New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1920-10-29

For THE CONSTRUCTION AND
IMPROVEMENT OF STATE
HIGHWAYS, PROVIDING \
TAX LEVY FOR THE PAY
MENT OF INTEREST AND
PRINCIPAL OF SAID BONDS
AND FOR OTHER PURPOSES,
Senate Committee Substitute for
Senate Bill No. 80. las amended
Approved March II, 1919.
Be It enacted BY the Legislature
Of The State OF New Mexico:
section For the purpose OF
pro, iding funds Tor the construo-
ton and improvement OF State
Highways and for meeting allot-
mcnts OF Federal funds made to
the state under the Act OF Congress
known as the Federal Road Aid
Act, an Indebtedness OF the State
OF New Mexico is hereby authorized
in the sum OF two million dollars.
Section 2-lmmediately after the
issuing 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 New Mexico
in the denomination OF one thouS
and dollars each, or such smaller de-
nominations not less than one humid
red dollars each as the Governor shall
determine, 10 be numbered conSccu-
lively and to bear date January LIST
1927 said bonds shall bear interest
at the rate OF four per cent
UNI per annum, payable semi
annually, on the first day OF July
and the first day OF January each
year,and both principal and interest
shall be payable in gold coin or its
equivalent in lawful money OF the
United States at the office al the
State Treasurer in the City OF San
ia 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
aud in the coupons attached there
10, at the option OF the holder, The
principal Of said bonds shall be
PAYABLE to bearer thirty years after
their date; and it 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
,ipned by the Governor, attested
by the Secretary of State. under
the seal OF the state, and counter.
signed by the State Treasurer, and
shall be registered by the state
auditor in a book 10 be kept by
him for that purpose in which shall
he entered the date, unmber.
amount and series OF each bond
sold and the moun for which the
same shall have been sold. The
iuu faith and credit OF the State
nj 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.
II shall be provided in each bond
80 issued that ii ii shall be called
for redemption before maturity no
,icc thereof in writing shall he given
by the State Treasurer to the ban;
designated in the bonds as the al
formative place for payment, al
least thirty days before the daie
fixed FOR redemption. aud in addi-
ticn thereto notice thereof shall be
published by the State Treasurer
IN a newspaper published IN Santa
Fc. New Mexico. aud also IN a news
paper published in thc lily 81
New York. State OF New York, once
each week for four successive weeks
next prior TO the date fixed for re-
demption aud IL any bond so called
for redemption be not then presented
tor payment. il shall cease 20 bea'
interest from and after the date 81
fixed for REDEMPTION.
Section 5-Interest coupons pay
able 10 bearer shall be attached ia
each of said bonds and shall be
~consecutiyely numbered specifying
the number of the bond to which
they are attached and shah beat
the lithoararhed or engraved fac
simile OF the signature OF the
State Treasurer in office at the
time when such bonds are pre-
pared and printed. and such cou'
pous shall be valid obligations ol
the state Notwithstanding that ~
porson whose signature appear,
thereon NAV have ceased 10 .,
such State Treasurer when sucf
bonds are issued and sold; ans
said bonds signed, countersisne,
and attested as in this act provided
81 all. when duly issued and sold b'
valid obligations of the State al
though the issue and sale ihereo.
be made after the persons SO sign
ing countersigning and attestins
the same shall have ceased TO be th'
incumbents Of their respective 81
fees. The bonds authorized b,
this act shall be sold by the Staf'
Treasurer at such times and u
such amounts as the Governor shall
direct to the highest bidder TO
cash. The Governor shall issu'
such directions to the State Treas
urer upon being requested 50 10 d
by resolutions OF the State Highwsi
Commission specifying the amour
of money which IN the Judgment n
said Commission shall be require
from time 10 time for the purpose
foi which such Indebtedness Is a.
thorized Before offering any Of suc'
bonds for sale the State Treasure
shall detsch therefrom any Con
pons which may have mafured n
viii mature before the date fixc'
for such sale. He shall publish
notice of the time and place o; sab
In one newspaper published IN San
ia Fe. New Mexico, IN one new