Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1912-05-14
BOND BILL
FINDS FAVOR
1t Is Approved by House
in Committee of the
Whole
CREDIT TO SPEAKER BACA
The Final Passage Will Relieve
the Tax Payers of an Oner.
GUS Burden.

udHho W lhC pSl SiobCHl CILOi VI
Speaker R. l.. Baca, the House Ways
and Means committee, has reported
out House Bill No. Al, the bond bill in
which Santa Fe county especially
has vital interest, and the final pas
sage of which, means a great relief
to taxpayers and an impetus to every
and especially in Santa Fe county
Full credit must be given the Speaker
by the voters of Santa Fe county for
his activity On behalf of the measure,
and if he accomplished nothing else
at this session, he would merit the en-
conium of all tax payers irrespective
of party.
A caucus of Republicans was held
last evening for general discussion
and it is apparent that the party is
getting together for the home stretch
Of the legislative session.
opeahcl IL. l.. baCd pl6SluEu. AllSl
approval of the journal, motion by
Chaves to suspend the rules, to take
up Senate Substitute for Senate Bill
No. 43, the corporation commission
bill, for final passage, was defeated by
the close vote of q to 20.
The Bond Bill.
Chairman Burg Of the Ways and
Means Committee reported favorably
House Bill No. Al. the Bond Bill The
report was adopted on motion of Cat
ron, and on motion of Chaves, the
House went into Committee of the
Whole. Burg was called to the chair
and Baca and Catron took charge of
the floor in behalf of the bill. A num-
her of amendments by the committee
which changed the measure in no i'm
portant particular, were read. The
bill met the approval of the Commit
tee of the Whole without opposition.
The Board of Loan Commissioners
who shall ascertain and determine the
debts and liabilities of the state and
counties which were valid and subsist.
ing on June 20, shall consist of the
attorney general the state treasurer
and the state auditor, who shall meet
ten days after the act takes effect at
the city of Santa Fe. Within thirty
days thereafter, the state auditor
shall certify to the board all of the
debts and liabilities of state and ac-
crued interest thereon. A similar
duty is imposed on the boards of
county commissioners as to county
liabilities. All persons having any
claim or demand against any of the
counties in respect to debts valid and
subsiSting on June 20, 1910, may sub
init these to the board, which shall
pass on such claims. Appeal will lie
to the district court and from it tc
the State Supreme court. The board
is to issue negotiable coupon bonds in
denominations from S100 to $1,000, al
a rate of interest not to exceed five
per cent, the bonds to be due in AZ
years, but redeemable in 20 years.
There are to be three series o
bonds. A to refund state debt; B t.
refund county debts, except the rail
road aid bonds of Grant and Santa F.
county; G to refund Sant
Te and Grant counties railroad ali
bonds. The act prescribes the form
for bonds and coupons. Bonds shal
be sold for not less than par and afte
advertisement for four weeks tn
bonds to be awarded to the highes
bidder. A preference is given to pei
sons owning or holding any debt o
liability of the state or counties. Pei
manent tax levies are provided for tn
payment of the interest and EVENT.
ally of the payment of bonds OF tn
Series A and B. For the payment G
Series C, the Santa Fe and Gran
counties railroad bonded indebtedness
the proper officers are directed to 81
lect and locate the one million acres {
land granted by Congress for the pu
pose, and sell the lands so granted
pay the interest and principal of sal
bonds. If at any time there is NJ
sufficient money in the fund thus cr
ated to meet interest and sinking fun
requirements the deficiency shall b
paid out of any funds of the state nj
otherwise appropriated, to be repai
from proceeds subsequently receive
from the rentals and sales of sal
lands. Any excess from rentals an
sales shall be paid into the current an
permanent school funds of the stat
Untii the rentals and sales produt
sufficient revenue to meet the obllg
tions of the act, tax is to be levie
to be repaid each county, when II
rroct eos from rentals and sales pc
nit it. Bonds issued under this a
shall be exempt from taxation III
act follows the provisions of the co
stiti ton and enabling act very clos
ly. The word warrant" was stric
en- carefully out of every paragrap
by amendment, to lay once more Il
ghost of the so-called militia" wa
rants, that still seems to haunt susl
Litus natures.
An amendment by Chrisman
strike out portion of Section 20, pl
viding for the issue of bonds fro
time to time for the refunding of L
bilities found valid by the Loan Co
{, mission was rejected, only Chrism
voting for the amendment.