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CHAPTER 87.

AN ACT TO AUTHORIZE THE ISSUANCE OF BONDS BY THE COUN

TY OF LUNA FOR THE PURPOSE OF PAYING OFF AND DIS

CHARGING ITS PROPORTION OF THE DEBT OF THE ORIGINAL

COUNTIES OF DONA ANA AND GRANT AS ADJUSTED.

C. B.

B. No. 131; Approved March 15, 1905.

CONTENTS.

Sec. 1. Chapter 38, Laws of 1901, and Chapter 79, Laws of 1903, providing for adjust

ing the indebtedness of Luna county to Grant county, ratified. Sec. 2. Indebtedness of original Dona Ana county agreed to be assumed by Luna

county, ratified. Sec. 3. Corinty commissioners to issue bonds. Denomination. Rate of interest.

Maturity. Sec. 4. Form of oonds. Cwupons attached Sec. 5. County commissioners to keep a record of bonds issued Sec. 6. Tax levy to pay interest on bonds. Sec. 7. Siuking fund. Cancellation of bonds. Sec. 8. County commissioners of Luna county to deliver bonds to county commis

sioners of Doña Ana and Grant counties. Sec. 9. Luna county may purchase outstanding bonds of Grant and Doña Ana

counties

Proviso. Sec. 10. County commissioners to levy tax to pay interest upon deht. Payment of

interest. Sec. 11. When liability of Luna county to cease.

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

Mexico: Section 1. That the adjustment of the indebtedness of the original County of Grant to be assumed by the County of Luna under the provisions of the act creating the said County of Luna, passed by the 34th legislative assembly, and Chapter 79 of the acts of the 35th legislative assembly, entitled "An Act to provide for adjusting the indebtedness of Luna county to Grant county,” approved March 17, 1903, by which said adjustment the indebtedness of the original County of Grant to be assumed by the County of Luna was fixed at the sum of $51,654.83, be and the same is hereby ratified and declared to be the amount of said indebtedness to be assumed and paid by the said County of Luna.

Sec. 2. And the sum of $9,671.17, being the amount of the bonded indebtedness of the original County of Dona Ana agreed to be assumed by the County of Luna in accordance with the adjustment of the said indebtedness made by the county commissioners of the said County of Dona Ana and the said County of Luna, be and the same is also hereby ratified and the said amount fixed as the proportion of the bonded indebtedness of the original County of Dona Ana to be assumed by the said County of Luna.

Sec. 3. For the purpose of paying off and discharging the said indebtedness, the county commissioners of the said County of Luna are hereby authorized and empowered in the name of the said county, to issue, sell and dispose of coupon bonds of the said county for the amount of the said indebtedness of the said Counties of Grant and Dona Ana and assumed by the said County of Luna under the terms of this act; which said bonds shall be of the denomination of one thousand dollars each, and shall bear interest at the rate of five per centum per annum; payable on the first days of July and January of each year, both principal and interest payable in United States gold coin of the present weight and fineness, at such place as may be designated in said bonds, and all of said bonds shall be payable thirty years after date, with the option to the county to pay them at any time after twenty years from their date.

Sec. 4. All the bonds issued under the provisions of this act shall be numbered consecutively, beginning with number one, and shall be signed by the chairman of the board of county commissioners and attested by the probate clerk, ex-officio clerk of said board, under the seal of the county. The county commissioners shall prescribe the date and form of such bond or bonds, and all coupons shall be signed by or lithographed with the signature of the chairman of the board of county commissioners and by the treasurer of said county; and the coupons attached to each bond shall bear the same number as the bond to which they are attached and shall show the date of maturity of such coupon bonds.

Sec. 5. The county commissioners of Luna county issuing bonds under the provisions of this act, shall provide a book and shall register therein, in the order in which they are issued, the number, date and amount of each bond so issued, and the time when the same shall become due, together with the name of the person to whom issued; and they shall likewise keep a memorandum or record of all bond or bonds at any time taken up and paid by the treasurer, and all bond or bonds shall be registered on the back thereof, by the treasurer of said county, who shall certify that such bond or bonds have been regularly issued in accordance with the laws of the Territory of New Mexico.

Sec. 6. It shall be the duty of the county commissioners of the said County of Luna to levy each year, at the time of making the levy of other taxes, a tax sufficient in amount, and no more than is sufficient, to pay the interest on said bonds for each vear, for the period of twenty years; such taxes shall be kept separate from the taxes levied for other county purposes, and shall be payable in money and shall be devoted exclusively to the payment of such interest.

Sec. 7. After the expiration of twenty years from the date of the issuance of said bonds and in the first fiscal year thereafter, and annually thereafter until paid, the county commissioners of said county shall provide a sinking fund by taxation and shall levy a tax equal to at least ten per cent. and not more than twenty pei cent. of said bonds in addition to such amount of levy as may be necessary to pay the current interest on said bonds during the remaining ten years and until the said bonds shall mature.

And whenever the sum of one thousand dollars or more shall have accumulated in said sinking fund, it shall be the duty of the treasurer and ex-officio collector of said County of Luna to call in at once, one or more of such bonds to be drawn by lot, for payment and cancellation, and when paid it shall be the duty of the county commissioners to cause said bonds to be cancelled and an entry of such cancellation to be made upon the book in which registry of, said bonds is by this act required and kept.

Sec. 8. The said county commissioners are also hereby authorized and empowered to deliver said bonds or so many of them as may be necessary to the county commissioners of the said Counties of Dona Ana and Grant, if the said counties are willing to accept said bonds in discharge of any or all of the said indebtedness hereby assumed and made binding upon the said County of Luna. Said bonds shall only be so delivered in discharge of said indebtedness to said counties at par; or upon the sale of said bonds, the said County of Luna is authorized and empowered, through its board of county commissioners, to pay the proceeds of the said bonds in discharge of so much of the said indebtedness due to the said Counties of Grant and Dona Ana, and if said indebtedness is not settled before the maturity of the outstanding bonds of the said Counties of Grant and Dona Ana, which were part of the indebtedness taken into account at the time that the said adjustment of the said indebtedness between the said counties and the said County of Luna was made, the said Counties of Grant and Dona Ana shall accept the cash proceeds of said bonds and use the same in taking up any bonds so outstanding and maturing.

Sec. 9. The said County of Luna is hereby authorized and empowered through its board of county commissioners, to purchase any of the outstanding bonds of the Counties of Grant and Dona Ana at not more than par value thereof, and in case of such purchase, the bonds so purchased shall be delivered to the said Counties of Grant and Dona Ana and accepted by them and credited upon the said indebtedness assumed and to be paid by the said County of Luna, as aforesaid: Prorided, However, This provision shall only apply to bonds of the said Counties of Grant and Dona Ana that were outstanding and taken into consideration in adjusting the said indebtedness between the said Counties of Luna, Grant and Dona Ana, and for the purpose of acquiring bonds of the said Counties of Grant and Dona Ana, as herein last before provided for, the said board of county commissioners of the said County of Luna is hereby authorized to exchange the said bonds or any of them by this act authorized to be issued for the outstanding bonds of the said Counties of Grant and Dona Ana: Provided, That no less than the par value of the bonds hereby authorized to be issued by the County of Luna shall be received in making such exchange in the bonds of the said Counties of Grant and Dona Ana.

Sec. 10. Until the said indebtedness shall be adjusted by the sale of said bonds, or as otherwise herein before provided, it shall be the duty of the county commissioners of the said County of Luna to levy each year, at the time of making the levy of other taxes, a tax sufficient in amount and not more than is sufficient to pay six per cent, interest upon the said indebtedness adjusted between the said County of Luna and the said Counties of Grant and Dona Ana and by this act validated and assumed by the said County of Luna; and such taxes shall be kept separate from the taxes levied for other county purposes and the said interest to be paid from said levy of said per cent. upon said indebtedness shall be paid to the treasurers, respectively, of the said Counties of Grant and Dona Ana until the said indebtedness shall be discharged in one or more of the ways herein provided.

Sec. 11. Upon the final discharge and payment of the said indebtedness as fixed by sections 1 and 2 of this act, and in the manner provided for in this act, the said County of Luna shall not be liable for any further or other claim or indebtedness of any kind or description on the part of the said Counties of Grant and Dona Ana: Provided, That the provisions of this section shall in no manner invalidate any claims or judgments against the County of Luna on account of floating indebtedness, existing in the Counties of Grant and Dona Ana at the time of the creation of said County of Luna, and of which said County of Luna has now settled or is liable for its proportionate part of such floating indebtedness.

Sec. 12. All acts and parts of acts in conflict with this act are hereby repealed, and this act shall be in force from and after the date of its passage.

CHAPTER 88.

AN ACT TO AMEND AN ACT ENTITLED “AN ACT TO PRO

VIDE FOR THE ISSUANCE OF CERTIFICATES OF INDEBT

EDNESS FOR THE PAYMENT OF APPROPRIATIONS FOR

THE RELIEF OF FLOOD SUFFERERS, THE BUILDING OF
DYKES, AND FOR OTHER PURPOSES; C. B. NO. 40; AP-
PROVED FEBRUARY 4, 1905." C. B. No. 139; Approved
March 15, 1905.

CONTENTS.

Sec. 1. Section 1, Chapter 3, Laws of 1905, regarding the issuance of certificates of

indebtedness account of flood sufferers, amended. Proviso

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

Mexico: Section 1. That Section 1 of Chapter 3 of the Laws of 1905 be amended by adding thereto the following:

Provided, That in the event that the territorial treasurer be unable to market the certificates of indebtedness as herein provided, he is hereby authorized to make loans as now prescribed by law for other loans to the amount as authorized herein for the purpose of making this fund at once available: Prorided, Further, That in the contingency aforesaid it shall be lawful for the territorial treasurer, in his discretion, to transfer to the ‘Flood Sufferers' Relief Fund' hereby created, from any sinking funds or any other available funds in the territorial treasury, an amount sufficient to fulfill the requirements of this act; it being hereby expressly understood and provided that the sum equivalent to the amount so transferred shall be reimbursed to the treasury of the territory and to the proper funds therein from the amounts produced by the levies authorized by this act as hereinafter provided.”

Sec. 2. This act shall be in full force and effect from and after ·

its passage.

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