The Clovis news., 1920-10-28
CHAPTER 172

AN ACT PROVIDING FOR 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 i7,l9l9.
Be II 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-lmmediatcly after the
issuing of 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 de-
nomination of one thousand dollars
each, or such smaller denominati ms
not less than one hundred dollars
each as the Governor shall determine,
20 be numbered consecutively and to
bear date January LIST, 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 Statea Mt 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
TO, at the option of the holder. The
principal Of said bonds shall be pay
able to bearer thirty years after
their date; and il 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 interest
of all the said bonds which may be
issued and sold as provided in this act.
It shall be provided in each bond
20 issued that II II shall be called
for redemption before maturity no.
tice thereof in writing shall be given
by the State Treasurer to the bank
designated in the bond as the al
tentative place of payment, at least
thirty days before the date fixed for
redemption, and In addition thereto
notice thereof shall be published by
the State Treasurer in a newspaper
published in Santa Fe, New Mexico,
and also in newspaper published in
the City of New York, State Of New
York. once each week for four sue
cessive weeks newt prior TO the date
fixed for redemption and II any bond
20 called for redemption be not then
presented for payment, It shall cease
to bear interest from and after the
date so fixed for redemption.
Section 3-Interest coupons pay
able TO bearer shall be attached Ia
each Of said bonds and shall be
consecutively numbered specifying
the number Of the bond to which
they are attached and shall bear the
Autographed or engraved fac-simile
of the signature Of the State Treasur-
er in office at the time when such
bonds are prepared and pCinted, and
such coupons shall be valid obliga-
tions 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, countorsigned and at