Albuquerque morning journal., 1921-07-18

shlA eANN elullAbl 4GAile Inv As'HNN SNAAN
sale of state highway bonds in
the sum of two million dollars
to provide funds for construc-
tion and Improvement of state
highways and to enable the
state to meet and secure allot-
ments of fed aral funds to aid in
construction and improvements
of roads: Providing a tax levy
for payment OF interest and
principal of said bonds.
Be it enacted by the legislature
! Of the State of New Mexico:
Section l. For the purpose of
| providing funds for the construc-
| ton and improvement of state
| highways and to enable the state
to meet and secure allotments of
federal funds under the pro-
visions of the act of congress
known as the Federal Aid Road
Act and acts amendatory thereof
or supplementary there to, to aid
in the construction and improve
ment of roads. an Indebtedness Of
the State of New Mexico is hereby
authorized in the sum of two
million dollars.
Section 2. The state treasur-
er shall prepare negotiable cou-
pom bonds of the State of New
| Mexico, to be known as state high
way bonds in denominations Of
one thousand dollars each, or
such similar denominations as the
governor shall determine. to be
numbered consecutively and to be
dated January |, 1922. Said bonds
shall bear interest at such rate as
the governor shall determine not
| exceeding six per centum per an
mum payable semi-annually on the
first day of July and the first day
of January each year. Both prin-
cipal and interest shall be pay
able in gold coin or it's equivalent
in lawful money of the United
States at the office of the state
treasurer in the city Of Santa Fe,
State of New Mexico, at such |
other place as may be designated |
in said bonds, and in the coupons
thereto attached, at the option OF !
the holder.
Said bonds shall be signed by
the governor, attested by the Sec |
retary of the state under the seal |
of the state, and countersigned by !
the state treasurer, and the full /,
faith and credit of the State of |
New Mexico is hereby pledged for /
the prompt payment at maturity |
of the principal and interest of all /
of said bonds which may be is |
sued and sold. as provided in this |
act.
Section 8. The principal Of said |
bonds shall be payable to bearer,
or, if registered as ii this act pro-
vided to the registered holder,
thirty years after their date, ana
it shall be provided in said bonds
that they may be redeemed at .
the option Of the state at any
time after ten years from their I
date. 1t shall be provided in !
each of said bonds that if it shall |
be called for redemption before
maturity notice thereof in writing
shall be given by the state treas
urer to the bank designated in the
bonds as the alternative place Tor
payment at least thirty days be-
fore the date fixed for redemption,
and that notice thereof shall be i,
published by the state treasurer
in a newspaper published in the |
said city of Santa Fe and also in 1
newspaper published in the said
city of New York once a week for |
four consecutive weeks next prior |
to the date fixed for redemption,
and if any bond so called for re-
demption be not then presented
for payment, it shall cease to bear (
interest from and lfter the date |
so fixed for redemption; and If |
any outstanding bond be not pre-
sented for payment at maturity 1t |!
shall cease to bear interest after |
maturity.
Section 4. Interest: coupons
payable to bearer s. all be attach
ed to each of said bonds and shall !
be consecutively numbered speci-
flying the number of the bond to
which they are attached. Said cou-
pons shall bear the engraved or
Autographed fac smile OF the sig
nature of the state treasurer in
office at the time said bonds and
coupons are prepared and ordered
to be engraved or autographed
and such coupons shall be valid
obligations of the state notwi.h-
standing that the person whose
signature appears thereon may
have ceased to be such treasurer
when such bonds are issued and
sold and said bonds, when duly
signed, attested, cOuntersigned, is
sued and sold as in this act pro-
vided shall be valid obligations of
the state although they may be
issue and sold after the persons
signing, attesting and counter
signing the same shall have ceased
to be the incumbents of their re-
spective offices and although the
state treasurer countersigning said
bonds be a different person than
the person whose fac sirlile sigma
| ture appears on the coupons.
Section 5. Tha bonds author
lied under this act shall be sold
! by the state treasurer at such
| times and in such amounts as
the governor may direct to the
highest bidder for cash at not less
than par and accrued interest to
date of sale. The governor shall
issue such directions to the state
treasurer from time to time upon
being requested so to do by reso-
luton of the state highway COM
mission specifying the amount
of money required for the purpose
| lOi WILCH 6uCll luuCDLCuliSSS 10 eN
thoriZed. The state treasurer shall
publish a notice of the time and
place OF sale in newspaper In
the city of Santa Re, State OF
New Mexico, and also in one
newspaper published in each OF
the cities of New York, state or
New York, and Chicago, state or
Illinois, once each week for four
consecutive weeks next prior to
the date fixed for such sale, the
first publication thereon to be
at least thirty days prior to the
day of sale. Such notice shall spe-
city the amount, denomination,
maturity and description of the
bonds to be offered for sale and
the place, day and hour at which
sealed bids therefor will be re-
ceived.
At the place and time specified
in such notice the state treasurer
and the governor, or, in his alb
sence, the president or some off,
Ger of the state Highway Com
mission, shall open the bids in
| ,1,,J,Y;o AND shall award tha hnpda