Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-04-18
TOWN AND VILLAGE BONDS. *
The Act Providing for the Issuance Of Bonds
hY Towns and Villages.

by Towns and Villages,
The law providing for the issuance of
bonds in the towns or villages which
may hereafter be incorporated, and for
other purposes, reads as follows:
Section THAT after the passage of
this act the towns or villages incorpo-
rated, or which may hereafter be incor-
porated under sections 2476 to 2492 in.
elusive, of the Compiled Laws of the
territory of New Mexico, 1897, are here
by authorized and empowered to issue
the bonds of said town or village in a
sum not to exceed $40, 900, which bonds
shall be kndIr fsand designated as the
= Water System and Improvement
Bonds" and shall be in the usual form
of coupon bonds, payable to bearer in
the denomination of $10O each, and shall
bear interest at the rate of A per centum
per annum, interest payable semi-an-
nually on the 10th day of January n
July, and such bonds shall not be sold
for less than their par value or face
value; principal and interest shall be
payable at the Western National Bank,
City of New York, state of New York,
and shall be payable absolutely in 80
years from the date of their issuance
but the town or village issuing the same
time after twenty years from their date,
Such bonds shall be signed by the chair
man of the board of trustees of such
town or village, countersigned by the
clerk of such board, and the coupons at
tached thereto shall lave a Autograph
signature of the treasurer of the town
or village.
Sec. 2.-Said bonds shall be sold by
the town or village issuing the same.
and the proceeds Of the sale of such
bonds shall be used only for the purpose
of constructing water works, a sewer
age system, or for the improvement of
streets, one or all of said purposes with
in and for the town issuing and selling
said bonds, and the proceeds Of such
sale of bonds shall be paid out only up
on the order of the board Of trustees Of
such town or village, and upon the war;
rant thereof, signed by the chairman of
said board or countersigned by the
clerk and drawn upon the treasurer
thereof. The treasurer of said town or
village shall, within 4S hours after the
sale of said bonds, and before the no.
ceeds shall be controlled by him, give
an additional bond in double the
amount of the proceeds of said bonds, to
said town or village, conditioned for the
safe-keeping of all funds arising from
the sale of said bonds, and the proper
handling and management of the pro-
ceeds thereof, which bond shall be APP
proved by the board of trustees of said
town or village.
Sec. $40 provide for the payment of
the semi-annual interest on the bonds
authorized by this act, the board Of
trustees of the town or village shall an
nually levy at the time of the levying of
other town or village taxes upon all the
property within the limits of said town
or village, sufficient to pay all of said
interest, and said board of trustees, be-
ginning in the year 1912, shall levy an
nually upon all the property then To-
Gated within the limits of said town or
village, a tax which shall produce a
fund sufficient to redeem all of said
bonds when the same may become alb
solutely due, and the proceeds Of such
tax levy shall be kept by the proper Off
Ger, under bond, as a sinking fund for
the full payment and satisfaction of all
the bonds issued under and by virtue
of this act; provided, that no bonds
shall be issued under the provisions Of
this act except upon the vote of the tax
payers of such town or village, after
due and proper notice of the time AMI
place when said vote shall be taken. a:.d
in full compliance with the act of con-
gress, approved March 4, 1898, an act in
reference to the issuance Of municipal
bonds in the territory, ard removing the
limitations placed upon the same By The
act of congress approved July 80, 1886,
commonly known as the Springer
law"
Sec. 4.-After the passage of this act
towns and villages in the territory Of
New Mexico may levy by their boards
of trustees for the current or running
expenses and the maintenance of streets
and sidewalks and the care of the same,
a tax upon all of the property located
| within the limits Of said town or viii
lage not to exceed / per cent per annum
Sec. 5.-This act shall take effect and
/ be in force from and after it's passage,
and all acts and parts of acts in conflict
herewith are hereby repealed.