Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-02-15

~ INtNlUItH0 w WV hINNt
They shall pa o0ps ocutivsly numbered
and bear the Same number ~ OF the bond
to which thay are attached, and shall be
by the Territorial treasurer.
Tue said coupons shall cover the interest
expressed In said bond from tho date Of
until paid; but In no case shall bonds
bear interest, nor shall any interest be
paid thereon, for any time before their
delivery to the purchaser, as hereinafter
provided; and the issuance OF the bonds by
the loan commissioner shall be conclusive
evidence ~ to the regularity Of the issue and
OF the recitations In such bonds set out.
Sec. D. That whenever the said loan
commissioners may be authorized by law
to Issue bonds, or shall have decided to re-
fund or redeem all or any part of the ak
listing Indebtedness OF the Territory, they
shall direct the Territorial treasurer to ad-
vertise for q sale OF the bonds to be issued
for that purpose by causing q notice Of
such sale to be publishtd for the period OF
one month In some daily newspaper pub
lishsd 1t the capital OF the Territory, and
at least one insertion in a newspaper pub
llshed in the city of New York, 10 the state
of New York, and In the city OF San Fran
cisco, In the state of California. Such
notice shall specify the amount OF bonds to
be sold, the place, day, and hour Of sale,
and that bids will be received by said
treasurer for the purchase Of said bonds
within one month from tho expiration of
said publication, aud at the place and time
named In said notice. The said treasurer
and loan commissioners shall open all bids
received by him and shall award the pur-
chase Of said bonds or n part thereof to
the bidder or bidders therefor bidding the
lowest rate of interest:
Provided, That said loan commissioner
shall have tina right to reject any and all
bids:
And provided, further, That they may re-
security shall be furnished by the bidder
or bidders for compliance with the terms
of their bids.
SEC, 8. That when the sale Of said bonds
shall be awarded by the loan commission
srs, they shall provide and procure the
necessary bonds as In this act provided,
and any expense incurred by them there-
for, and for the publication of notices, cost
of rsmitting funds for the payment OF
interest or money on said bonds, and all
other necessary and incidental expenses
Of said commi sloners in carrying out ths
provisions of this act shall be paid out OF
ths general fund of the Territory, upon the
order OF the Territorial auditor, counter
signed by the governors; and q sum OF
money sufficient Co cover said costs and
expenses is hereby appropriated out Of said
fund.
They shall, from time to time after sign
ing said bonds, deliver them to the Terri
torial treasurer, taking his receipt therefor
and charge him Herewith. The said
ressurersshal give to the Territory an
additional official bond, with two or more
securities, In a sum equal to the amount OF
bonds delivered to him by the said loan
commissioners, which bond shall be ap-
proved by the governor and deposited ami
fled with ths secretary of the Territory
and recorded by him in a book to be kept
for that purpose. And the said treasurer
shall stand charged upon his official bond
for the faithful performance of the duties
of him under this act.
SEQ. 7. That the Territorial treasurer
shall sell said bonds for casb, or exchange
them for any OF the Indebtedness for the
of which they were 90 issued,
but In no case shall said bonds be sold or
for less than their face or par
value and the accrued interest at the time
OF disposal, nor must any indebtedness be
redeemed at more than its face value INT
any interest that may be due thereon.
That said treasurer shall 1ndorse, by
writing or stamping in ink on the face OF
the paper e~videucing the Indebtedness
by him In exchange for said bonds,
the time when and the amoun for which
exchanged.
Sec. s. That moneys received by said
treasurer shall be applied by him to the
redemption Of the indebtedness for the
redemption of which bonds were issued
and the treasurer shall give notice, as 10
provided by law in case of pay
warrants. of his readiness to
redeem such indebtedness, and thereafter
interest on all the Indebtedness due and
outstanding shall cease.
Before any such Indebtedness shall be
paid, the Territorial auditor shall indorss
on each certificate the amount due thereon,
and shall write across the face of zach the
date Of its surrender and the name of the
person surrendering, and shall keep proper
record thereof.
Sec. Q. That there shall be levied an
upon the taxable property of the
Territory, and 10 addition to tho levy for
authorized taxes, a sufficient sum to
pay the interest on all bonds issued and
disposed OF In pursuance of the provisions
Of this act, to be placed in the Territorial
treasury, in the fund to be known as the
fund; !" and forty years after
SUCH bonds shall have been issued such ad-
ditional amount shall be levied annually as
will pay 10 per ceutum OF the total amount
lssusd until all the bonds issued under the
provisions Of this act are paid and dis
Ths Territorial board of equalization, or,
the failure of said board, the Territorial
shall determine the rat Of tax to
be levied in the different counties in the
Territory to carry out the provisions Of
this act, and shall certify the same to the
board of supervisors In zach county and to
The municipal and school authorities; and
the said board Of supervisors, or author
tiles, are hereby directed and required to
snter such rate on their assessment rolls
10 the same manner and with the same ef-
as is provided by law In relation to
)ther Territorial, county, municipal, and
Ichool taxes. Every tax levied under the
provisions and authority of this act, is
hereby made q lien against the property
lssessed, which lien shall attach on the
lrst Monday in March in each year and
hall not be satisfied or removed until such
has been paid. |
All moneys derived from texss author
zcd by the provisions of this act shall be
laid into the Territorial treasury, and
hall be applied: |
First. Te the payment Of the interest on
he bonds issued hereunder.
Second. To the payment of the principal
such bouds: Provided, That all moneys
emaining In the interest fund after the
'ayment of the interest, and all moneys
emainiDg In the redemption fund after all
ala DOndS snail nave Deen PAID and dis
harged shall be transferred by the Terri
orial treasurer to the Territorial general
und. (
Sec. 10. That whenever, after tho ex
iration Of forty years from the date Of is-t
asncs Of any bonds under this act, there
smnins after the payment of the interest,
s provided in the preceding section, a
Of $4,000 or more, it
hall be the duty Of the Territorial treas
rsr to advertise, as in the manner of ad-
by the loan commi sioners for
ids for the sale of bonds, which
shall state the amount
{ money In the said redemp-
on fund and the number of bonds, num-
sring them in the order of their issuance,
Dmmencing at the lowest number then
which such fund is set apart
pay and discharge; and il such bonds so
umbered In such advertisements shall not