Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-05-15


proved by $4,000 majority. he bowed
to the popular will and voted for tais
measure.
The bill passed by vote Of forty
three to one, Mr.. House voting mo"
Speaker Saca then made q short
speech IN which he thanked every
member who had voted for the Blk
saving that Il meant so much to the
people OF his county and Of Grant
county.
The bilr IA an act entitled AN act IN
relation to the debts and liabilities OF
the territory OF New Mexico ana the
debts Of the counties thereof assumed
by the state of New Mexico. un9gl i's
constitution. and To provide Tor we
payment of Teiundng thereof oy tho
Issue ana sale of the bonds ol the
state Of New Mexico and 10 create
and define the powers ~ sia,c loan
commission 20 carry Che provisions OF
this act into effect"
u creates Il state loan ounla ion
to ascertain nnd determine me debts
ana liabilities of She territory aad
counties ANA pruyIde FOR The raymen
/ or reminding thereof by TIE Issue aud
sale OF bonds or otherwise tp coh-
sist of the attorney general state
Treasurer and auditor The cgmp'ia.
sion Is % meet IN Sasla ie ten day
LATER lhe gei takes effect, organize
the election of "a chairman SUD gecie
tary and meet regularly ihWralits.
/ Keeping a printed record ot 10 pro-
caodlnes. The state Treasurer la %
he treasurer 81 the board ol ioan com
Imlssi0ners and have charge ~ an
,moneys handled After the hlari or
leanzes ,he state auditor rs O. htiiY
TO the board al "debts and lieplliiias
LOT the tcrritery OF NgE Mexico as-
sumed hy the state of Ncw Mexico,
giving an the details of such aDslaa-
ltlons The boards Of c0u9is conmls-
lsloners are also directed 20 make tuil
reports oil ihc Indebtedness ~ Use var
lious counties. furnishing full financial
details, In order TO enable the board
OF loan commissioners 10 ascertain the
lamount Of the liability of The state IN
assuming these obligations. All per-
lsons having claims and demands
lagainst the territory og It's counties
lmnv submit them 10 the loan commits
sion. full hearings of All claims 10 De
held Appeal of claimants may be
taken to the district court and ihe
Estate supreme court from the findings
LOT the loan commission. The commits
lsion Is authorized 10 issue bonds of
1.-The state To provide for the liquidation
LOT All liabilities OF the territory ana
leountles valid aud snbsisting on
lJm-e 20. 1919 The bonds shall be ~
denominations OF from 81 600 % 4iOu
10 hear interest at q rate fixed by me
commission NOT 90 exceed ; per cen'
/, iannually. payable acmi.annually on
! March aud September 4. at the OF
flee of the state treasurer or az Huet
lbank IN the city or state Of New
York as may be designated by tns
Commission. The principal Of THESE
lbonds shall be made payable 10 heafe'
! forty years after their date; and Is
the direction Of the board u may n'
, lnrovlded That they be redeemed az ih'
a loptlou Of tie state al any lime ditt
Twenty years from their unie, OF lh'
! lcommission may provide mat w
= bonds be payable Ja equal annual ~
lstallments from twenty 60 forty YEAR
latter date. The bonds are go Pc OF
l0clally aleued by the state oiilfet
land he faith and credit of me atat
.lis pledged for their prompt paymen'
Tho hHl provides 81 detail ior ~
y speclfir provisions Of the bonds am
= Inc manner of their redemption ~
q torest payments and 80 North
I Those bonds shall he issued y
! series A. q aud q. A io refund
u state debts. IS 90 refund me count
ae debts and G 90 refunde the raiifoA
Ia ldeht al SANTA ~ ana Grant couniie'
qhese bonds shall ho sold loN ne
"A leas nan par after advertising ,h
" naper III santa Pc. ~ Al. sew foi
=. t.fl, and oihor piaces Npecil.nl pa ga
thll
preference n Che pufchae ni ron.
n ebnit be Gwen those holding dt'
(. aralnsi the state. nut ~ sales ~ I
81 ~ hlgAesl nItatr permaashs "