Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1898-04-19

advertisement shall not be presented for
payment and cancellation at the expira-
ton of such publication, then such fund
shall remain in the treasury to dis
charge such bonds whenever presented,
but they shall draw no interest after the
expiration of such publication. Before
any such bonds shall be paid they shall
be presented to the territorial auditor,
who shall indorse on each bond the
amount due thereon, and shall write
across the face of each bond the date of
its surrender and the name of the person
surrendering the same. Immediately
after the approval of this act the board
of supervisors or commissioners of all
counties and municipal authorities in the
territories of the United States are
hereby authorized, directed and required
to report to the loan commissioners of
the territory, in such form as the loan
commissioners shall require, their bond
ed and other outstanding Indebtedness;
and in case said supervisors, commits
sioners or municipal authorities shall
fail to report such indebtedness, said
loan commissioners shall, on written
demand of any taxpayer OF holder of
III llloCDUCuliCsSs PloSCoo w
the rendition of such report by due pro-
cess of law.
SEC. 9.-That whenever any of the hold
ers or owners of any bonds or other evil
dences of Indebtedness of the kind and
description In this act authorized to be
funded desire to surrender the same to
the loan commissioners on or before the
maturity of said Indebtedness and ex-
change such bonds or other evidences of
Indebtedness for the bonds by this act
authorized, it shall be the duty of the
loan commissioners to receive and cancel
the bonds or other evidences of indebt-
edness so surrendered and to issue in
lieu thereof to said holders or owners of
said surrendered obligations bonds as in
this act provided, in full for the prin-
cipal and accrued interest.
SEC. 1O.-That it shall be the duty of
the territorial treasurer to pay the in
terest on the said bonds when the same
falls due out of the said interest fund if
sufficient, and if said fund be not suffi-
cient, then to pay the deficiency out
of the general fund, such general
fund to be subsequently reimbursed
by counties and municipalities on ac-
count OF which such payments are made:
| Provided, That the territorial auditor
shall first draw his warrant on the terri
torial treasurer for the amount of such
deficiency, payable to the order of said
treasurer, out of the general fund. 1t
shall be the duty Of the said loan CON-
missioners to make a full report of all
their proceedings had under the pro-
visions of this act to the governor of the
territory on or before the first day of
January of each year; and said report
shall be transmitted by the governor to
the territorial legislative assembly.
Sec. 11.-That no bond issued under
the provisions of this act shall be taxed
within the territory where issued.
SEC. 12.-That the United States shall
in no way be Liable for any of the in
debtedness in this act authorized to be
funded.
Sec. 13.-That nothing in this act
shall be construed to authorize any flu
ture increase of the limits of indebted
ness now prescribed by law.
Sec. 14-That all expenses provided
by this act to be incurred by the loan
commissioners shall be paid out of the
general territorial fund.
SEC. 15.-That this act shall take eff
feet from and after its passage.