Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1907-02-08

lsala county al San Mlgacl. ~ found hy
waia conanafssAon. shall h. paid and
satisfied in fun: and II saeh sale can
naa be made by the first day nf Jana.
lary. A, n. ICES. then In that case smch
boads and coupons attached shall ~
taEned over t0 saa Miguel county Ia
lfall settlement Of the Indebtedness II
Garfield county 10 san Miguel county,
and h shall he the duty NJ the hoard
0f County Commissioners of Garfield
county % annually levy q tax suffi,
eient TO nay the interest coupons
looming dae semi'annuaIly upon said
bonds, and In addition q sufficient
amount 10 create a sinking fund 10
pay said bonds when they shalt be
con" due: which sinking fund tax
shall he IevIe2 annually from and after
tea tiei years after the passage n
this act: said bonds shall be the first
issue by Garfield county. and the levy
for the payment Of interest shalt be
the first made. ard such bonds shall
be known and designated AZ the
Garfield County Establishment
Bonds.' Such bonds shalt be- dated
the ffrst day OF July. A. ID. 1901, and
the coupons shall become due and
payable semkannwslly thereafter, The
debt ascertained 10 he due from Car.
field county TO San Miguel county on
the first day Of January. 1901. shall
bear interest at the rate OF six per
cent per annum from that date until
the payment Of the same In cash or
in the taking OF the bonds and coup.
ons above provided for: and this
amount OF interest shall b. added tn
the debt evidenced by The issuance
Of said bonds and he Included there
IN.
section 4. The county of Garfield
may from time tn timo issue bonds
for current expenses. 10 IN amount not
exceeding ten thousand fsio.oo0D dol
IIara until taxes are levied ana col.
iected for such purpose. such bonds
shall be designated an Current Ex'
penseIsonds" shall not be sold at less
than their par value, Dor cash: shall
he I'm denominations M sio0.oo each
Ior some multiple thereof: shall bear
interest AT not to exceed five per cent.
nm per annum payable semiannually;
shall be absolutely payable n twenty
years from their date aud spall be NJ
ideemahlc ut the opktox II \ M counsy
of ssSl.dd IA ssn sarxsf6m thfir
date. and shall be executed by the
proper officers of said county In the
manner as and provided In Section 9
OF this act Both principal and inter.
est OF all bonds issued under this act
shall be payable in gold coin OF the
! IhN1u 5&dtGS VI AhIbAa1 W th' PeCS
ent standard Of weight and fineness,
at such bank 10 the City and State OF
New York as the Board Of County
Commissioners of said county Of Gar
field may select: and In case default
be made In payment OF the interest
coupons of said bonds or there Is not
sufficient funds on hand to pay the
same when due they shall bo accept
ed as cash by the collector OF taxes
due 10 said county of Garfield. In
payment OF such taxes.
Section 9.-Garfield county shall b9
entitled to have and receive all un
paid taxes that have been levied o"
assessed upon or against property
within the former limits Of San Mig
uel county, and which by this act Is
set off from said county OF San Miguel
and has become Garfield county: and
the treasurer and collector OF Garfield
county shall collect and receipt for
the same to the same extent 40 the
treasurer and collector Of San Miguel
county might have done had said
property remained within the limits
OF the county of San Miguel, and Gar
field county shall be entitled to and
shall receive from San Miguel county
such proportion Of the moneys receiv-
ed from licenses issued by said San
Miguel county In force In Garfield
county during any part Of the year
1907. as such unexpired term of each
such license shall bear to the whole
term fro which such license was Is,
sued; and all taxes collected from
Garfield county and paid into the
treasury Of San Miguel county after
January 1st, 1907, shall he credited
upon the proportion Of the debts o.
San Miguel county assumed and to be
paid by Garfield county. All school
funds In the treasury OF San Miguel
on April 1st. 1907. due to the school