The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-08-04

The story Of New MoNico's effort to
float q good roads bond issue of $500
600, was told In detail by Governor
Mcdonald at the highways convention
at the Commercial club yesterday.
The governors statement follows:
At the first session OF the state
Legislature a INV was passed providing
for $4,000 issue Of highway bonds
to be voted on nj the 1919 election.
Tho Law limited the interest on
these bonds to Z per g per mum
and required that they must sell at
par. I have heard II intimated that
certain Gentlemen who did not really
favor these bonds put in the 4 per
cent limit 10 prevent their sale.
~ tho election the people voted IN
favor Of the beass ~ d vote Of 2G,333
for TO 1t.2Ss against. These bonds
were TO be dated and Issued July j.
1913. The interest and principal are
Pc be paid out Of the proceeds Of tho
one mill levy nov provided by law.
and must be expended b ytho state
highway commission in the various
counties-cach county getting It's
| proportionate share based upon the
taxes paid by Il under the one mill
/ lNNN AfI Nllf IfffiilliAA N'AtEs AhA
would not add one dollar To our state
or county taxes.
when the time came for selling
these bonds an discovered what they
already know. hat they could not be
sold for par. The only way that
seemed possible ~ that time 10 sell
any of them was t. the state itself hy
Investing the permanent school funds
being proceeds 81 certain land trans
actions In these bonds. ! favored thii
plan but the state treasurer opposed
II for tho stated reason that uhc hond'
bore only 4 per cent interest. Othcl
state money only draws 3 per cent.
bclieovd. and still believe. that suct
an investment would have been ad'
v%antagcous. The state is Interested 10
both roads and schools. The school
were provided for so that the loss ~
interest 10 them would have bcci
more than offset by tho benefits de
rived from better roads.
These bonds were advertised sew.
crnl times but OF course failed to sci
at par. The plan finally adopted ano
which was suggested after the failure
To sell last year has succeeded in get.
ting the 100000 for New Mexico
roads.
This plan roquircs that the countic.
raise 2 per cent OF tho share OF fund.
that each was to receive and an nd.
vance from the banks. | think, pro
Vidcd tho money De Deposited IN th'
banks without interest until used 60.
the roads boy the state Highway com
mission.
You are probably GONE of you
somewhat familiar viii what has re
Gently occurred in relation so thi.
bond sale. The fact is, however. tina
very few understand just what tn
situation has been and what has oc
CURED. Therefore. I think u perfect
~ proper and reasonable that YOU a
good roads representatives have al
the facts so that you may judge TO
yourselves OF the difficulties tina
have been met aud the struggle tina
has been necessary to make this hal
million dollars available for our road
within "a reasonable time.
The work was begun in June and
was hoped hat the ale might b
completed early In July, but man
Of tho counties seemed not 90 under
stand the importance of time. som
Of them attempted to have the roH
boards put up their share instead 81
the county commissioners. Tn
would have made no difference TIA
amy one Is able 10 perceive In results
Some one for some reason decided {
take advantage of the possible q
probably lack OF authority of tn
road boards, In n county the clor
refused to sign the warrant and {
another an injunction suit was DE
gun,
These proceedings were simply 20
%litical ~maneuvora "a cause delay 10
the purpose II possible of deioatln
the sale Tho counties were santa +
and San Miguel The men who az
penred as instruments FOR delay, wef