The Tucumcari news and Tucumcari times., 1910-12-10

trict or board ~ education. il liable. but
the same shalt bc paid out of the pro.
rrcd> of n tax levy a. other liabilities
of counties, cities. incorporated towns or
villages. school uistrIrts or boards of
education, and when 81 collected shall
bee paid by the county treasurer 10 the
Judgment creditor.
ARTICLE TX
State, Coun,y and Municipal Inuebted.
ness.
Section 1.-The state hereby assumes
the debts aud liabilities of the territory
of New Mexico, and the debts of the
counties thereof which were valid atd
subsistug on June twentieth, nintrru
hundred and ten, and plcuges of faith
aud credit for III" payment thereof. The
Legislature shall. AZ us first session pro.
Nid" for the payment or refundlng there.
OF by the issue aud sale of bonds, or
otherwise.
See. Mo county shall he required
10 pay any portion of the debt of any
other county 80 assumed by the state
aud the bond, of Grant aud Santa Fr
counties which were validated. proved
aud confirmed 10y act of congress of
January sixteenth. eighteen hundred aud
niuctys.cycu shall be- paid as hereinafter
provided
See g. The bonds authorized by law
to provide for the payment of such ia.
dchtrdncss shall Ice issued ia three ser.
les a. follows:
Series \. 70 provide for the payment
of such debt, aud liabilitic, ct the ter.
ritory of New Mexico.
Series u. TO provide for the payment
of such debts Of said counties.
Series {. To provide for the payment
of the bonds, aud accrued interest there.
on, the Grant and Santa Fc counties.
which were validated, approved aud con.
iirmcd by act of congress January ,iN.
tccnth, eighteen hundred aud nincty.sev.
en-.
See. THE proper officers of the
state shall, ~ soon aS practicable, So.
lrct and ,ocatc the one million acres of
land granted 10 the state bv congress
for the payGtcut oi SAID bonds of Grant
aud santa Fc Counties and sell the
same or sufficient thereof To pay the in.
tcrcst and principles of the bond, of
series Z, ISSUED aS provided in section
ihrr" hereof The proceeds of rentals
and sales of said land shall be- kent
~ separate iund and appned TO the
payment oi the interest and prime pal
| 81 series {. Whenever there il not suf
hrleut money N sand fund to meet the
interest aud sinking .und requirements
therefore, the deficiency shall be paid
ont of any funds of the state or 10 the
several counties which NAV have fur.
nishcd any portion thereof under
u general levy, out uf the proceeds sub
Scqucu'ly received of rcntns and sales
of said lands.
Any money received by the state for
rentals and sales of said lands IN eN.
cess ot the amounts required for the
purposes above mentioned shall be paid
INTO tn" current ana permanent school
funds OF the state respectively.
See. o. The legislature shall never
enact any law releasing any county. or
any Of ia" taxable property therein
from its obligation 10 pay 10 the state
any moneys expended by the state by
reason ol ~ assumption or payment of
th" debt of such county
Sec. G.-No law shall ever be passed
10y the legislature validating or levnl.
2lng directly or indirectly, the militia
warrants alleged TO bc outstanding
against the territory of New Mexico, ar
any portion thereof aud no such war.
rant shall be prima fnric or conclusive
porting Ia hc evidenced thereby. This
provision shall not be- construed as an.
ihor1lng any suit against the state
Sec. The state may borrow money
not exceeding the sum of two hundred
thousand dollars in the aggregate 80
ct casual deficits or failure in rsvenus
or Tor necessary expense. The state may
a $50 contract debit TO suppress insurrrc,
llon and to provide for the public dr.
fcnsc.
So, No debt, othor than those
specified In the preceding sect ion shall
he contracted by ar on behalf of this
state, unless authorized by law for some
specific work or object: which law
snail provide for an annual tax levy suf.
hrcnt 10 prov idc u sinking fund tn pay
the principal of such debt within fifty
years from the time Of the contracting
thereof. No such law shall take effect
uhlll II shall have been submitted TO tho
Hlhlihed electors of the state and votes
rhs' thereon M n general elect ion; such
ihW shhll Ice published In full In AT least
III on" newspaper In each county Of the
S'hie' II one he published therein once
'hrh week, for four successive weeks
h'Ni preceding such elctiOn. No debt
NhhIl he 50 created IL the total indebtcn'
ness ~ the state, exclusive Of the debts
"l the territory aud the several counties
lh'l'ui assumed hy the state, wOrld
'h'r"hy he made 10 exceed one per cent
um oi the assessed valuation Of all the
property subject 10 taxation In the state
~ SHOWN by the preceding general as
scssment
see u A IA nnna,, .u...a,al kv tha