Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-02-10
LEGISLATURE ADOPTS BILL
TO PROVIDE FOR HALF
MILLION DOLLAR
SCHOOL BOND
ISSUE
CONTINUED FROM Page q column 30

tc%ominucd from rage !; Column ~
The governor and superintendent 81
public Instruction, but no portion 81
said bonds shall bc disposed OF oX'
cept In the herein provided.
section 8. The proceeds Of gnri
sale or sales. shall be received by
the treasurer OF tho territory Of New
Mexico. and shan be credited by hin
10 the territorial common school bone
issue fund. and said fund shah be used
oniy for the purposes hereinafter
specified, and 80 much Of said funds,
which arc not required for immediat'
use, shall DO deposited by said treas
urcr ~ banks VA the territory Of Sew
Mexico. AZ not less than three per
rent interest pcr annum. payable on
daily balances, and al interest 80 re-
eeited shall De credited ta the com
mon school fund of tho territory.
Section 6. Before any such money
shall b, so deposited. The treasurer
OF the territory shall require the bank
OF banks. with which IL Is proposed to
deposit said funds TO execute aud gltr
90 said treasurer u good and shttif
cient bond. aud " said bond 50 pro-
posed be q surety company bond The
liability thereon shall be not loss than
the fuli amOunt Of money deposited
With nid bank. aud IL the Same be- q
personal bonn tho liability thereon
shall exceed hy ~ least twenty-five
per cNntum, the amount 80 deposited
aud the suffirlencN of the snfne ahalt
be determined by a certified state
ment from the county treasurer Of
the county wherein sueh sccufitieh
may reside. setting forlh The nssesscf
valuation OF the property and effects
Of tn. slgncrs Of said bona
Section Z II shall be unlawful fot
any territorial. or other official, to
usu any portion OF the funds derived
from the sale OF such bonds, FOR anl
purpose, other than as herein apcci
fred, aud any such official who shall
divert on use any portion ~ such
MONEY, for any other purpose, shali
Do forthwith removed from office
and he shall be liable. ia an action I
be brought by the attorney genera
Of the territory OF New Mexico. 81
his official bond. for auy money -
used.
Section 4 II shall bo tho duty OF
the treasurer of the territory of New
Mexico. To keep a duly record OF al
moneys In the fund hereby created
and ~ all payments made thptefrom
showing "a such record tho daily bal"
itlitt W SUN Ahhus AHH MBfif lbi
same is deposited or kept, ana ans
citizen ~ the territory Of New Mcx
leo. shall, upon demand. have the
right 10 inspect such record.
section q Al money realized from
tn. sale OF the bonds herein authoriz
ed. shall be a special fund, available
and to be used only for the purposes
hereinafter specified, and IN the mar
ner hereinafter provided
Section 10 The governor. secre
tury Of the territory and the sapctin
irndtnt OF public instruction shal
constitute n board Of trustees FOR tn,
management ana disbursement of
such fund. ana no portion uf such
fund shail BE- paid out except upon u
written order 20 the auditor of TIA,
said officials. Tho SUPERINTENDENT OF
public Instruction shall be the seoru.
tary OF such board and ali applica
tions FOR resistance from said fund
a. hereinafter provided, shall bo made
TO such superintendent OF public In
struction
Section II. Any school district al
ready formed. or which may horeaft
or be formed no portion OF which
is Included IN tho limits of an incor.
pnratod town or citN. wherein there D.
not sufficient tXhbie property to en-
able snch school district 70 build AMI
construct o suitable school house, oi
suitable school houses. for the con
N"nicncu and suitable education of th'
children therein of school age. MAJ
makc application 70 the nnperintcnd
of public instruction of the terri
tory ~ Now McNicu. ou a form &C.
he prepared by the attorney general
the territory, FOR sufficient funds
out Of the fund herein created. to en-
able such district to build and CON
Htruct such school house or school
such application shall de
the boundaries OF such ais
trirt give tho amount OF taXahlc prop
therein. its inhubtcGn, -~ ulrcndy
Issued ana outstanding the numho'
of ui,illr"u ut school y therein who.
he accommodated hy such school
building, and an other facts which
may aid IA. hoard provided FOR ia scr
tiou 10 la Determining the advisable
it, ot constructing such school huild
uf buildings said application
must. before presentation tu the su-
prrinttudtnt ~ public instruction. rc-
eeltr tho o"uhurHrmrnf at tho county
suut tihtondrnt of srhuolH which said
Endorsement must Hnptur ~ said au
pltDttiun Provided however. should
The county school superintendent ar
bitrarllv refuse to approve any such
application ihr directors mas present
~. amr Co thD superintendent of
public Instruction. % thc board oi
may after % hearing. 10 it
finds ilr inctr warrant. approve said
applilauun without th" endorsement
&c th' county superintendent Of
schools
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