
30 ~ to enable such county or eoun-
tics TO refund at n lower rate Of IN.
tercss than is now being paid upon
such bonds, and all bonds so ex-
changed or sold shall be exchanged
and sold &C their par par or face value.
See. 2.-ln order 10 enable the
eoanty commissioners to place the
fin4nces OF any connty upon cash
basis, such county commissioners arc.
hereby authorized to issue ceapon
bonds, such as are provided for by
this act. from time 10 time after tlfe
1st day OF July, A. D., lss9, to meet
the current expenses OF the county.
Snth bonds to be issued st such
times and in such quantities Us ia
judgment ofsaid commissioners may
be cxpedient and the same shall be
soId Or exchanged for cash AT a dis.
count Of not moro than 5 per cent
on their par or face value. Provided,
that no bonds shall be Issued or sold
nv virtue Of this section alter the lst
day Of January, A. D., 1890, nnIcss
tacrc be enough money IN tho coun-
~ trsasury Tor oil coanty purposes
autIirient 10 meet the same. And
hereafter oil taxes annually leysed
for county purposes shall ba appro-
priated and used exclusively 10 meet
and pay The earrcnt expenses Of the
rOuHty Tor the year succeeding that
IN which such taxes hzyc been levied.
te Tho extent that such taxes have
been collected prior to and during
said last mentioned year. ProvNicd,
that all delinquent taxes of precod,
ing years shall be applied when coli
lected, 70 pay tho current expenses
Of the county as they accrue. Pro-
vided further. that il at any time the
taxes eol!ected during any year shalI
not be sufficient 70 meet the earrent
expenses Of such county for the
succeeding year, then it shall be law.
fnl at the next annual levy Of taxes
for the county commissioners Of such
couaty, TO make an additional levy
not 20 exceed l-2 OF ! mill on each
III Of taxable property in such conn,
y, for the purpose Of making up
such de6cit in the eurrens expenses
Of such county.
Soc. Amy and all bonds issued
under the provisions Of this act,
shall DO Of the denominations Of 500
each OF some multiple thereof. and
shall bear interest II a rate of 6 pei
centnm per annnm, payable semi,
annually on the frat days Of January
and July Of each year; both prinei'
pal aud interest shall DO payable al
the Office ol The county lreasarer d
such eounly issuing such, bond OF
bonds, Or at snch place rs the county
commissioner designated ard all
such bonds shalt be payable. al The
option oa the county commissioners
issuing tsic same, m ten years, and
absolately due and payable thirty
yaas aller thu dato thereof.
SEQ. AT any lime after this
not goes into effect tho holder Of any
Warrant or warrants outstanding on
the let day Of July, A. b. 1889,
amounting with accrued inieres,
thereon 10 500 OF mora, lnsy Ap-
ply to she probate clerk. and ex-
oGiicio comfy clerk, of said county
fer bonds OF the kind hereinbciore
dcseribed 10 exchange for such war,
rants aud interest accrued thereon,
dollar for dall0r, and any county
taking the benefit Of this sci shall
compute lae interest OF such war-
rants. from the daie OF their issac
antts tzaEsH up, 1T the rntV uf ff4ct
cent per Aunum. The county com.
laissionefs Of eaeia county shall there
upon execute snch bond or bonds
'shd dallsar alss+snme ID tho helder OF
such waTsAssia; and iog any halAncc
Of sath warrants and isieVst rs
afbFeeaid. ever he aneBpt IT ANaas
sg'isaned u nE6rwaaai. the h.arsi zut
s'nans Y eDsssnliaaiaaesA aAnil i-~aa Il,
The 1wner ~ nwnsFu thcgeoi 4 eeN
81 =. -. - I z..= ~.