Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1891-04-08
The NEW LAWS.
A uthority Under Which County Improve
ments May be Carried on.

the new law providing for the issuanc
of county current expense bonds is a
follows:
Section /. That the county commits
sioners OF the respective counties of th
territory of New Mexico are hereby all
thorized and empowered to issue coupon
bonds for county current expenses, no
to exceed $1,000 in each county: Pro
vided, that nothing in this act shall be
construed so as to authorize the county
commissioners of any county to use the
proceeds of the sale of any current ex
pense bonds for the purpose OF building
any court house or jail.
Sec. 2. Ary and all bonds issued un-
der the provisions of this act shall be of
the denomination of 500 each, or some
multiple thereof, and shall bear interest
at rate OF 6 per cent per anIum, payable
semi-annually On the first days of Jan
uary and July of each year; both prin-
cipal and interest shall be payable at
the office of the county treasurer of such
county issuing such bonds, or at such
place as the county commissioners may
designate, and all such bonds shall be
payable at the option of the county com
missioners issuing the same in fifteen
years, and absolutely due and payable
thirty years after the date thereof.
Sec. 8. 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 commissioners shall pre-.
scribe the form of such bonds and fix the
date thereof, and all coupons shall be
signed by the chairman Of the board OF
county commissioners and by the treas
urer of such county; and the coupons
attached to each bond shall bear the
same number as the bond to which they
are attached, and shall show the date of
maturity of such coupon bonds; the
commissioners shall also provide book
and shall cause to be registered therein,
in the order in which they are issued, the
number, date and amount of each bond
SO issued, the time when the same shall
become due, together with the name of
the person to whom issued, and de-
scription of the bond; such bonds shall
be disposed of as follows, viz:
The board of county commissioners
shall advertise for the bids for said bonds
and shall sell the same to the party or
parties making the highest bids therefor.
Provided, That no bonds issued under
this act shall at any time be sold for
less sum than So cents on the dollar.
Sec. 4. IT shall be the duty of the
county commissioners of any county issu.
ing bonds under the terms of this act, to
levy each year, at the time and in the
same manner of making the levy of other
taxes, to be assessed and collected as other
taxes are assessed and collected, a tax
sufficient in amount to pay the interest
on said bonds so issued for each year
such tax shall be kept separate from the
taxes levied for other county purposes,
and shall be payable in money, and shall
be devoted exclusively to the payment of
such interest
Sec. 5. After the expiration Of fifteen
years from the date of said bonds, the
same not having been paid by the coun-
ties issuing bonds under this act, and
annually thereafter until paid, the county
commissioners ol eaCH County Snall pro-
vide sinking fund for the payment of
said bonds, by taxation, and levy tax
for that purpose, equal to at least ten per
centum and not more than twenty per
centum of such bonds. All bonds shall
be called for redemption in the order Of
their number, being with number l.
Sec. 6. No counties shall issue bonds
under the provisions of this act the total
indebtedness of which is in excess of four
per centum of the assessed valuation of
the property therein.
Sec. 7. All acts and parts OF acts in
conflict with this act are hereby repealed,
and this act shall take effect and be in
force on and after its passage.
Filed in Secretary's office February 6,
1901