Belen news. (Belen, N.M.) 1912-1947, 1920-10-14
CHApTER u

CHAPTER =
ACT PROVIDING FOR THE
issuance OF BONDS BY THE
STATE OF NEW MENICO m
THE SUM OF TWO MILLION
DOLLARS TO PROVIDE FUNDS
FOR THE CONSTRU CTION AND
IMPROVEMENT OF STATT
HIGHWAYS, PROVIDING A TAN
T.EVY FOR THE PAYMENT Or
INTEREST AND PRINCIPAL OF
SAID BONDS AND FOR OTHER
PURPOSES.
Senate Committee Substitute for
Senate Bill No. So Gas amendeGl !.
Approved March II, 1919.
&c it enacted by the legislature O.
he State of New Mexico:
Section 1--Ieor the purpose Of pro-
iding funds for the construction and.
Improvement of State Highways and
br meeting allotments 81 Federal
hnds made to the state under the Act
# Congress known as the Federal
Road Aid Act" AN Indebtedness of the
State OF New Mexico is hereby author.
jzed in the sum OF two ' o. .oiIar..
Section 2-ImmediateiY afier the
issuing OF the proclaim non 1T ghe
Governor as provided u, 80, tiua 10
II this act the State Treasurer shall
he State of New Mexico in the de-
domination of one thousand dollars
each. or such smaller denominations
hot less than one hundred dollars each
as the Governor shall determine to
be numbered conSecuthely and to
bear date January lst, 1921: said
bonds shall bear interest at the rate
9f four per centum per annum, pay
able semi-annually, on the first day
of July and the first day of January
each year, and both principal and in
terest shall be payable in gold coin
or its equivalent in lawful money of
the United States at the office of the
State Treasurer III Che City Of Santa
re 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
G,Jib bons attached thereto, at the
option of the holder. The principal
of said bonds shall be payable to
bearer thirty years after their date;
mud It shall be provided in said bonds
that they T~~eaN be redeemed at the
option of the state IL any time after
! ten years from their date: said '7>tt'llds
shall be signed by the Governor. at
tested by the Secretary OF State, under
the seal Of the state, and counter
signed by the State Treasurer, and
shall be registered by the State
Auditor in a book to be Kept by him
fot That purposs in which shall be
entered the date, number, amount and
series of each bond sold and the
amount for which the same shan have
bcen sold. The full faith and credit
OF the State Of New Mexico is hereby
pledged for the prompt payments te-
aitltulity OF the principal ana interest
of all the said bonds which MAY bel
issued and sold rs provided in this
act
1t shall he provided in each bond
so issued that if it shall be called
for redemption before maturity notice
thereof in writing shah be given BY
the State Treasurer to the bank des-
isnated in the bonds as the alterna-
tive place for payment, at least thirty
days before the date fixed for re1cmp-
ton, and in addition thereto notice
thereof Shall be published by the state
Treasurer in a newspaper published
III Santa lEe, N&~- Me.ie6, end also
IN newspaper published in the City
Of New York, State Of New York, once
Zach week for four successive weeks
nest prior to the date fixed for re-
demption and If any bond so called for
. redemption be not then presented for
payment, it shall cease to bear in
terest from and after the date 50
fixed for redemption.
Section 3--IntereSt coupons payable !
Ia bearer shall be attached to each
OF said bonds and .lwll be con
secutirely numbered specifying the
humbeF of the bond 10 which they
are attached and shall bear the litho-
graphed or engraved facsimile of the
81 btfry,,, =
office at the time when such bonds
are prepared and printed, md such
coupons shall be valid obligations of
tbs state Notwithstanding that the
person whose signature appears
thereon may have ceased to be such
State Treasured when such bonds are
ISSUED and sold; and said bonds !
signed, countcrsigned and attested as
IN this act provided shall, when duly
issued and sold be valid obligations
of the Statt, although the issue and
sale thereof Bo made after the per- !
sons SO signing, colmtefagnin4 and at |
testing the same shall have ceased
TO be the inCumbentS OF their re- I
SpectlVe offices The bonds authorized
by this act shall be sold by the stare
treasurer at such times and in such
amounts as the Governor shall direct
- t4AS lllS nest DltINlGi IOt NttNil' 4tC .
Governor shall issue such directions
to the State Treasurer upon being re- |
quested so to do by resolutions of the
State Highway Commission specifying |
the amount of money which in the
judgment Of said Commission shall be
required from time to time for the
purposes for which such Indebtedness
is authorized. Before offering any of
such bonds for sale the State Treas
urer shall detach therefrom any
coupons which may have matured or
VIII mature before the date fixed for
such sale. He shall publish a notice
OF the time and place of sale in one
newspaper published in Santa Fe,
New Mexico, in one newspaper pub
llshed at Albuquerque, New Mexico,
and in one newspaper published in
each of the cities of New York, State
or New York. and Chicago State of
Illinois. cnce each week tor four sue
cessive weeks prior to the date fixed
or such sale: such date being not
less than thirty days after the first
advertisement in each OF said news
papers; such notice shall specify the
Imount, denomination, maturity and
description OF the bonds to be sold
and the place, day and hour at which
sealed bids VIII be received for the
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