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

shall provide for the redeeming or refund
ing of the county, municipal, and school
district Indebtedness, ana shall refund
said Indebtedness In the same manner as
| other Territorial ind btedness, and they
shall issue bonds for any Indebtedness now
allowed, or that may be hereafter allowed
by law, to said county, municipality, or
school district: the county, municipality,
or school district to pay into the Terri
torial treasury, In addition to all other
taxes authorized by law, such amounts as
may be directed by the Territorial board
Of equalization, or, on the failure OF said
board, by the Territorial auditor, TO be
levied for the purpose OF providing a sink
ing fund for the payment OF the principal
OF the bonds issued in redemption, refund
ing, or other bonds issued to such county,
| municipality, or school district when the
| same shall become due, and, In addition, q
rate OF interest paid by the Territory on
such bonds.
Sec. Ii. That whenever any OF the
holders or owners OF any bonds, warrants,
or other evidence of indebtedness Of the
kind and description In this act authorized
to be funded, bearing a higher rate
Of interest than A pr centum. desire
to surrender the same to the loan commits
sioners on or before the maturity of said
indebtedness and exchange such bonds,
warrants. or other evidences OF indebted
ness for the lower interest bear Ing bonds
by this act authorized to be issued, it shall
be the duty of the loan commissioner to
receive and cancel the Indebtedness so sur
rendered, and issue in lieu thereof to said
holders or owners OF said surrendered
obligations 4 per csntum Territorial bonds,
as In this act provided, in full for the
principal and interest thereof, subject to
the exception as to the rate of interest con-.
tained 10 section three of this act:
Provided, That the loan commissioners
shall at the time of said exchange, reserve.
the right, on behalf OF the Territory, to re-
deem, pay In full, and cancel all bonds
issued 10 exchange for unmatursd indebt-
edness at the time such indebtedness would
have matured had not the exchange herein
authorized been made.
Sec. II. That when the treasurer pays or
redeems any Indebtedness he shall indorse,
by writing or stamping In ink. on the face
OF the paper evidencing such indebtedness
so paid or redeemed, the words redeemed
and cancelled, !" with the date Of cancella-
ton. He shall keep a full and particular
account and record Of all his proceedings
under this act, and of the bonds redeemed
and surrendered, and he shall transmit to
the governor OF the Territory an abstract
Of all his proceedings under this act with
bis annual report, to be by the governor
laid before the legislature at It's meeting.
All books and papers pertaining to the
matter provided in this act shall at all
times be open to the inspection of the par
ties interested, or to the governor, or q
committee of either branch of the leg sla-
ture, or a joint committee of both.
Sec. Is. That 1t shall be the duty OF the
Territorial treasurer to pay the interest on
said bonds, when the same falls due, out of
the said interest fund, if sufficient; and II
said fund bs not sufficient, then to pay the
deficiency out Of the general funds:
Provided, That the Territorial auditor
shall first draw his warrant on the Terri.
torial treasurer, payable to the order of
said treasurer for tina amount Of such def
cheney out OF the general fund.
Sec. IA. That 1t shall be the duty OF laid
loan commissioner to make a full report of
all their proceedings had under the proyis-
ions IT this act to The governor of the Ter
ritory. on or before the FIRST day OF Janu-
AIRY of each year; and said reports shall be
transmitted by the governor to the Terri.
torial legislative assembly.
Sec. 10. That no bond issued under the
provisions Of this act shall be taxed within
the Territory where issued.
Sec. 49, That the provisions aud require
ments of this act shall apply to aud Be- in
full force and effect In all the Territories
OF the United States; and all outstanding
bonds, warrants, and other evidences Of
counties, school districts and m%unicipali-
ties within said Territories heretofore su.
by legislative enactments OF said
Territories, or by congress-, and which said
bonds, warrants, and other evidences of
lave been sold, donated. or
In good faith, and which are
held by innocent purchasers, by pur-
chase, donation, or exchange, shall be fund |
ed, as in this act provided; and all Of said
bonds, warrants, and other evidences Of
Indebtedness so authorized, issued. sold.
or exchanged, as aforesaid, are
confirmed, approved and validated,
shall be funded IS in this act provided.
Sec. II. That nothing in this act shall be- I
to authorize any future increase
Of any indebtedness in excess of the limit
prescribed by the act of congress, APPROX
July Both. 1886, Known as the Harrison
act. Provided, hoDerer, That the present
existing ami outstanding indebtedness to-
gether with such wa-rauts as NAV be is
sued for the necessary and current ex-
psnses of carrying on Territorial, county,
municipal and school governments for the
year ending December 3Ist, 1898, may also
% funded and bonds issued for the redemp-
ion thereof; AMI thereafter no warrants.
or other evidences Of Indebted,
,ess shall be allowed to issue or be legal
where the same 10 In excess of the limit
prescribed by the Harrison act.