Carrizozo outlook. [volume] (Carrizozo, N.M.) 1910-1945, 1920-10-22

iMPRoV EMENT OF sfATE
TAX LEW FSR THE PAY"
MENr OF INTEREST AND
PRINCIPAL OF SAID bonds
AND FOR OTHER PURPOSES.
Senate Committee Substitute Tor
senate Bill No. So. as amenlcd):
Approved Mnrch n. 1919.
Be 10 enacted hy The Legislature OF
the State uf New a@iryicu:
Section For the purpose OF pro-
vidinr funl s for the construction and
improv va mt Of State Highways and
for m sting allottments of Federal
fluids made To the state under the Act
Of Congress known rs the Federal
Road ALL Act. " nm indebtedness of the
Stese Of New Mexico l. hereby author
izcd in the sun Of ;wo million dollars.
Section .2-lmme lately after tho
issuin, Of the proclamation Of The
Governor AS provided in Section 10 Of
this act the State Treasurer shall
prepare negotiable coupon bonds of the
State Of Now Mcxi,o in the dcn0mina-
ions of one thousand dollars each, or
smaller denominations not less than one
hundred dollars each rs the Governor
shall determine, TO be numbered con
N'HANlHNlN NIlA ~ UiNA NhAk NhNlNANf Tow
1910. said bonds shall bear interest at
at the rate Of four per centum per an
UNI. payable semi-annually, on the first
day of July. and the FIRST day Of Janu-
AIRY each year, and both the principal
and interest shall be payable In gold
CON or it3 equivalent IN lawful money
Of the United states AT the office uf the
STATE censurcr IN the city Of Santa te,
New McXico. or at some bank IN the
City Of New York. State OF New York,
or such other place a. may be desig-
mated in said bonds aud IN the coupons
attached thereto, at the option of the
holder. The principal OF said bonds
shall he payable TO beaie r thirty years
after their date: and il shall he provid-
ed In said bonds that they may he re
deemed ut the option Of the state at
any time after ten years from their date;
said bonds shall he signed by the Gov
ernor, attested by the Secretary of State
under the seal of the state and
rOuntersigned by the state Treasurer,
md shall be registered by the State
Au litor ii a book to be kept by him
for that plrpose in which shall be en-
tered the date, number. amount and
series of each bond sold and the amount
for which the same shall have been sold.
Tn, full faith and Credit Of the State
of New Mexico is hereby pledged Cor
prompt payment at the maturity OF
the pr ncipal and interest Of all said
bonds which may be issued and sold
as provided in this act
IL shall be provided In each bond so
issued that II II shall be called for
redemption before maturity notice
thereof in writing shall be given by
the State Treasurer to the bank des
ignatel IN the bonds as the alterna-
tive place for payment, at east thirty
davs before the date for redemption,
and In addition thereto notice thereof
shall 30 published by the State Trea-
surer in a newspaper published in
Santa Re, New Mexico, and also "A
Newspaper published In the city Of
New YORK, State Of New York, once
esch week for four successive weeks
next prior 10 the date fixed for re
iemption and IL any bond SO called for
redemption be not then presented for
payment, II shall cease to bear inter
est from and after the date so fixed
for redemption.
Section 3 Interest coupons payable
60 bearer shsll he attached to each Of
said bonds and shall be c~onsecutively
numbered specifying the number Of
the bond TO which they are attached
and shall bear the Autographed or en-.
graved facsimile Of the signature Of
the State Treasurer IN office ut the
time when such bonds are prepared
and printed, and such coupons shall be-
valid obligations Of the state notwith
stfI lf1r lil' fn' pen Hn "hnse aipnu-
tn e. appe1rs thereon may have ceased
o. 1e su.l State Treasurer when such
bonds SIRE issued and sold and said
bonds signed. countersigned and at
tested gs iu this act provided shall.
when iuly issued Hud sold be valid
obligations of the State although the
issue and sale thereof be made after
tAa per s0 signing, countersigning
aul Httesting the same shall have ceascd
tU he thc i1cumhents of their respective
offices. The bonds authorized by this
act shall be- sold by the State Treas
urer at such times aud in such amounts
ns the Governor shall direct 10 the
highest bidder for cash. The Govern
or shall issue such directions 10 the
state Treasurer upon being requested
se to do by resolutions Of the State
Highway Commission specifying the
amount of money which In the iudg-
ment of said Commission shall be- re-.
quired from time Ia time for the pur
poses for which such indebtedness Is
authorized. Before Offering any Of
such bonds Tor sale the the State Urea
ssrer shall detach th,rcfrom any cou-
pnns which may have matured or will
nature before the date hxod for such
sale. lie shall publish a notice Of the
time and place Of sale in one news
paper published IN Santa Fe, New Mex
90 la affn pnuunuupnr gHtIItahaI ~ Al