Chapter 438. To enable the city of Albuquerque, New Mexico, to create certain indebtedness, and for other purposes
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CHAP. 438.— An Act To enable the city of Albuquerque, New Mexico, to create certain indebtedness, and for other purposes. March 3, 1899. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Albuquerque, N. Mex.Issue of bonds authorized. That the city of Albuquerque, in the county of Bernalillo and Territory of New Mexico, is hereby authorized and empowered to issue bonds of the said city in a sum not to exceed sixty-five thousand dollars in all, in such denominations and at such rate of interest, not exceeding five per centum per annum, as Vol. 24, p. 171.the municipal government of said city shall provide, notwithstanding the Act of Congress approved July thirtieth, eighteen hundred and eighty-six, entitled “An Act to prohibit the passage of local or special laws in the Territories of the United States, to limit Territorial indebtedness, and for other purposes.
” And any and all bonds of the said city issued in pursuance of the terms of this Act shall be valid and binding obligations of said city, notwithstanding the same or any part thereof may be in excess of the limit of municipal indebtedness fixed by said Act of Congress approved July thirtieth, eighteen hundred *Proviso.*Restrictions.and eighty-six: *Provided,* That the bonds issued by virtue of this Act shall be issued only for the purpose of funding the warrants of said city outstanding on the first day of January, eighteen hundred and ninety-eight.
Such bonds shall not be disposed of for less than their par value, and shall not bear a greater rate of interest than five per centum per annum. Sec. 2. Effect. That this Act shall take effect from and after its passage. Approved, March 3, 1899.