Albuquerque morning journal., 1910-11-30
ARTICLE TX.
state. County and Municipal In
dehtcdness.

ut'NttuDt'~--
Section l. The state hereby as
sumes The debts and liabilities Of the
territory oil New Mexico. ana the
debts OF the counties thereof. which
were valid and subsisting on june
twentieth nineteen hundred and ten,
and pledges It's faith and credit for
the payment thereof, The legislature
shall. at It's first session provide for
the payment or refunding thereof 10y
the issue and sale of bonds. or other
wise.
Sec .. No county shall be required
fo pay any portion OF the debt Of any
other county SO assumed by the state.
and the bonds of Grant and santa
re counties which were validated.
approved and confirmed by act of
congress Of January sixteenth. eigh-
teen hundred and ninety-seven, shall
he paid as hereinafter provided.
See 3. The bonds authorized by
law To provide Tor the payment of
such Indebtedness shall be issued in
three series. as follows:
Series A. To provide for the pay
ment of such debts and liabilities of
the territory OF New Mexico.
Series y. To provide for the pay
mcnt of such debts OF said counties
Series G.. To provide for the pay
ANN'AA ga NNAN UNAAfAFf fAtAhA 49, NfNt -tHfNA
est thereon. 81 Grant and santa Fe
counties. which were validated, APP
proved and confirmed by act of con-
gross January sixteenth, eighteen
hundred and nincty-seveu.
Soc. Z The proper officers of the
state shall as soon as practicable.
select and locate the one million
acres Of land granted 10 the state by
| congress for the payment Of the said
bonds of Grant ard santa Fe coun-
/ tics. and sell the same or sufficient
/ thereof TO pay the interest and prin-
/ cipal OF the bonds OF Series G., Is
sued as provided in section three
/ hereof The proceeds OF rentals and
sales OF said land shall be kept in a
| separate fund and applied 70 the pay
/ ment of the interest and principal OF
I the bonds Of Series &, Whenever
/ there is not sufficient money IN said
I fund 70 meet the interest and sinking
| fund requirements therefore. the de-
/ nciency shah De paid out If any
/ funds OF the state not otherwise ap-
proprmted and shall be repaid 10 the
1 state or 20 the several counties which
may have furnished any portion
! thereof under "a general levy, out of
the proceeds subsequently received OF
rentals and sales of said lands.
ANY money received by the state
rentals and sales ef said lands in ex-
| cess OF the amounts required for the
purposes above mentioned shall be
! paid into the current and permanent
| school funds ol the state respectively
see. 3. The legislature shall never
enact any law releasing any county
or any 81 the taxable property
therein, from It's obligation e pay 10
the state any moneys expended BY
the state by reason of It's assumption
or payment of The debt Of such
county
See. 8. No law shall ever be passed
hy tho legislature validating or legal
iziuE. directly or indirectly. the
militia warrants alleged 20 be ont
standing against the territory Of New
Mexico. 90 any portion thereof; and
no such warrant shall be prima facie
or conclusive evidence OF the validity
90 fAc debt purporting 10 be evil
ue'cea thereby or hN auy other mill
tia Warrant This provision shall not
lr construed as aUthorizing any suit
aslin nst thc state
Sec o. Tho state may borrow
money nos exceeding the sum of tWo
hundred thousand dollars in the az
gregute Go meet casual deficits or
failure in revenue. or for necessary
eApenses- The state may also con-
and to provide for the public defense.
Sec. 4. No debt. other than those
ispeliued in the preceding section
Ishan De- contracted by or on. behalf OF
lthis state. unless authorized hy Law
Ifur some specified work or object
Iwhich law shall provide for an an
luuai tax levy sufficient 10 pay the in-
Iterest ara to provide q sinkinE fund
TO rar thr principal of such deht with.
ln ufty ycars uom the time q the con