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art of teaching, and actual practice in teaching to that required of those who complete full professional course in either the New Mexico Normal School or the Normal University. Holders of these certificates who possess a certificate of attendance upon some county or city normal institute or summer school, as already provided by law, shall be entitled without further examination, to teach in any of the public schools of New Mexico for the period of time designated therein.

Sec. 2. The first sentence in Section 1 of Chapter 120 of the Session Laws of 1903 of the Territory of New Mexico, entitled, "An Act to regulate county institutes and for other purposes," is hereby amended so as to read after the word “purpose,” in the sixth line thereof, "and in counties of the third and fourth class not more than fifty dollars for such purpose.”

Sec. 3. The fourth line of Section 2, Chapter 27, of the Session Laws of 1901 of the Territory of New Mexico, entitled "An Act to amend certain provisions of the law relating to public schools,” is hereby amended by striking out the word "four” and in the same section, in line ten, by striking out the words “in August and November” and inserting in lieu thereof the words "before the close of the Normal Institute" and in the same section, in line fifty-eight, by striking out the words "or towns.”

Sec. 4. The superintendent of public instruction is hereby authorized to issue, pending the regular examination of teachers, temporary permits to teach in the public schools of the territory to persons holding certificates from educational institutions of good standing in any state or in this territory, or whose credentials as to ability and experience in teaching, properly certified to, are deemed sufficient to meet the requirements of the law, and such temporary permit shall expire upon the first day of the next succeeding examination of teachers, and county school superintendents shall have like authority in their respective counties, and certificates so issued by county school superintendents shall be good only in the county where issued and shall expire at the next examination of teachers in said county.

Sec. 5. Any person of good moral character who is entitled to and possesses a certificate of the first-class as a teacher, may be chosen and appointed by the superintendent of schools of the different counties in the territory as conductor for the Normal Institute in their respective counties.

Sec. 6. The eleventh line of Section 3, Chapter 119, of the Session Laws of 1903 entitled “An Act to harmonize and strengthen the existing school laws, etc.," is hereby amended by striking out the words "September and October” and inserting in place thereof the word "January."

Sec. 7. All acts and parts of acts in conflict herewith are hereby repealed and this act shall take effect and be in full force sixty days from and after its passage and approval.

CHAPTER 74.

AN ACT TO VALIDATE AND LEGALIZE INDEBTEDNESS HERETO.

FORE INCURRED BY BOARDS OF EDUCATION AND BOARDS OF
SCHOOL DIRECTORS IN EXCESS OF THE CURRENT INCOME
OF SUCH BOARDS, AND TO AUTHORIZE THE ISSUE OF BONDS
TO PAY SUCH INDEBTEDNESS. C. B. No. 118; Approved
March 14, 1905.

CONTENTS.

Sec. 1. Debts contracted by school boards made binding.
Sec. 2 School boards to issue bonds covering indebtedness.
Sec. 3. Denomination of boods. Rate of interest. Maturity. How signed.
Sec. 4. County commissioners to levy tax to pay interest on bonds. Redemption.

Proviso.

Be it enacted by the Legislative Assembly of the Territory of New

Mexico: Section 1. All debts heretofore contracted by boards of education or boards of school directors for the purpose of paying the actual and necessary expenses of maintaining the schools are hereby validated and made binding.

Sec. 2. It shall be the duty of all such boards on or before August 1, 1905, to ascertain the amount of their respective indebtedness, and upon due proof of the same to issue coupon bonds to each holder of a claim in an amount sufficient to cover such claim, and to deliver such bonds to their respective creditors in exchange for other evidences of indebtedness.

Sec. 3. Such bonds shall be issued in denominations of one hundred dollars each, shall be numbered consecutively, shall bear interest at the rate of six per cent. per annum, interest payable . semi-annually on the first day of January and July of each year,

shall mature at the option of the board issuing the same in ten years after the date thereof and shall be absolutely due and payable in twenty years after the date thereof, and shall be issued and delivered not later than January 1, 1906, and shall be signed by the chairman of the board, issuing the same, and shall be countersigned by the secretary or clerk thereof.

Sec. 4. Boards of education and boards of school directors issuing bonds under this act shall notify the boards of county commissioners on or before the first Monday of May in each year of the amount required to pay the interest on such bonds, and the county commissioners shall, at the time of making the levy for other taxes levy a tax sufficient to pay the annual interest on such bonds; and after the expiration of ten years from the date of issuing said bonds, the boards of county commissioners shall annually levy a tax sufficient to produce a sum equal to not less than ten nor more than twenty per cent. of the total amount of such bonded indebtedness, and said bonds shall be redeemed from time to time as the moneys come into the hands of the treasurers of said boards issuing the same for that purpose: Provided, That the levy herein provided for to pay interest on such bonds and to create a sinking fund for the redemption thereof shall be made only on property within the district issuing such bonds.

Sec. 5. This act shall take effect and be in force from and after the expiration of thirty days after its passage and approval, and all acts and parts of acts in conflict herewith are hereby repealed.

CHAPTER 75.

AN ACT TO ISSUE BONDS FOR THE TERRITORY OF NEW MEX

ICO FOR THE ERECTION OF ADDITIONAL BUILDINGS AND IN-
CREASING THE CAPACITY OF THE TERRITORIAL INSANE ASY-
LUM. C. B. No. 121; Approved March 15, 1905.

CONTENTS.

Sec. 1. Creation of honded indebtedness account of New Mexico Insane Asylum.

Maturity of bonds. Rate of interest. Denomination. How payable. Sec. 2. Signatures and attestation required on bonds. Numbering and registration

and other requirements. Title-Territorial Insane Asylum Bonds. Sec. 3. Levy to be made for annual interest. Sec. 4. Territorial insane asylum bond sinking fund. Sec. 5. Investment of sinking fund. Territorial treasurer to report on condition of

sinking fund. Sec. 6. Cancellation of bonds. Sec. 7. Proceeds of bond sale to be deposited in territorial treasury. How proceeds.

to be drawn out. Be it enacted by the Legislative Assembly of the Territory of New

Mexico:

Section 1. That for the purpose of enabling the board of directors of the New Mexico Insane Asylum, maintained for the in

digent insane, to erect necessary additional buildings and improvements in order that the indigent insane in the Territory of New Mexico may be properly cared for, there is hereby created a bonded indebtedness of the Territory of New Mexico to the amount of one hundred and five thousand ($105.000) dollars, the bonds representing said indebtedness to become due and payable in thirty years from the date of their issue, and to bear interest at the rate of four per cent. per annum, payable semi-annually on the first days of January and July in each year after the issuance of said bonds, at such place as may be designated in said bonds and the coupons thereto attached. Said bonds shall consist of one hundred and five bonds of the denomination of one thousand ($1,000) dollars each, and shall be payable thirty years after date; and said bonds shall be sold at not less than par value. The proceeds thereof shall be used for the purposes hereinbefore specified by the said board of directors for the said insane asylum. And said bonds, together with the coupons thereof, shall express upon their face that they are payable in gold coin of the United States of the present woignu and fineness.

Sec. 2. The said bonds issued under this act shall be signed by the governor of the territory, countersigned by the territor! treasurer and attested by the secretary of the territory, who shall affix the great seal of the territory to each bond. They shall be otherwise in the usual form of bonds issued by the territory; such form to be determined and adopted by the officers signing and attesting the same. They shall be numbered and registered in a book kept for that purpose by the territorial treasurer, in the order in which they are issued; and each bond shall state upon its face the amount for which the same is issued, to whom issued, for what purpose issued, the date of issuance and the title of this act under which the issue is made. The bonds issued under this act shall be known as Territorial Insane Asylum Bonds.

Sec. 3. Whenever said bonds are issued as provided for in this act, provision in addition to the usual levy for interest upon the bonded indebtedness is made shall also be made for such additional amount as may be necessary to pay the interest upon said bonds, in the same manner as provision is made for the levy of sufficient taxes to pay the interest upon the present outstanding bonded indebtedness of the territory, for the period of twenty years from and after the date of the issuance of said bonds.

Sec. 4. After the expiration of twenty years from the date of the issuance of said bonds and in the first fiscal year thereafter, such amount in addition to what is necessary to pay the interest upon said bonds, as provided in the last preceding section, necessary to create a sinking fund for the redemption of said bonds at the date of their maturity, thirty years from the date of their issuance, shall be levied and collected upon the property subject to taxation in said territory, annually for the ensuing ten years, so that the sum so collected in each year will be sufficient to pay the current interest upon said bonds and produce a sufficient sinking fund to pay off and discharge said bonds at maturity. And said sinking fund shall be called the Territorial Insane Asylum Bond Sinking Fund, and the taxes hereby authorized shall be levied and collected in the same manner and at the same time that other taxes are levied and collected for the payment of interest upon the territorial bonded indebtedness and shall be paid into the territorial treasury in cash only, and the proceeds thereof shall be kept by the territorial treasurer as a special and distinct fund, to be used only in the payment of the interest on and for the redemption of said bonds or for their purchase, as hereinafter provided, and for no other purpose whatsoever.

Sec. 5. Said sinking fund may be, if the legislative assembly sees fit by law to so direct, invested in bonds of the United States, or may be applied to the purchase on behalf of the territory of such bonds of the Territorial Insane Asylum Bonds as may be obtainable and as in the judgment of the legislative assembly may best serve the interests of the territory. The treasurer of the territory shall in his annual report to the governor of the territory show a full and complete statement of the condition of the said sinking fund when it begins to accumulate, the amount of the same and how it is invested.

Sec. 6. When any of the bonds issued under this act are purchased or redeemed, it shall be the duty of the territorial treasurer, to cancel the same, so that they can be plainly identified, and cause a record of such cancellation to be made upon the register books in his office and in the office of the territorial auditor.

Sec. 7. The proceeds of the said bonds, when sold, shall be deposited in the territorial treasury, to be drawn out by the board of directors of the said territorial insane asylum during the two fiscal years immediately following such sale, or paid to the said board of directors of the said territorial insane asylum to be expended for the purposes herein before provided by them as the said money may be needed for that purpose, upon requisition or upon warrant, in the same way in which funds raised by taxation are

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