Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-02-10
MEASURE GOES THROUGH
HOUSE UNANIMOUSLY


Santa Fe. n NJ, Feb 9.-The
house of representatives this morn
ing, by unanimous vote of the twenty
one members present, passed Il care
fully prepared substitute for the
school bond measure by which, If con-
gress approves. New Mexico VIII be
able to borrow half Q million dollars
for the use of the public school sys-
tenn basing the loan upon tne school
lands owned hy the territory and
making the money available without
adding a dollar to the tax rate. The
school lands are now producing suf-
ficient annual revenue to meet the
interest and charges OF carrying this
bond issue. which it is proposed to use
in building schools. in extending
terms of school and in providing
school equipment for every school
district in the territory, particularly
those districts which because of small
incomes are required to hold very
short school terms, and in a few dis
tricts, none at all
The substitute bill was brought into
the house by MI Roberts, of ColfaX
county, who has been at work upon
the measure since last Thursday, when
it was first introduced. The ColfaX
county representative has had the as
sistance of Mr.. Meechem of the coun
ell and of several other members OF
the legislature and attorneys in draw
ing the new bill. which outlines speci
fically the purposes FOR which the
money may be used, forms a commits
sion which is to have charge OF ex
pending IT, under proper safeguards, |
and limits the expenditures in way
that il is believed will bring the most
permanent results from the eXpendi- |
.ure of the fund
In presenting the bill to the house |
Mr.. Roberts moved to go into com |
mittee of the whole for its consdera
lion. This being done the original |
and the substitute bin were read. the |
bill having been recalled from the |
finance committee. and with Mr., |
Martinez Of Rio Arriba co-,nty as COM |
mittce chairman, the bill as read was !
Upon motions by Mr. !
Mirabal and MI Baca the bin was
then passed with twenty-one votes IN |
its favor, Messrs. Upton, Davidson |
and Stackhouse being absent
Following is the text of the bill as
passed.
An Act To provide for an Issue of
Bonds of the Territory Of New Mex
leo for Common School Purposes,
defining the purposes for which the
money shall be used and for other
purposes.
BE it enacted by the Legislative As
sembly of the Territory of New
Mexico,
Section L. An issue of bonds of the
territory of New Mexico, IN the sum
of five hundred thousanG dollars r.
hereby authorized and directed. the
proceeds of the sale of such bonds 10
be expended and used for the pur-
posese hereinafter provided.
Section ,. Such bonds shall be is
sued in the denomination of one thou
sand dollars each, to be known as
''Territorial Common school Bonds:
shall pear interest at the rate of four
per contum per annum payable semi
annually on the first days OF January
and July of each year until maturity,
and interest payable AT such
places as may be agreed upon by the l.
purchaser of said bonds. in the city |
Of New York. state of New York. OF
in the city of Santa Fe. territory OF
New Mexico. such place to be desig-
mated and named on the face of such
bonds. said bonds shah be- signed by
the governor and treasurer Of the
territory and countersigned by the
auditor of public accounts and shall
be made payable in thirty years from
July ]. 1909. and such honds shall De
dated July I. 1909. T.
Section g. So much " the income 4
of the public school lands of the ter
ritory Of New Mexico. as s necessary
Io pay the interest on said bonds is
hereby pledged to tno payment 0f the
same. and the territorial Treasurer Is
hereby directed and authorized to pay
said interest out uf tne income from
said public school lands. and each
year TO hold and retain 300 the treas
nrv Of the territory sufficient money
rom said income. q pay such inter
ss;, and for the final redemption OF
he principal Of said bonds. there
hall he levied az fhe expiration of
twenty years from he date of said