The Clovis news., 1920-10-14
CHAPTER 172

AN ACT PROVIDING GOR THE
ISSUANCE OF BONDS BY THE
STATE OF NEW MEXICO IN
THE SUM OF TWO MILLION
DOLLARS TO PROVIDE FUNDS
FOR THE CONSTRUCTION AND
IMPROVEMENT OF STATE
HIGHWAYS, PROVIDING A TAX
LEVY FOR THE PAYMENT OF
INTEREST AND PRINCIPAL OF
SAID BONDS AND FOR OTHER
PURPOSES.
Senate Committee Substitute for
Senate Bill No. SO, (as amended) {:
Approved March 17,19l9.
Be it enacted by the Legislature of
the State Of New Mexico;
Section l--For the purpose of pro-
viding funds for the construction and
Improvement of State Highways and
for meeting allotments of Federal
funds made to the state under the
Act of Congress known as the Fed
eral Road Aid Act" an Indebtedness
Of the State of New Mexico is hereby
authorized in the sum of two million
dollars.
Section 2-Immediately after the
issuing of the proclamation of the
Governor as provided in Section 10
II this act, the State Treasurer shall
prepare negotiable coUpon bonds of
the State of New Mexico in the de-
nomination of one thousand dollars
each, or such smaller denominations
not less than. one hundred dollars
each as the Governor shall determine,
20 be numbered consecutively and to
bear date January 1st, 1921: said
bonds shall bear interest at the rate
of four per centum per annum, pay
able semi-annually, on the first day Of
July and the first day of January
each year, both principal and interest
shall be payable in gold coin or its
equivalent in lawful money of the
United States at the office of the
State Treasurer in the City of San
"a Fe, New Mexico, or at some bank
IN the City of New York, State of
New York, or such other place as
may be designated in said bonds
and in the coupons attached there
20, at the option of the holder. The
principal of said bonds shall be pay
able to bearer thirty years after
their date; and it shall be provided
in said bonds that they may be re-
deemed at the option Of 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
the State, and countersigned by the
State Treasurer, and shall be regis.
tered by the State 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 and the amount for which
the same shall have been sold, The
full faith ,and credit Of the State
Of New Mexico is hereby pledged
for the prompt payment at ma
turity Of the principal and interes
of all the said bonds which may bC
issued and sold as provided in this act
II shall be provided in each bono
so issued that if it shall be calleC
for redemption before maturity no
tice thereof in writing shall be giveT
by the State Treasurer to the banl
designated in the bond as the al
tentative place Of payment, at leas
thirty days before the date fixed fol
redemption, and in addition thereto
notice thereof shall be published b!
the State Treasurer in a newspaper
published in Santa Fe, New Mexico
and also in a newspaper published il
the City Of New York, State Of New
York, once each week for four sue
cessive weeks newt prior TO the dat
fixed for redemption and if any bont
so called for redemption be not theI
presented for payment, it shall ceast
to bear interest from and after tht
date so fixed for redemption.
Section 3-Interest coupons pay
able to bearer shall be attached Il
each Of said bonds and shall b.
conseeutively numbered specifying
the number Of the bond TO whicl
they are attached and shall bear thi
autographed or engraved fac-simile
of the signature of the State Treasur
er in office at the time when sucl
bonds are prepared and printed, ant
such coupons shall be valid obliga
tions of the state notwithstanding
that the person whose signature ap
pears thereon may have ceased to bt
such State Treasurer when sucl
bonds are issued and sold; aud sale
bonds signed, countersigned and at