Deming graphic. (Deming, N.M.) 1903-1948, 1920-10-26
CHAPTER 1T2

LARS TO PROVIDE FUNDS FOR
THE CONSTRUCTION AND IN
PRONBMENT OF STATE HIGH.
WAYS, PROVIDING A TAX LEVY
FOR THE PAYMENT OF INTER
EST AND PRINCIPAL OF SAID
BONDS AND FOR OTHER PUR-
POSES.
SENATE Committee Substitute for Sen
ate Bill No. 80 tas amended)
Approved March II, 1919.
BE il enacted 10y the Legislature of
the State of New Mexico:
Section For the purpose Of pro-
Viding funds for the construction and
improvement Sf State Highways and
for meeting allotmcnts of Federal
~tunds made 10 the state under the Act
Of Congress known ms the Federal
Road Aid Act an indebtedness of the
state of New Mexico is hereby au-
lh0rized In the sum Of two million dol.
lars.
y. Section Immediately after the is
suing Of the proclamation of the Gov
ernor as provided In Section 10 of this
act. the state Treasurer shall prepare
negotiable coupon bonds of the State
Of New Mexico in the denomination Of
one thousand dollars each, or such
smaller denominations not less than
one hundred dollars each as the Gov
ernor shall determine, to be numbered
consecuiively and to bear date Janu-
AIRY LIST, 1927 said bonds shall bear in
tcreSt ut the rate of four per centum
per annum, payable semi-nnnually, on
the first day of July and the first day
of January each year. and both prin-
cipal and interest shall be payable in
gold coin or its equivalent in lawful
money of the United States nc the or
flee of the State Treasurer i'm the City
of Sante Fe, New Mexico, or at some
bank i'm 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 thereto. at the
option of the holder. The principal or
said bonds shall he payable to bearer
thirty years after their date; and IL
shall be provided in said bonds that
they may be redeemed at the option of
the state at any time after ten years
from their date; said bonds shall be
signed by he 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
tn be kept by him for that purpose In
which shall be entered the date, mum
her. amount and series of each bona
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
~pr0mpt payment at maturity Of the
principal and interest of all the said
bonds which may be issued ana sold ms
provided in this act.
II shall be- provided in each bond so
issued that if 1t shall be called for re-
p dcmption before maturity notice there
IT In writing shall be given by the
State Treasurer TO the bank designat-
cd in the bonds as the alternative place
for payment, at least thirty days be-
fore the date fixed for redemption, and
in addition thereto notice thereof shall
be published by the State Treasurer
in n newspaper published in Santa Fe,
New Mexico. and also in a newspaper
published in the City Of New York,
State of New York. once each week
for four successive weeks next prior 10
the date fixed for redemption and If
any bond 50 called for redemption be
not then presented for payment, IL
shall cease to bear interest from and
after the date 50 fixed for redemption.
Section 3-lntereSt coupons payable
10 bearer shall be attached to each Oh
said bonds ana shall he cOnsccutiyely
numbered specifying the number Of the
bond to which they are attached ana
shall bear the Autographed or engraved
facsimile Of the signature OF the state
Treasurer in office at the time when
such bonds are prepared and printed,
and such coupons shall he valid obli-
cations Of the state, Notwithstanding
that the person whose signature ap-
pears thereon may have ceased to be
such State Treasurer when such bonds
are issued and sold; and said bonds
signed. coumtcrsigned and attested us
IN this act provided shall when duly
issued and sold be valid obligations or
the State, although the issue and sale
thereof be made after the persons so
signing, countersigning and attcsting
the same shall have ceased 10 be the
incumbents of their respective offices.
The bonds authorized by this act shall
be sold 10y the State Treasure at such
times and in such amounts as the Gov
ernor shall direct 20 the highest bidder
for cash. The Governor shall issue such
directions 20 the State Treasurer upon
being requested so TO do 10y resolu-
tions of the State Highway Commls-
sion specifying the amount OF money
which. in the Judgment Of said Com
mission. shall he required from time 20
time for the purposes for when such
Indebtedness Is authorized. Before Of
fcring any OF such bonds for sale the
state Treasurer shall detach therefrOm
any coupons which may have matured
or will mature before the date fixed
for such sale lie shall publish mo-
tice of the time and place Of sale in
one newspaper published in Santa Fe.
aNew Mexico. In one newspaper pub
iished at Albuquerque. New Mexico,
and IN one newspaper published In
each Of the cities OF New York, State