New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1917-06-01

Sec. 20. Sections 381o to $3.50, both numbers inclusive.
Of the 1915 Codificaton of the Laws of New Mexico and all
acts and parts of acts in conflict with this act are hereby
repealed.
Sec. "a. That it is necessary for the preservation of
the public peace, health and safety of the inhabitants of the
State of New Mexico that the provisions of this act shall be-
come effective at the earliest possible time, and therefore an
emergency is hereby declared to exist, and this act shall take
effect and be in full force and effect from and after its
passage and approval.
CHAPTER &.
AN ACT TO PROVIDE FOR THE PUBLIC DEFENSE.
{. S for H. B. No. I, as amended; Approved May 8, 1917.
Be it enacted by the Legislature of the State of NezU MEXICO
Section I. That there is hereby appropriated the sum
of Seven Hundred Fifty Thousand Dollars ($75o,ooooo),
or SO much thereof as may be required to be expended and
~disbursed by and under the direction of the Governor, as
provided in this act, in such manner and for such purposes,
and through such agencies, and under such regulations as
the Governor may deem necessary or proper to provide for
the increase Of domestic production of articles and materials
essential to the support of armies and of the people, during
the interruption of foreign commerce, and to provide for
the public defense.
Section I. For the purpose of providing funds to
meet said appropriation, there shall be issued certificates of
Indebtedness OF the State of New Mexico, the form of which
NiHiNdtN' oiiH NC pueSSllDCu ny lie attorney GenerdI or
the State, in the total sum of Seven Hundred Fifty Thousand
Dollars ($75oooooo). Such certificates shall be dated the
first day Of May, or the first day of November of the year
in which they are issued, shall be payable within five years
from their date, and issued in denominations as the Governor
shall prescribe. They shall bear interest at a rate not to
exceed six (6%) per cent. per annun, payable semi-annual-
ly on the first day of May and November in each year.
Both interest and principal shall be payable at such place as
the Governor shall DreSCrihe the O1ace Of na,yr1en +o he
stated in such certificates. The certificates shall be signed
by the State Auditor and State Treasurer, and the coupons
attached thereto shall have the engraved Autographed fac
smile signature Of the Treasurer thereon. The certificates
shall be sold by the State Treasurer, from time to time, in
such amounts as the Governor shall deem advisable, at the
best price o'tainable, at not less than par and accrued interest
to date OF delivery, after advertisement for a period of four
successive weeks Immediately prior to sale, in one daily
newspaper in the State of New Mexico, and in some financial
journal in the City and State of New York. The faith
credit OF the State of New Mexico, are hereby pledged
l"r the prompt payment Of the said certificates and the in
tc1cst thereon as herein provided.
At the place and time provided in the published notice
OF the sale Of such certificates, the bids shall be opened by
the State Treasurer in public and the Governor and the
State Treasurer shall award the contract for the purchase
OF said certificates, or any part thereof. to the responsible
or bidders offering the highest price for said certi-
licatcs. The Governor and State Treasurer shall have the
to reject any and all bids and may refuse to make an
until security satisfactory to them shall be offered in
with terms of the bid.
The proceeds Of the sale of any Of said certificates so
shall be paid to the State Treasurer, to be covered into
a fund known as the State War Fund, to be expended and
1isbursed as provided in this act.
Sec. 3. The State Auditor shall create a fund to be
known as the War Certificate Fund, to provide for the pay
Of the interest and principal on these certificates, author
.zed by this Act; and it shall be the further duty Of the State
Auditor to, annually, beginning with the tax levy Of 1917,
a tax on all taxable property in the State of New Mex
co, not to exceed three-fourtf of one mill on the dollar of
.aluation to produce the amount required to pay the interest
N such certificates and the principal thereof at maturity,
Tor each and every year prior TO the maturity OF
certificates, which said taxes, when collected,
hall be credited to said fund, and the said
auditor, when certifying to the boards of county corpmis-
ioners OF the respective counties, the levy for state taxes,
hall include therein the levy hereby authorized. In case
efficient money has not been derived from the taxes levied
hereunder to provide sufficient funds to pay such principal
II interest at the time the same becomes due, the Auditor
hall draw his warrant for the deficiency upon the State
Treasurer, and the Treasurer shall pay the same out of any
unds in the treasury not otherwise appropriated, which
- f-1 - f-J. zizn l. a.-1--z .I-- Al. AzNzt -.zI !