Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1899-02-01
GRANTED In NEW MEXICO.
Senator Flnical Introduces a Good Bill
In the Council.

In the Council.
Senator ia Finical. Of this city, has
introduced a bill In the council author
iztng the territory to issue bonds In the
sum OF $4,000 for the purpose Of hand
ling the lands granted the territory by
the United States government. The
measure provides that the bonds shall
run not less than ten nor more than
thirty years and shall bear interest not
to exceed 8 per cent per snnum. The
bonds shall not be sold Tor less than par,
the proceeds to be used for payment OF
the lawful fees and commissions OF the
officers OF the land department OF the
United States. for the entry Of the lands
donated. The governor and secretary OF
the territory, auditor of public accounts,
solicitor general and superintendent OF
public instruction, shall constitute a
board styled the territorial board OF pub
lie lands, which shall have control Of all
the lands, appraisement. sale, rental and
disposal thereof. and investment OF the
funds accruing. The proceeds arising
from the sale or rental OF the lands shall
constitute a permanent fund, OF which
the interest and income, but no part OF
the principal, shall be used for educa-
tional purposes. The principal OF the
funds shall be invested In United States
bonds, territorial bonds or the bonds OF
counties and cities, whose Indebtedness
does not exceed the limit authorized by
law. No part OF the fund shall be divert.
ed from Its designated object.
The lands are TO be classified as fol-
lows.
|. Lands which are valuable only for
grazing purposes.
=. Lands which are valuable princl-
pally for timber, salt lakes or springs,
stone or other minerals.
3. Agricultural lands.
4. Lands within the limits OF n
town or city or within three miles of such
limits.
Any lands a be reclassited whenever
the increased facilities for irrigation.
discovery of minerals. location OF
towns or cities may necessitate
II. sworn appraisers, part of whom
shall be residents OF the coun-
ty, wherein the lands are situate, shall
appraise the land before being sold or
Rented. All sales of land shall be made
at the county seat OF the county In
which the lands are situated after sixty
days notice OF publication In one news
paper Of general circulation in the
county and one in Santa Fe. The sales
are to be made at public auction to the
highest bidder, hut no lands will be sold
for less than their appraised value. The
territory shall in no case part with the
title 10 any lands until full payment has
been made therefor. Lands designated
for sale and not sold within two Years
shall be reappraised. Lands Of the fourth
class may be sold In sub divisions OF not
more thst live acres; those OF the first
class In tracts not exceeding n section,
hhh hiJ'N vi Al' utuHi NAA11t1 III lFhfkh
not exceeding 100 acres. The legislature
may provide for leasing the lands for Pc
RODS not exceeding five years and in
quantities not exceeding one section 10
any n person or company, Such leas-
ing shall be 70 the highest bidder at pub
lie auction and all rents shall be paid
annually aud 10 advance. The custodian
OF the funds derived from the sale aud
renting OF land shall not Use or loan any
portion Of the funds derived for. n
private purpose, or deposit the same
with any bank or person, corporation or
association, otherwise than in the nam
Of the territory OF New Mexico. Any yio-
lation OF this provision or failure to pay
over, produce or account for the funds
entrusted 10 such custodian, shall c0n.
stitute embeLZlement.