The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-10-04

NNN1 pySS PPtnr y "a Er,vvnp
MILLION DOLLARS TO PROVIDE
ftAps FOR the CONSTRUCTION
AAD IMPROVEMENT Or STATE
FOX TnE PAYMENT or INTEREST
AND PRINCIPAL OF SAID BONDS
AND FOR OTHER PURPOSEs.
senate Committee Substitute for Senate
Bin No. 50 "a. ameRdedli
Approved March II, 1913.
be BE- enacted by tho Legislature Of the
state Of New Mexicoi
Section For the purpose Of providing
fuuds for the construction and improve
ment Of State Highways aud for meeting
%allotments Of Federal funds made TO the
state under the Act Of Congress known as
the Federal Road Aid Act, m Indebted.
mess Of the State Of New Mexico Is hereby
authorized ia the sum Of Two million dollars.
Sestion 2--lmmediately after the issuing
provided IN section 10 Of this act. tho
state Treasurer shall prepare negotiable
COUPON bonds Of the State Of New Mexico
Ia tho denomination OF one thousand dollars
each. or such smaller denominations not
less Than ono hundred dollars each A. the
Guvenor shall determine, 10 be numbered
consecutisely aud TO bear ddto January
iN, 1921: suid bonds shall bear interest At
payable senii.annually. on the first day Of
July and the first day Of January zach
year, aud both principal aud Interest shall
10 payable In gold coin or is equi'alent
tbs office Of the State Treasurer ia the
city Of Sqnta fe. New Mexico, or at some
haIk In Tue City Of New York, State Of
New York, or such other place a. may be
designated In said bonds and In the con.
pons attached thereto, at the option VI the
holder. The principal Of said bonds shall
be payable TO bearer thirty years after
their date aud Il shall be provided In said
bonds that hey may be redeemed NJ the
option o. the state at any time after ten
years from their date; said bonds shall be
signed by the Governor, attested by the
Secretary OF state. under the seal Of tho
state, and countcrsigned by the State
sisie Auditor in . book to be kept BY him
for that Purpose In which shall be entered
the date, number. amount and series Of
each bond sold aad the amount for which
the same shall have been sold. The full
faith aud credit Of the state Of Now Mexico
IL hereby pledaed for, the prompt payment
Al maturity Of the. p%rineipal aud interest
uf all the said bonds which may be issned
aud sold as provided in this act.
lit -shnh be- provided In each bond 10
issned that II Il shall be called for redemp.
AT shall be given by the state Treasurer
10 the bank designated In the bonds A. the
alternative place for payment. At least
thirty days before the date fixed for re-
deinption. and In addition thereto notice
thereof shall be published by the state
Treasur.r IN a Newspaper published In
santa fe, New Mexico, and also In n news.
paper published in this City Of New York,
-" EFN 80 NNNN - WV W ANAA
successive weeks next prior TO the date
fixed for redemption and " any bond 80
called for redemption be not then presented
for payment, Il shall cease to bear interest
from and after the date 10 fixed for re-
demption.
Section 9-Iutersst coupons payable tc
bonds and shall be conaeouuyely numbered
lpecifyinK the number OF, the bond 10 which
they are attached aud shall hsar the 1.-the,
grapned or engraved facsimile OF the zig
nature Of the State Treasurer In Office al
the tiine whom such bonds arc prepared and
printed. aud such coupons shall be valid
obligation Of the state Notwithstanding
that the person whose signature appears
thereon may have ceased 20 be such Stat
frensurer whom such bonds are issued Anf
lsoia aud said bonds signed, counterHlgnes
and attested as In this set proided ihahl
when duly issuud and sold he valid obliga
lions Of the State although the issue aud
Eule thereof be made after tho persons ~
'iEning, eountsrsigning and attekting IN,
salne shall have ceased 10 be the intum
hcnis u iheir respective offices. IN,
bends authorized BY this act shall BID aoit
r by tue state Treasurer at such times ahd Il
.ueh aaognta ss the Governor shall diree
> 70 the highest bidder for cash. The Cover
nor shall issue such directions TO the Stat,
Treasnrer upon being requested 10 to 4,
BY re,olutions o. the state Highway Com
mission specifying the amount Of none,
which In the judgment OF said Commisaloi
lAhall be required from time TO time for thI
purpose for which such indebtedneks b
, Authofisea' hetofe ottefing- any OF sue
> bonds Tor sale the State Treasurer shal
datAeh therefrom any coupons which ma,
. have inatured or viii mature before tkI
date fixed for such sale. He shall publisi
B a nUtice Of tho time and place Of sale In on
{ newspaper published In SantA Fe. New
( Mexico. in one newspaper published at Al
buquerque, New Mexico, and one newspape
PSsIl'hsS IN zach . Of y l;s cities q Nov
state % Illinois, once each week for fou
successive weeks prior to the date fxe'
for such sale; such date being not less thai
thirty days after the first advertisement Il
each Of ksid newspapers; such notice shRl
speeify the amount, denomination, maturit
and description Of the bonds 70 DO sol
bids will DO received for the purchase Q
. said bonds. Al TIE place and time names
in said notice the said State Treasurer an
. the Governor or in his absence the presl
v dent or a member Of the State HighwaI
Il Commission shall open all bids IN pahll
aud shah award the bonds, or any par
o thereof to the bidder or bidders o%fierlnl
3. the highest price therefor. They may re
( Ieet any and all bids and may refuse /
l make any award unless satisfactory Aecurit
e shall be furnished by a bidder for cQmpll
q auce with the terms Of the bid. Said bond
1 shall be sold In consecutive numerical orde
y and no bid shall be accepted which IL les
n than the par value Of such bonds plus u
interest which shall have accrued ihrreol
betvesn the date last preceding interuk
maturity date and the data Of the sale. Til
proceeds placed 20 the credit Of the Stat
. 81 tho Hnlo OF such bonds Ahnil he place
n 70 thu credit Of the State Road Fund, W
cept such amount as may have been PAL
: ns accrued interest on such bonds whicI
5 shah be- credited 10 a special interest fun
Tor payment ct Interest on such bonds. Tn
moneys placed IN she State Road Fund iror
The proceeds Of such bonds shall be useI
exelusiyely for the purposes for which III
paid indebtedness IA authorized, The "a
peBscf incurred BY the Treasurer in IN
preparation Of tho said bonds aud In I'd
. v~eriising the sale thereof shall be paid 90
+ ot funds, available In tho State Road Fund
3 The proceeds realized from the sale Of sail
4 bonds shall be paid out BY the State Treas
4 urer under the authority and direction 0
. tho State Highway Commissioh Of The stat
81 New Mexico, and the State HiEhuaI
; Commission ia hereby authorised and al
rected 10 expand he said proceeds frou
ths sale Of said bonds N the different coun
ties Of the state Of New Mexico 10 the con
s%tfuetloa o. roads IN said eouutiest thI
amounts 10 he expended IN the reBpectiv
counties IN the State 10 be IN proportioi
. 10 the amount OF ahaeased valuAtion IL oTel
o. sid couaues 81 Az che property thsrslH
according TO- the u" rolls Of the reapectlvi
counties, aud the amount 20 10 be expended