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

from time to time issue negotiable cou-
pom bonds of such territory.
SEC. 3.-That said bonds shall be is
sued as nearly as practicable in denomi-
nations of 1000, but bonds of a lower
denomination, not less than 500, may
be issued when necessary. Said bonds
shall bear interest at the rate of four
per centum per annum, except bonds
authorized to be issued for refunding
indebtedness under existing law, inter-
est to be payable on the 18th day of
January and the 18th day of July in
each year, at such places as may be
designated by said loan commissioners,
the place of payment being mentioned
in said bonds. The principal of said
bonds shall be made payable in law
full money of the United States so
years after the date of their issue, at
place therein named, the right being re-
served to said territories to redeem at
par any of said bonds, in their numeri-
cal order, at any time after 20 years
from the date thereof. They shall be
made payable to bearer, and shall state
the date of their issue, when and where
payable, the rate of interest, shall be
CONSECUTIVE ~, ahu oiUii w
otherwise in such form as shall be pre-
scribed by said loan commissioners, by
whom they shall be signed. The seal
of the territory shall be affixed to said
bonds, and they shall be countersigned
by the territorial treasurer, and shall be
registered by the territorial auditor in a
book to be kept by him for the purpose,
which shall state amount sold for, or, II
exchanged, for what, and the faith and
lcredit of the territory is hereby pledged
for the payment of said bonds and the
interest accruing thereon, as herein
provided. Each bond shall have at
tached thereto coupons for the semi
annual interest payments, consecutiyely
numbered, and shall also bear the same
number as the bonds to which they are
attached, and shall be signed by the ter
ritorial treasurer or have his engraved
signature thereon; and the issuance of
bonds by the loan commissioners shall
be conclusive evidence of the regularity
/ of the issue under this act and the reci-
tations in such bonds set out.
SEC. 4.-That all bonds executed UNI
der this act shall be delivered to the treas
urer, who shall receipt therefor to the
loan commissioners. That said treas
urer shall give to the territory an addi-
tional official bond, with two or more
sureties, in a sun equal to the amount
of bonds delivered to him by said loan
commissioners, which bond shall be ap-
proved by the governor and deposited
and filed with the secretary of the ter
ritory, and recorded by him in a book to
be kept for that purpose. And the said
treasurer shall stand charged upon such
bond for the faithful performance of the
duties required of him under this act.
Sec. 5.-That the territorial treasurer
shall sell said bonds for cash, or ex-
change them for any of the Indebtedness
for the redemption of which they were
issued by said loan commissioners, but
in no case shall said bonds be sold or
exchanged for less than their face or par
value and the accrued interest at the
time of disposal, nor must any indebt-
edness be redeemed or refunded at more
than its face value and any interest that
may be due thereon. Said treasurer
shall indorse, by writing or stamping in
ink ON the face of the paper e%videncing
the Indebtedness received by him in ex-
change for said bonds, the time when
and the amount for which exchanged,
and the same shall be filed with the
records of his Office.
SEC. O. That all moneys received
from the sale of such bonds by said
treasurer shall be applied by him to the
redemption of the indebtedness for the
redemption of which such bonds were is
sued. Before any such Indebtedness shall
be paid or refunded the territorial audi.
tor shall indorse on each evidence OF
indebtedness the amount due thereon,
including interest, and shall write across
the face of each the date of its sur
render and the name of the person sur
rendering, and shall keep proper record
thereof.
Sec. THAT there shall be levied
annually upon the taxable property OF
the counties and municipalities Of each
territory, in addition to the tax levy for
other authorized purposes, a sufficient
sum to pay the interest IN all bonds
issued and disposed of in pursuant OF
the provisions Of this act, in redemption
or r~efunding of any existing indebted
ness of such county or municipality
Such taxes shall be collected by the
proper authorities of such counties and
municipalities and transmitted to the
treasurer of the territory, to be placed
by him in the fund to he known as the
"interest fund.- and 40 years after such
bonds shall have been issued such add.
tional amount shall be levied annually
as will pay ten per centum of the tota
amount issued until all the bonds issuet
| ,n,lon &hn ,,yoxicinnc IF this q ot a m M If
and discharged. All moneys so deposit
ed in said interest fund shall be dis
bursed by said treasurer only for the
payment of interest and redemption o.
the particular bonds on account o.
which the levy of taxes was made. The
territorial board of equalization, or, OF
the failure of said board, the territorial
auditor, shall determine the rate of ia,
to be levied in each county and mum
cipality in the territory required for thu
payment of the interest on all bond!
issued in redeeming or %refunding thu
Indebtedness of such county or munici
pality, and shall certify the same to tn,
board of supervisors or commissioners
in each county or to the municipa
authorities; and the said board of super
visOrs or commissioners or authorize
| are hereby directed and required tt
enter such rate on their assessment
rolls in the same manner in which tn
same effect as is provided by law in re
lation to other territorial, county o
municipal taxes, and when so entere,
+ such tax shall be collected by the prope
, officers of such county or municipalit,
in the same manner and with the sam
penalties as is or may be by law pres
} cribed for the collection of other take
levied for territorial, county or mum
t cipal purposes. Every tax levied unde
the provisions and authority of this &C
is hereby made a lien against the prop