Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1891-10-03

delay, expense, confusion in the finances
of the county, great discredt and ultimate
disaster; and no stay of proceedings for
the collection of the said Judgment could
be secured, except by giving a super
sedeas bond, which the county is unable
to furnish;
Whereas, The said VIM. N Cnler, jr.,
has offered to compromise and settle his
said Judgment and the interest accrued
thereon, by receivin, and accepting, in
payment Of the said principal ant interest
thereof, and of all lawful costs, funding
bonds of the county of Santa Fe, bearing
interest at the rate Of So per cent per
annum, in pursuance and in conformity
with an act of the lie 'islatiye assembly of
the territory of New Mexico entitled "An
act for the financial relief of counties aud
municipalities" approved by the governor
February 26, 1891; the principal of such
bonds to become due and payable August
|, A. b. 1921, with the option to the coun
ty to redeem the same after fifteen years
currency thereof;
Whereas, In the opinion of this board,
it would be detrimental to the public in
terests and disastrous to individual tax
payers to attempt to pay the said judg-
ment, costs, and interest at the present
time by means of taxation, and, on the
other hand, an acceptance of the said
posed be reduced to per cent and re-
funding of the said Indebtedness would
tend greatly to alleviate the burdens of
the people and to re-establish the credit
of the county;
Whereas, 1t would also, in the opinion
of this board, be to the manifest interest
of the county to bring about an exchange
OF all the said railroad aid bonds now out
standing and above referred to and all
outstanding past due interest coupons
attached thereto or detached there
from and all indebtedness evidenced
thereby, for funding bonds to be
issued under and pursuant to the said
funding act, with the same term of credit
aforesaid, and subject to the same option,
but bearing interest at the lower rate of
per cent. per annum thus saving to
the county considerable amount of in
terest every year;
And whereas, The said judgment, costs,
bonds, and interest claims, are an out
standing Indebtedness Of this county,
|
said funding act, and not within the pro-
bibition of any act of congress or of the
legislative assembly OF this territory, there
fore, it is
Resolved, BY the board OF county COM
mssioners of the county OF Santa Fe, that
funding bonds of the said county under
and in pursuance of and in conformity
with an act of the legislative assembly of
the territory OF New Mexico, entitled
can Act for the financial relief of coun-
ties and Municipalities, approved by the
governor, February 2G, 1891, be made, ex.
ecuted, issued, and delivered, in payment
of the said judgment aud all interest &C.
crued thereon up to this 29th day of Sep
TENDER, 1891, and all costs adjudged
against the said county in the said action
by the district and supreme courts, and
in the amount of the principal of the said
Judgment and costs and of the interest on
the said judgment calculated from August
20, 1889, to September 20, 1891 and that
such funding bonds shall bear date, Sep
TENDER 20, 1891 shall be due and payable
August l, 1921, with option to the said
county to redeem the same after fifteen
years currency thereof shall bear interest
from date at the rate OF 5 per cent per
annum payable semi-annually, that is to
say, on the first day of February and the
first day of August In every year, the first
interest payment, nevertheless, to be
made February l, 1892, in the amount Of
the interest accruing from the date Of
such bonds to the said first day of Febru-
airy, 1892; shall have semi-annual interest
coupons attached, the first coupon, how
ever, being only in this amount of the
aforesaid first intefesc payment; shall re-
cite the existence and performance of all
conditions precedent to their issue; shall
conform to the terms and provisions of
the said act as to form and manner of ex-
ecution, as we'll of the said coupons as of
, the said bonds; shall be payable, princi-
pal and interest, at the Western National
bank of the city of New York, and shall
be delivered to the said VIM. N. Coler,
Jr., or his attorney, on satisfaction of the
said judgment and as payment thereof,
including all interest thereon and costs
aforesaid.
ITO be continued.)