The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-10-25

AN ACT PROVIDING FoIi THE IssU.
ANCE OF BONDS BY II STATE OF
MILLION DOLLARS no Provide
FUNDS FOR THE CONSTRUCTION
AND IMPROVEMENT OF STATE
MlGnwAYs, ,PROylDING a TAX LEVY.
AND PRINCIPAL OF SAID BONDS
AND FOR OTHER PURPOSES.
Senate Committee Substitute for Senate
bill No. 50 Gas amendedl.
Approved March a, 1913.
He II enacted by, the Legislature VI the
state Of New Mexico:
Section i--For the purpose Of providing
funds for the construction and improve.
ment OF state Highways and for meeting
%allotments Of Federal funds made to the
state under the Act OF Congress known as
the Federal Road Aid Act an Indebted.
ness Of the State Of New Mexico is hereby
authorized In the sum Of two million dollars.
Section 2-lmmediately after tho issuing
o. the proclamation of the Governor rs
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 ono thousand dollars
each, or such smaller denominations not
less than one hundred dollars each ns the
Governor shall determine, to be- numbered
conseeutively aud TO bear date January
LIST, 1921; said bonds shall bear interest az
the rate Of four per centuin per arnum,
payable scmiannunlly. on the first day Of
July and the first day Of January each
year, and both principal and interest shall
BIO 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 santa Re. New Mexico, or at soma
bank In the City of New York, STATE OF
New York, or such other place us may be
designated in said bonds and In the eou.
pons attached thereto, at the option OF the
holder. The principal Of said bonds shall
be payable TO bearer thirty years after
bOads that they may be redeemed at tho
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 u tho
state, and countersigued by the State
Treasurer, aud shall he registered by the
for that purpose In which shall be entered
the date, number, amount and series ~
each bond sold aud 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 tho prompt payment
at maturity Of the principal aud interest
Of all the said bonds which may be issued
aud sold aE provided In this act.
IL shall be provided In each bond 40
issued that II il shall be- scallcd for rederap.
ton before maturity notice thereof In writ.
ha shall be given by tho state Treasurer
20 the bank designated in the bonds ~ the
alternative place for payment, ut least
thirty days before the date fixed for re-
demption, and In addition thereto notice
thereof shall be published by the State
Treasurer in n newApaper published IN
Santa Fe, New Mexico, and also In a news.
! paper published Ia the City OF New York,
State OF New York. once each week for four
successive weeks noxt prior 10 the date
fixed for redemption and IL any bond 80
called for REDEEM. ion be not then presented
for payment, ID ,lall cease to bear interest
ds'aption.
section 9-Intcrest coupons payable TO
' bearer shall be attached TO each " said
bonds and shall be conseeutively numbered
specifying the number Of The bond to which
they are attached and shall bear the litho.
gfhphed or engraved facsimile OF the kig.
nature Of the state Treasurer In office nl
! the time when such bonds are prepared and
printed, aud such coupons shall be- valid
obligation Of the state notwithsianding
that the person whose siEnatura appears
thereon may have ceased tO1le such State
] sold and said bonds higned. couptrrsigned
aud nttested MS in this act proihed ihali,
| when duly issued and sold be valid oblira.
I lions OF the State although the issue and
sale thereof be made after tho persons 50
signing, countersigning and aticsting the
same shall have ceased to be the inwam'
bcnts Of their respective offices. Tie
| bonds authorized by this act shall be sold
by the State Treasurer at such times aud In
such amounts a. the Governor shall direct
I 10 the highest bidder fos cash. The Cover.
nor shall issue such directions 20 the State
Treasurer upon being requested 80 TO do
by resolutions Of the State Highway Con
milsion specifying the amount OF money
which In the iudEinent Of said Commission
shall be required from time TO time for the
purposes for which such indebtedness i,
authorized. Before Offering any Of such
londs for sale the State Treasurer shall
detach thereirom any coupons which may
have matured or will mature before The
date fixed for such sale. lie shall publish
q notice Of the time and place Of sale In one
newspaper Published in santa fe, New
Mexico, In one newspaper published at All
buquerque, sNew Mexico, and one newspaper
published In cNh Of the cities Of New
York, State Of New York, and Chicago
State Of Illinois, once each week for four
successive weeks prior To the date fixed
for such sale; such date being not less than
thirty days after the first advertisement IN
each Of said newspapers such notice shall
specify the amount, denomination, maturity
aud description Of tho bonds TO be sold
and tho place, day and hour at which sealed
bids will be received for the purchase OF
said bonds. AZ the place and time named
In said notice the said state Treasurer nnd
the Governor. or In his absence the presi'
dent or q member Of the state Highway
Commission shall open all bids In public
and shall award the bonds, or any part
thereof. to tho bidder or bidders offering
the highest price therefor. They may ~
ject any and all bids and may refuse "a
make any award unless sntisfactory security
shall be furnished by a bidder for coinpli'
nncr tflth Abe teruia Of the hid. Said houds