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Newspaper
Lordsburg Liberal
Location
Lordsburg, New Mexico, United States of America
Date
Oct 21, 1920
Page
3
Secretary of State Manuel Martinez announces that bond proposals under Chapter 172, Laws of 1920, are limited to qualified voters at the General Election to be held November 2, 1920.
Senate bill 86 authorizes two million dollars in state indebtedness to fund construction and improvement of state highways and to meet federal road aid allocations. Bonds issued bear four percent interest, payable semiannually, mature in thirty years, and are redeemable after ten years. The act pledges full faith and credit of New Mexico and outlines issuance, redemption notices, and signatures.
The act authorizes sale of bonds by the State Treasurer upon Governor directions to fund road construction. It outlines bid process, interest payment, sinking fund rules, and tax levies to secure principal and interest. It pledges full faith and credit of New Mexico and sets an emergency effective date with voter approval at the 1920 election.
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