Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1891-09-29
SETTLEMENT WITH THE GOLFERS.


matter, and after some two hours con-
sideration drew up and adopted the fol-
lowing preamble and resolutions which
were read, revised and adopted by unani-
nous vote of the board:
Whereas, The litigation respecting the
bonds issued by the county of Santa Fe
in aid of the construction of railroads by
the New Mexican & Southern Pacific
Railroad company has been terminated
adversely to the county by the recent de-
cision OF the supreme court, affirming the
decision of the district court, in the &C.
ton of assumpsit heretofore brought
by VIM. N. C)ler, ir., against the board
of county commissioners of the county of
Santa Fe;
Whereas, A renewal OF the said ltiga-
ton, by suing out a writ of error for the
review of the said judgment by the su-
preme court Of the United States, would,
IN the opinion CT this board, lead only to
delay, expense, confusion i'll the finances
of the county, great discredit and ultimate
disaster; and no stay of proceedings for
the collection of the said judgment could
be secured, except by giving super
sedeas bond, which the county is unable
to furnish;
Whereas, The said VIM. N. Coler, jr.,
has offered to compromise and settle his
judgment and the interest accrued there
on, by receiving and accepting, in pay
ment of the said principal and interest
thereof, and of all lawful costs, funding
bonds of the county of Santa Fe, bearing
interest at the rate of 81 per cent per an
mum, 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 counties and
Municipalities" approved by the COVER
nor February 26, 1891, the principal of
such bonds to become due and payable
August |, A. D., 1921, with the option to
the county to redeem the same after fif-
teen 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 offer
on condition that the interest proposed
be reduced 10 per cent, and refunding
of the said indebtedness accordingly 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 lie
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
five per cent. per annum; thereby saving
to the county considerable amount OF
interest every year;
And whereas, The said judgment,
costs, bonds, and interest claims, are an
outstanding indebtedness of this county,
within the intent and operation Of the
said funding act, and not within the pro-
hibitlon of any act CT congress or of the
legislative assembly Of this territory,
therefore, it is
Resolved, By the board of county
commissioners of the county of Santa Fe,
that funding bonds of the said county I'M
der and in pursuance of and in conformi-
ty 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