Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1903-03-11
THE COUNTY DEBT
REFUND|NC BILL
An Important Measure That is Intended
Primarily to Bring About Oompro-
mise Of Santa Fe Oounty's Debt of
Almost Million Dollars.
A LOAN COMMISSION is CREATED
TO CONSIST or THE GOVERNOR
SECRETARY AMI. TREASURER

House Bin No. 107, An act to pro
vide for the refunding of certain coun
ty Indebtedness Is of especial import
for it's enactment will mean the settle
ment of the bonded debt question O
Santa Fe county.
The bill constitutes the Governor
the Secretary and the Treasurer O
New Mexico commission for the
purpose of refunding the indebtedness:
incurred by any county in aid of rail
road construction. This commission i:
specially authorized to compromise
and adjust all such Indebtedness as
was recognized and validated by the
act of congress of 1897, together with
the past due and unpaid coupons and
| the interest thereon, provided the own
ers of such Indebtedness may consent
and agree to such compromise. The
refunding bonds are not to exceed in
face value 60 per cent of the whole in
debtedness, the bonds to bear 8 per
cent interest, payable semi-annually
on January 10 and July 10, the bonds
to be payable in so years and redeema-
BILE at the pleasure of the territory at
any time after 80 years. The bonds
shall be designated as the Railroad
Aid Refunding Bonds of the Territory
Of New Mexico and are to be signed
by the Governor and the Treasurer
and countersigned by the auditor Of
the territory.
Section provides that the territorial
treasurer shall keep an account with
the county the bonds of which have
been thus refunded and shall furnish
to the officials of such county state
ment of the amount of interest that
will be required annually, such county
to make an adequate levy to pay such
interest. After 20 years the county
may levy annually sufficient to pay 10
per cent of such principal and after 40
years such extra levy is made obliga-
tory, the proceeds to go into sinking
fund
In case the annual levy does not
produce the interest due on said bonds,
the deficiency must be made up out of
the general expense fund or current
expense fund of the county, while if
the levy produces more than is needed
such surplus shall go into the general
expense fund.
Failure of any county officials to
with the provisions of this act
shall be deemed misdemeanor pun
isha BILE with a fine of from $500 to
81, 500, in addition to the amount neg
lected to be assessed or collected, and
in the county Jail of
from three months to one year. In
case the county officials fail to make
such levy, the territorial auditor will
make such levy, and In case the coun-
ty collector neglects or refuses to col
ect such levy he shall be removed by
the governor who is to appoint his sue
,essor.
All taxable property and increase
thereof in the county is pledged to the
payment Of the principal and the In
.erest upon the refunding bonds. In the
event of the division, disincorporation
,r dissolution Of such county or the
cutting off of any part of the same, the
refunding commission or the territor-
al auditor, shall cause the proper tax
10 be assessed, levied and collected, by
the county or counties into which such
original county may have been divi-
led.
The county must pay into the terri
torial treasury the cost of the funding
IF it's indebtedness including the an
lual cost of exchange. The act is
10 take effect Immediately from ana
after it's passage.