Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1891-04-21
THE NEW FUNDING ACT.
A Law Of Much Moment to Counties and
Cities Passed by the goth Legis-
lative Assembly.

Following is the full text of the act
"lor the financial relief of counties and
municipalities" passed by the late legis-
lative assembly:
Section l. Every county and muni-
cipalty is hereby authorized and required
to compromise and refund its matured
and maturing Indebtedness evidenced by
outstanding bonds, interest coupons or
judgments, whenever the holders and
owners thereof shall consent thereto, and
to issue new bonds, with semi-annual in
terest coupons attached, in payment c..
exchange for any sum so compromised q.
refunded, which new bonds shall not
be for longer period than thirty years
from the date thereof respectively, shall
not exceed in amount the actual amount
of the Indebtedness surrendered and can
celed at the time of their issue and in
consideration thereof, and shall bear o
less rate of interest than = per cent per
annum.
Sec. 2. Bonds issued under this act by
any county shall be signed by the chair
man of. the board of county commission
ers and attested by the probate clerk un-
Ger the seal of the said board, and shall
be countersgned by the treasurer of such
county; and bonds issued undes this act
by any municipality shall be signed by
the mayor or other executive head there
of and attested by its clerk under its seal,
and countersigned by its treasurer. Such
bonds may be in the denomination of
500 or any multiple thereof up to 81 900,
and when necessary may be for any frac.
ton Of 500, and they may be made pay
able at such place as may be designated
upon the face thereof; and they shall
carry binding recital that they are is
sued under this act and that the terms
and conditions of this act have been fully
complied with by the authorities concern
ed in their issue. The interest coupons
attached to such bonds shall bear, in the
case of county bonds, the signatures OF
and, in the case of municipal bonds afore-
said, the signatures of the mayor or other
executive head and treasurer of the mu-
and signatures on such inter-
est coupons shall be written: Provided,
That no provision of this act shall be con-
strued to conflict with the provisions of
an act of congress Of 1886, limiting the
amount of Indebtedness of counties.
Sec. 8. A record shall be kept by the
several probate clerks of counties and by
the several clerks of cities or other mun-
cipalities of all bonds issued by such
counties, cities or other municipalities, |
under this act, showing the
date, number, and amount of each such |
bond, to whom and on what account is
sued, and when the same becomes due
and all bonds or coupons refunded under
his act shall have the words, "Refund-
I'd" and Cancelled" marked in plain
manner across the face Of each bond and |
coupon so refunded; and such Cancelled
shall be carefully preserved in
he office of the probate clerk, or destroyed
)y the board Of county commissioners, in
he case of county bonds, and shall be
carefully preserved in the office of the
clerk of any city or other municipality, or
destroyed by the common council or like
in the case of bonds of any city |
)r other municipality; a register of the
number, amount and date of issue of each |
pond or coupon so refunded and cancelled
,eing first made by the proper clerk afore.
aid.
Sec. 4. Due and sufficient provision
or the payment of the interest semi-an-
lually accruing on all bonds to be issued
lnder this act shall be made in each and
,very year by the authorities authorized
~ law to assess and levy taxes in any
county, city or other municipality respec-
lively concerned, and, in case of failure
o make such due and sufficient provision
n any general tax levy such authorities
hall Immediately make special tax
evy adequate for such provision and, in
:ase of failure on the part of any officer
" authorities legally and adequately to
.ssess property and levy and collect
axes for the payment of such interest,
according to the intent of this section,
n to perform any duty hereby enjoined,
II in case of absence, neglect or refusal,
N the part of any such officer or au-
horitles, in respect to any duty or duties
foresaid or in case OF any vacancy in
ny office concerned in calculating the
ntent of this section, the district court in
nd for the said county, either in term
ime or in vacation, shall nominate or
utherlze some person or persons to dis
harge such neglected or unperformed
uty or duties, and shall Immediately
nforce the performance thereof; and all
axes collected for the payment of such
interest shall constitute special fund,
nd not be diverted to any other purpose;
nd any officer misappropriating or
iverting such fund or any part thereof,
II any taxes collected for such purpose,
hall be deemed guilty OF misdemeanor,
nd shall be punished by fine equal to
he amount 80 Incorporated or divert
ID, and by imprisonment in the terri
orial penitentiary for the period of not
ess than one year nor more than ten
ears, and shall forever forfeit the right
o hold Office under the laws of this ter
itory.
Sec. 5. Any officer who shall wilfully
nd against his duty refuse to levy, col
ect or pay over tha.interest moneys pro-
'ided for in section of this act, or any
,art of such moneys, shall be deemed
uilty of a misdemeanor, and shall be
punished by fine not exceeding $1,000,
nd by imprisonment in the territorial
for the period Of one year,
nd his conviction of such misdemeanor
hall Immediately forfeit and vacate his
flee. The official bond of every officer
pon whom fine shall be imposed un-
er any provision Of this act, shall be col
ateral security for the payment OF such
me and the costs Of prosecution.
Sec. 6. All bonds issued under this