Deming graphic. (Deming, N.M.) 1903-1948, 1920-10-19
CHAPTER 172

4 SUM OF TWO MILLION DOL
LARS TO PROVIDE FUNDS FOR
L. THE CONSTRUCTION AND I'M
PROVEMENT OF STATE HIGH
WAYS, PROVIDING A TAX LEVY
FOR THE PAYMENT OF INTER
EST AND PRINCIPAL OF SAID
BONDS AND FOR OTHER PUR-
POSES.
f Senate Committee Substitute for Sen
ate Bill No. SO (as amended)
Approved March H. 1919.
BE IL enacted by the Legislature of
the State of New Mexico:
: Section For the purpose of pro-
yiding funds for the construction and
improvement Of state Highways and
for meeting alOtncnts of Federal
funds made TO the state under the Act
Ut, Congress known ms the Federal
Road Aid Act, an Indebtedness Of the
State OF New Mexico is hereby au-
Fthorized In the sum of two million dol
lars.
Section Immediately after the is
Shlng OF the proclamation Of the Gov
eriOr 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 ms the Gov
ernor shall determine, to he numbered
consecutiyely and to bear date Janu-
AIRY 1st 1927 said bonds shall bear in
tcrest at the rate of four per centum
-, per annum. payable semi-annunlly, on
the first day of July and the first day
of January each year, and both prin-
cipal and interest shall he payable In
gold coin or its equivalent in lawful
money of the United States AZ the or
flee Of the State Treasurer in the City
of Santc Fe, New Mexico, or ut some
bank in the City of New York. State
of New York or such other place as
may be- designated in said bonds and
i'm the coupons attached thereto, at the
option Of the holder. The principal ol
said bonds shall he payable to bearer
thirty years after their date; and II
shall he provided in said bonds that
they may he redeemed at the option OF
the state at any time after ten years
from their date; said bonds shall he
signed by lac Governor, attested by tn,
.S,q,retary of State, under the seal OF
the state. and cuuntcrsigned by th'
STATE Treasurer, and shall be regis
tered hy the State Auditor in Il boob
10 he kept by him for that purpose IL
which shall he entered the date, mum
her. amount and series of each bone
sold and the amount for which TN
same shall have been sold. The ful
faith and credit of the State of New
Mexico is hereby pledged FOR TIN
Nrompt payment at maturity OF IN
Principal and interest of all the san
bonds which may be issued ana sold "a
provided in this act.
II shall Ice provided in each bond 81
issued that II il shall be called for re
tlcmption before maturity notice there
\sf in writing shall lac given by IN
State Treasurer to the bank dcsignat
ed i'm the bonds as the alternative plaC
for payment, at least thirty days he
fon. The date fixed for redemption, AM
i'm addition thereto notice thereon sinai
br uublished by the state Treasure
I'm Il newspaper published in Santa ft
New Mexico. and also In newSpape
published in the city Of New NorR
State of New York, once each wee
for four successive weeks next prior L
fine date fixed for redemption and
nny bond 50 called for redemption u
moi then presented for payment, !
shnll cease to bear interest from AM
after the date SO fixed for redemption
Section s-lntercst coupons payabl
to bearer shall be- attached To each o
said bonds and shall be- consecutive
,,rmhprcd specifying the number Of tn
I'D To which they are attached AM
Ill bear the Autographed or engraVe'
ca,,siu,i,'e of the signature Of the STAT
,,,.,.,.,,ra, i'm office at the time whe
.,,,ch honds ere prepared ANA prlnle,
- s,,cI, ,-,urA ms shall he valid ON
.,ations of fine st,. te, notwithstanding
IT. Tho narson whose signature M
,'c,rs thereon may haze ceased to D
sucb State Treasurer whtp suVii u"nu
are issued and sold; ANA SUI u1'' :,
s,gned. cuuntersigned ANA nttes'" ~
in this act provided shali, Wheh ~.
iss,ied and sold be valid ohllght'ohs
The state, although the issue anu SUI
thereof be made after the persons
signing. countersigning ana a',cs'm
The same shall have ceased 10 ~ VI
iucumbents Of their respective oiiiVe'
The bonds authorized by TINS ACT suu
be sold hy the State Treasure at SUE
times and in such amounts as the 1o'
safTlor shall direct Nv INV hi-"N'' '
for cash. The Governor shall issue sue
.ri.o,tions to the state Treasurer upo
beinr requested so 10 do by resol'
tions of the State Highway C"hnil
SION .io"' specifying the amount Of !, none @D.,
which In the judgment OF sa'u oon
mission shall be required from time
time for the purposes for when which sue =
Indebtedness is auihorizeu, nei luz ~
fcKIng any Of such bonds for SAFE ~
$50 Treasurer shall detach therefor
any coupons which may have mature el,a
or or viii mature before the dsie ike &,
for such sale. He shall publish a, 3 ~
tice OF the time and place Of SAFE =
y one newspaper published in santa ,l =,
New Mexico. in one newspaper p "l
kshcd a. Albuquerque NeH 49,
and in one newspaper pxn.i stal
each OF the cities OF New AorA' S'H