The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-10-18

AIN MfAiCQ IN TIN SUN OF TWO
AND IMPROVEMENT or STATE
HIGHWAYS. PROVIDING A TAX LEVY
FOR THE PAYMENT OF INTEREST
AND FOR OTHER PURPOSES.
Senate Committee Substitute for Senate
bill No. 80 las amenuea1i
Approved March II. 1915. 4a
Ne It enacted by the Legislature Of the
State OF New Mexico;
Section For tho purpose % providing
funds for the construction aud improve.
inent Of State Hishways and for meeting
a%llotnents Of Federal funds made to The
state under the Ae, Of Congress known ~
the 'federul Road Aid Act on indebteJs
ness Of the State OF New Mexico IL hereby
authorised In the. ann Of two million dollars.
Section 2--Immediately after the iseulng
Of the proclamation Of the Governor as
provided in Section ~ VI this act, 70 tho
slate 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
lesA than one hundred dollars each As the
Governor shall determine, to be numbered
isi. 1921: said bonds shall hear Interest al
tho rate Of four per eentum per hnnuiu,
payable senti'annually, on the first day Of
July and the first day Of January each
year, ahd both principal and interest shall
be payable In gold coin or It's equivalent
IN law tul money Of the United States at
the office Of the state Treasurer IN tho
city Of Santa Pc, New Mexico. or Al some
bank in the City Of New York. state ef
Nav York, " such other place as MAY be
designated In said bonds and In the cou.
Ions attached thereto, at the option Of the
holder, The principal Of said bonds shall
DO payable to bearer thirty years after
their GATE; and II shall be provided In said
bonds that they may he redeemed At the
option Of the state at any time after ten
years from their daiei said bonds shall be
signed by the Governor. aitested BY the
Seerethry Of state, under the seal Of tho
STATE, nnd conntcrsignrd by the State
Treasurer, ard shall he registered by the
State Auditor in a book to bs kept by him
Tor that purpose In which shall be entered
the. date. number, amount aud series Ct
each bond sold and The amount for which
the shall have been sold. Tho full
faith and credit Of the state Of New Mexico
Is hereby pledged, for the prompt payment
y maturity q the pnheipai aud interest
aud sold as provided in tiia act.
u shalt be provided in each bond 10
iskpsd thar II u shsll be called for redemp.
ton before maturity notice thereof In writ.
ID the bank dssianatsd in The bonds as he
thirty day. before he date iissd for re-
demption, and In addition thereto notice
thereof shall be published by the State
Treasurer In a Newspaper pobllnhed ia
Santa fe. New Mexico, and also In . naws.
paper Published 10 the City of New York,
htate Of New York, once each week for ionr
successive weeks next prior to the date
fixed for redemption and u any bond 80
called Tor ption he not then presented
for payment, II shall cease to bear interest
from End after the date so fixed for re.
dempiion.
SECTION 9-Interest coupons paypole 10
bearer shall be stitched 20 each N said
bonds and shall be conseeutiycly numbered
specifying the number of tho bond to witch
they are attached aud snnll bear the liiho.
Eftphed or engraved facsimile Of The aig.
nature Of the state Treasurer IN afiire at
the time when such bonds are prepared and
printed. and such coupons shall be- valid
obligation Of the state noiwithstanding
that the PERSON whose signature iappcare
thereon may have ceased TO DO Auci state
Treasurer when such bonds are issued and
sold; aud said bonds sighed, eoantsrsssned
and attentcd "A In this set proided hall,
when duly ihaued and sold be valid oblIgA.
tons Of the STATE although the issue snd
sale thereof be made after The persona 40
signing, countersigninE and attrsting the
saino shall have ceased. 10 be the lntrn.
bcntn Of thef respective Offices. The
bonds authorized by this act shall be sold
BY the State Treasurer at such times aud In
such amounts as the Governor shall direct
10 the highest bidder for cash. The GOvrr.
nor shall issue such directions. TO tho State
by resolutions Of the state Highway Com,
mission specifying the amount OF money
which in The judgment OF said Commission
shall be required from time 70 time for the
I NNNHNuNh TUT NUNtM NNNh NANthNfQntNH IN
auikofiled. Before offering any Of sueh
bonds for sale the State Treasurer shah
detaeh therefrom any coupons which mpy
have .matured or viii mature before the
a notice Of The time aud place Of sale In one
newspaper puhllNhed In Santa Fe, New
Mexico, 10 one newspaper published at Al
bnqnerque' New Mexico, and one Newspaper
YORK, state Of New York, and Chicago,
state Of Illinois, once each week for four
successive weeks prior TO the date fixed
ior spch sale; such date. being not less than
thirty days after tho first Advertisement in
each Of Aaid newHpaper; such notice shat
specify the amount, denomlnation, maturity
and description Of the bonds to be aold
bids viii be received Tor tho purchase u
said bauds.. ~ the place aud time named
in said notice the said State Treasurer aud
the Governor. or In his absence the presi'
Commission shall open oil bids IN .puhiic
ind shall award the bonds, or any part
thereof. TO the bidder or hiddera ~offsrlng
the highest price therefor. They Jfay ~,
iscl any snd ali bids ard msy rsiuse ia
make any award unless satisfactory ~tecuFity
sh6l be furnished BY a bidder Tor romplf.
arce with the terms Of tho bid. Said bonds
shall be sold In Consecutive pumerIral order
snd 10 bid shall be accepted which IA less
than the par value Of such hohds Plus me
~interest which shall have accrued thereon
between ihe date last preceding Interest
m~atnrily date and tho date OF the sale, The
p~fnceeds placed 70 the credit Of the State
" the Hale Of such bonds shall be placed
10 the credit NJ the State Road Fund, ex-
cept such amount a. may have been paid
! a., Accrued interest on such bonds which
shall be credited TO a special Interest fund
for payment OF interest on such bonds. The
moneys placed ia the State Road Fund FROM
the proceeds Of such bonds shall he used
exclusively for the purposes for which The
apid iudehtedness " authorized. The *
behfes Incurred ~ iAs Trsaaursr. IN ihs
ysruaink he sale. tloreof fhali he uald Oh
N fnnat hsailAble ~ The Stats Koad Ruuu
rhe 4prneeefs reallaed frem the Anls ol tbA
hohds niIaN BE- paid out ~ tho stats Treas
J nrnr under the authorlty and direction n
/ Tho Hintn Highway Commission Of the Hiatt
of New Mekieo. and The Htsie Hishwai
lCna.ullanlnn a. harnhu nufhorlrad and IN