554A TOWN OF TAOS
ORDINANCES
YEAR: � 9 -- (n9
NUMBER:
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ORDINANCE N0. y�`S
Be it ordained by the Mayor and cotincil of ne mown
of Taos , that ,
Whereas, the over-all activities have expanded to the
point that there is now preeaing need for the services of
the business manager to oversee the general operations of
the Town of Taos, and,
Whereas, the (o—verning body of the Town of Taos has
heretofore gone on record by resolutions favoring the 'airing
of a business- r,anacer ,
It is tl!erefore ordained that a business rnanarr-r b(>
hired as soon as funds are available for this puxpoah and
that a local roverni-tent division of the Statc r_)f !,ow
be advised of the position of the Town in this matter to
assist the Town in determining the procedure financially 4t.
Reek the sexvioes of a Town manacier for the Town of Tor-
Adopted a)t the Town of Taos on this the �. fl,9Alf
January 1 g6 9
MAYOP
Attest :
'Town clerk
TOWN OF TAO
ORDINANCES
YEAR: I / �c 9
NUMBER,.
♦ • t
{
STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss:
TOWN OF TAOS )
The Board of Trustees of the Town of Taos, in the County of
Taos, State of New Mexico, met in session in full conformity with law
and the ordinances and rules of said Town on Tuesday
the 19th day of August at the hour of 7:30
o'clock p. M. at Town Hall at which meeting
there were present and answering the roll call the following, constitut-
ing a quorum:
Present: Mayor: Rumaldo Garcia
Trustees: J. B. Martinez
Martin Vargas
Mrs. Lucille Pond
Absent: Mrs. Tessie Oakeley
constituting all the members of said Board.
Thereupon, Trustee Pond
introduced and there was
read in full, the following Ordinance:
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ORDINANCE NO,
AN ORDINANCE RATIFYING ALL ACTION TAKEN
BY AND FOR THE TOWN OF TAOS, NEW MEXICO
TOWARD ACQUISITION, CONSTRUCTION, REPAIR,
EXTENSION AND IMPROVEMENT OF RECREATIONAL
FACILITIES: DECLARING THE NECESSITY FOR
ISSUING RECREATIONAL REVENUE BONDS OF TAOS
IN THE PRINCIPAL AMOUNT OF $16, 000. 00, PAYABLE
OUT OF THE NET INCOME TO BE DERIVED BY SAID
TOWN FROM THE NEW MEXICO CIGARETTE TAX, TO
THE EXTENT PERMITTED BY LAW, FOR THE PURPOSE
OF ACQUIRING, CONSTRUCTING, REPAIRING, EXTEND-
ING AND IMPROVING RECREATIONAL FACILITIES IN
SAID TOWN; AUTHORIZING THE ISSUANCE AND SALE
OF SUCH BONDS; PROVIDING FOR THE PAYMENT
THEREOF AND THE INTEREST THEREON, AND OTHER
DETAILS IN CONNECTION WITH THE ISSUANCE AND
PAYMENT OF SAID BONDS; REPEALING ALL ORDINANCES,
RESOLUTIONS OR PARTS THEREOF TN CONFLICT HERE-
WITH; AND DECLARING AN EMERGENCY.
WHEREAS, Chapter 50, Laws of New Mexico, 1968, provides
for the assessment and collection of a special tax upon the sale of
cigarettes sold within the said State and for a distribution of a part of
such tax to the county and municipality recreational fund; and
WHEREAS, Chapter 88, Laws of New Mexico, 1965, provides
t:;at the proceeds of such cigarette taxes so distributed shall be used
exclusively for recreational facilities within the municipalities and
counties receiving such taxes, with the proviso that no such revenue
shall be used for recreational facilities which exclude the use of such
facilities by persons under twenty-one years of age; and
WHEREAS, said Chapter 88, provides that municipalities
receiving such cigarette taxes may issue revenue bonds payable solely
out of the net income to be derived from such cigarette taxes; and
2
WHEREAS, The Board of Trustees of the Town of Taos has
�Icw m inod to issue the revenue bonds hereinafter specified for the
purpose of acquiring, constructing, extending, repairing and improv-
ing recreational facilities in said Town of Taos;
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING
50D." OF THE TOWN OF TAOS, NEW MEXICO:
Section 1. That all action (riot inconsistent with the provisions
of this ordinance) heretofore taken by the Board of Trustees of the Town
of Taos, and the officers thereof, directed toward the acquisition, con-
struction, repair, extension and improvements of recreational facilities
be, and the same hereby is, ratified, approved and confirmed.
Section 2. That the public interest and necessity demand the
acquisition, construction, repair, extension and improvement of recrea-
tional facilities in the Town of Taos, Taos County, New Mexico, and it
is hereby declared necessary that said Town issue its Town of Taos
Recreational Revenue Bonds in the principal amount of $16, 000. 00,
which bonds shall be payable solely out of the net income to be derived from
the Now Mexico Cigarett'.::: Tax distributed to the Juvenile Recreational
Fund of said Town and that said Town pledge, irrevocably, such net
income and revenue to the payment of the bonds herein authorized, and
the interest thereon, the proceeds of such bonds to be used solely for
the purpose of acquiring, constructing, repairing and extending and
improving said recreational facilities.
Section 3. That to provide the funds and to meet the cost of
such facilities, bonds of the Town of Taos, to be known as Town of
Taos Recreational Revenue Bonds, Series September 1, 1969, are hereby
3
authorized to be issued in the aggregate principal amount of $16, 000. 00
pursuant to the provisic.-Ins of Chapter 88, Laws of New Mexico, 1965,
a;:d all other laws thereunto enabling.
Section 4. That said bonds shall be dated September 1, 1969, and
shall be payable in regular numerical order without option of prior
redemption on the first day of October in each of the years 1970 to 1975,
inclusive, and shall bear interest payable April 1, 1970, and semi-annually
thereafter on the first days of April and October, all as follows:
Year Maturities Interest Rate
1970 $2, 000. 00 6%
1971 2, 000. 00 6%
1972 3-, 000. 00 6%
1973 3, 000. 00 6%
1974 3, 000. 00 6%
1975 3, 000. 00 6%
Said bonds shall be in the denomination of $1, 000. 00 each,
nun;bered 1 :o 16 inclusive; shall be payable, principal and interest, in
lawful money of the United States of America, without deduction for
e=xchange or collection charges, at the office of the Treasurer of the Town
o: Taos, Taos County, New Mexico; shall be negotiable coupon bonds
payable to bearer; and each of said bonds shall contain a recital that it is
sued pursuant to the provisions of said Chapter 88, Laws of the State of
,�cw \icxico, 1965, and all other acts thereunto enabling, shall be signed
in the name of the Town of Taos, by the Mayor and attested by the Municipal
Clerk, and th-- seal of the Town affixed thereto, and the interest coupons
tnoreto attached shall be authenticated by the facsimile signature of the
\Municipal Treasurer:,
4
M
Section 5. That said bonds and the coupons attached thereto
shall be in substantially the following form, to-wit;
5
M ••
UNITED STATES OF AMERICA
STATE OF NEW MEXICO COUNTY OF TAOS
TOWN OF TAOS
RECREATIONAL REVENUE BOND
No. $1, 000. 00
The Town of Taos, in the County of Taos, and State of New
Mexico, hereby acknowledges itself indebted and for value received
prc,m ise,-; to pay to the bearer hereof
ONE THOUSAND DOLLARS
on the lst day of October, 19 and to pay interest thereon at the rate
o six percent (6%) per annum, as evidenced by coupons attached hereto,
payable. semi-annually on the 1st day of April and October each year,
commencing April 1, 1970, on surrender of such coupons as they
sk:vorally become due, and thereafter, until this bond is paid. Both
principal and interest on this bond are payable in lawful money of the
Unl—Led States of America, free of exchange or collection charges, at the
o`ficc of the Treasurer of the Town of Taos, Taos County, New Mexico,
Payment of this bond and interest thereon shall be made solely
from and as security for such payment there is pledged the Juvenile
11ccreational Revenue Fund of said Town, consisting of the proceeds of
the New ivlexico Cigarette Tax to be distributed to said Town for such
fund, all as provided in Ordinance No. 554-A adopted by the Board of
Trustees of the Town of Taos, The Town of Taos covenants to pay from
such income, sums sufficient to discharge, when due, the principal of
and interest on the bonds of the series of which this is one. The town
6
of Taos, New Mexico, agrees with the holder of this bond and with each
..n:: every person who may become the holder thereof, that it will keep
and, ):;rform all the covenants of said Ordinance.
The holder of this bond may not look to any general or other fund
of said Town for the payment of principal of or interest on this obligation,
this bor:d be ing payable and collectible solely from the income so pledged.
This bond is issued for the purpose of acquiring, constructing,
r,;aairing, extending and improving recreational facilities in the Town
of Taos, and is issued under and in strict compliance with the provisions
of Chapter 88, Laws of New Mexico, 1965, and all other laws thereunto
enaJ I ing.
It is hereby certified that all conditions, acts and things required
by Constitution and Laws of the State of New Mexico to exist, to have
pened, and to have been performed, precedent to and in the issuance
of this bond, exist, have happened and have been performed; and that
the issue: of bonds of which this is one does not exceed any limitation
prescribed by the Constitution or laws of the State of New Mexico.
For the prompt payment of this bond and the interest thereon,
t::� Town pledges the exercise of all its lawful powers.
IN WITNESS WHEREOF, the Town of Taos, New Mexico, has
caused this bond to be signed by its Mayor, sealed with its corporate
s,;ai, attested by the Municipal Clerk, and the coupons thereto annexed
to be signed with the facsimile signature of the Municipal Treasurer, as
of t?-,o 1st day of September, 1969.
(Do not s ign)
(S 2i A L) Mayor
ATTEST:
!D,) nor sign)
:iuipuT Cier
7
(Form of Coupon)
No.
On the lst day of April/October, 19 the Town of Taos, in
the County of Taos and State of New Mexico, will pay to the bearer
the amount shown hereon, in lawful money of the United States of
America, free of exchange or collection charges, at the office of the
Treasurer of the Town of Taos, Taos, New Mexico, solely from and
secured by a pledge of the Fund designated in the bond to which this
coupon is attached, being interest then due on its Town of Taos
Recreational Revenue Bond, dated September 1, 1969, bearing No. '
(Facsimile Signature)
reasurer
8
Section 6. That all of the income and revenue to be derived
by the Town from said New Mexico Cigarette Tax under Section 72-14-
I 1, N. vl. S. A. , 1953 Compilation, shall be placed in a .. pecial fund
desio-nated the "Juvenile Recreation Fund". So long as bonds of this
issue are outstanding, for the purpose of paying the interest on and
c
principal of said bonds, the Municipal Treasurer shall, each month,
commoncing October 1, 1969, withdraw from the Juvenile Recreation
Fund one-sixth (1/6) of semi-annual interest next due, and deposit the
same in a special account entitled, "Town of Taos Recreational Revenue
Bond, Interest and Sinking Fund, Series September 1, 1969, " in the
First State Bank Taos New Mexico.
The Town shall create in the First State Bank
a fund to be known as the "Town of Taos Recreational Revenue Bonds, Series
September 1, 1969, Reserve Fund. " On October 1, 1969 and monthly
thereafter, there shall be deposited in said fund the sum of eighty-three
ard' 33/100 ($83. 33) Dollars. Such monthly payments shall continue until
a reserve has been accumulated in an amount of Three Thousand Dollars.
The moneys in the Reserve Fund shall be accumulated and maintained as
a continuing reserve to be used, except as hereinafter provided, only to
prevent deficiencies in the payment of the principal of and interest on the
bonds hereby authorized resulting from the failure to deposit into the
Bond Fund sufficient funds to pay said principal and interest as the same
accrue.
No payment need be made into the Bond Fund, the Reserve Fund
or both, if the amount of the Bond Fund and the amount in the Reserve
Fund total a sum at least equal to the entire amount of the bonds out-
9
standing, both as to principal and interest to their respective rY,aturities,
aniJ both accused and not accrued, in which case moneys in said two funds
in an amount at least equal to such principal and interest requirements
shall be used solely to pay such as the same accrue.
If, in any month, the Town shall, for any reason, fail to pay
i:,lto the Bond Fund the full amount above stipulated from the income of
the Juvenile Recreation Fund, then an amount shall be paid into said
Bond Fund in such month from the Reserve Fund equal to the difference
bo,tweon that paid and the full amount so stipulated. The money so used
sizall be replaced in the Reserve Fund from the first revenues thereafter
received in the Juvenile Recreation Fund, If, in any month, the Town
Shall, for any reason, fail to pay into the Reserve Fund the full amount
above stipulated, the difference between the amount paid and the amount
so stipulated shall in a like manner be paid therein from the first
revenues thereafter received in the Juvenile Recreation Fund. The moneys
in the Bond Fund and Reserve Fund shall be used solely and only for the
purpose of paying the principal and the interest on the bonds issued
h�reu:der. - - -
The monies in the Bond Retirement Fund and Reserve Fund may
bo invosted or reinvested by the Municipal Treasurer in bills, certificates,
of indebtedness, notes or bonds which are direct obligations of, or the
pl i::cipal and interest of which obligations are unconditionally guaranteed `
by, ti:e United States of America, which shall be subject to redemption
at face value by the holder thereof at the option of such holder, or
which shall mature not later than eighteen months from the date of such
investment; except that federal securities in the Reserve Fund shall so be
10
subject to redemption at face value or shall mature at least fifteen
clays prior to the last principal payment date of the bonds herein
authorized and outstanding at the time of such investment, or not later
than five years, which ever limitation is shorter, at the date of the
invcstnnent. The federal securities so purchased as an investment of
n,onoys in any such fund shall be deemed at all times to be a part of
s:1id fund, and the interest accruing thereon and any profit realized
t-.crefrom shall be credited to the fund, and any loss resulting from
S u C. investment shall be charged to the fund. The Municipal Treasurer
si:all present for redemption or sale on the prevailing market any
f c cr .l securities so purchased as an investment of moneys in the fund
'w Inc never it shall be necessary to do so in order to provide moneys to
meet any payment or transfer from such fund.
If collections are not sufficient to pay principal of and interest
clue on said bonds in any year, the pledge of revenue herein specified
shall continue until all of said bonds shall be paid, and bonds shall
continue to bear interest as carried on said bonds until paid.
Section 7. That so long as any of said bonds remain outstanding
r1le Town shall not issue any additional bonds having a lien on the income
in said Juvenile Recreation Fund, which lien shall be superior to lien of
tho bonds authorized herein. Bonds having a lien on a parity with this
issue may be issued if the income of the Juvenile Recreation Fund for the
fiscal year preceding the proposed issue equals or exceeds one hundred
fifty por cent (1,50%) of the maximum annual principal and interest
recuircments of all bonds outstanding payable from said fund, together
with the maximum annual principal and interest requirements of the
Proposed issue.
11
� s
Nothing in this Ordinance contained shall be construed in such
a manner as to prevent the issuance by the Town of additional bonds
or other obligations payable from the income or any revenues derived
from the operation or the recreational facilities and the New Mexico
Cigarette Tax and constituting a junior lien upon said revenue, provided
that the Town is current in its payments on all bonds outstanding and
reserve fund requirements.
Section 8. That the bonds herein authorized shall be sold
and delivered to Stern Brothers & qo. , Albuquerque, New Mexico,
for cash, at par plus accrued interest. The proceeds from the sale
a the bonds shall be deposited promptly in a separate account in the
First State Bank and such proceeds shall
be used solely for the purl;oses specified in this Ordinance.
Section 9, That on•written request the Town shall furnish Stern
Brothers & Co. complete operating and income statements of the said
Juvenile Recreational Fund, in reasonable. detail, covering any designated
period, and within ninety days after the close of each fiscal year, the
Town shall cause to be prepared a complete financial audit of said Fund
covering said fiscal year, such audit to be certified by an independent
registered or certified public accountant. A true and correct copy of
such audit shall be prepared in accordance with generally accepted
auditing standards and shall show, among other things, whether or not
the Town has complied with all of the requirements of this Orci;.:Aance.
Section 10. That the provisions of this Ordinance shall constitute
a contract between the Town and the owners and holders of said bonds or
any of them, and such owners and holders or any of them may compel
compliance with such provisions in any court of competent jurisdiction.
12
Section 11. That if any one or more sections or parts of this
Ordinance shall be judicially held to be invalid or unenforceable, such
judo-nzent shall not affect, impair or invalidate the remaining provisions
o 4his Ordinance, the intention being that each provision hereof is
scvcrabie.
Section 12. That the officers of said Town are hereby authorized
and directed to execute and deliver all requested certificates, affidavits
an,J documents relating to the bonds authorized herein and the security
ti-iereof, and to take all steps and proceedings, necessary to fully carry out
the intend and purpose of this Ordinance.
Section 13. That all ordinances, resolutions or parts thereof,
in conflict or inconsistent herewith are hereby repealed to the extent
only of such conflict or inconsistency.
Section 14. That this ordinance shall be and remain irrepealable
until the bonds authorized herein and the interest thereon shall have been
iuliy paid, satisfied and discharged as herein provided.
Section 15. That this Ordinance is declared an emergency measure
on the ground of urgent public need, and it shall go into effect five days
after its publication in its entirety.
This. Ordinance was adopted by a two-thirds vote of all members
Clected to the Board of Trustees at a meeting'of the Board of Trustees held
on the 19th day of August 1969, and approved by the Mayor on
Said ca,"te.
APPROV
� t
Mayor
(SEAL)
ATTEST:
l�r?;
13
It was then,moved by Trustee Pond and seconded by
Trustee Vargas that all rules of this Board which, unless
suspended, might prevent the final passage and adoption of said Ordinance
i
at this meeting, be and the same hereby are suspended.
The question being upon the adoption of said motion and the
suspending of the rules, the roll was called and the following results:
Those voting AYE: J. B. Martine,
Martin Vargas
Mrs. Lucille Pond
Those voting NAY: NONE
Three members of the Board of Trustees having voted in favor
of said motion, the presiding officer declared said motion carried and the
i' rules suspended.
Trustee Martinez then moved that said Ordinance be
finally passed and adopted. Trustee Vargas seconded the motion.
The question being upon the passage and adoption of said Ordinance,
the roll was called with the following results:
i
Those voting AYE: J. B. Martinez
Martin Vargas ;
Mrs. Lucille Pond
Those voting NAY: NONE
Tree Mayor declared the motion passed.
14
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v
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f
I
j
The Mayor thereupon declared that a two-thirds majority of
all the members of the entire Board of Trustees voted in favor thereof,
the said motion was carried and the Ordinance duly passed and adopted.
On motion duly adopted, it was ordered that said Ordinance be
numbered 554-A , and, after approval by Mayor, be published in its
entirety in the Taos News, a newspaper published and of general cir-
culation within the Town of Taos, State of New Mexico.
After consideration of unrelated business, the meeting was, on
motion duly made and seconded, adjourned.
DATED at Taos, New Mexico this 19th day of August ,
{2 -
{
1969.
Mayor
(S E A L)
ATTEST:
Clerk
15
r
d'
STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss:
1 J W N OF TA OS )
I, the duly chosen, qualified and acting Clerk of the Town of
Taos, Mew 1\11exico, do hereby certify:
1. That the foregoing pages numbered from 1 to 15, inclusive,
constitute a full, true and correct copy of the record of the proceedings
t4'kc!n by the Board of Trustees of said Town at a special meeting thereof,
l:c1c; on the 19th day of August 1969, insofar as said minutes
relate to Ordinance No. 554-A copy of which is herein set forth, that
said Copy of said Ordinance as contained in said minutes is a full,
true: and correct copy of the original of said Ordinance as passed by
two-thirds of the duly autho-, ized members of the entire Board of Trustees
at said meeting.
2. That said original Ordinance has been duly authenticated
by the signatures of the Mayor of the Town of Taos and myself as
Munic,pal Clerk, sealed with the corporate seal of said Town signed and
Npproved by the Mayor thereof, and recorded in the book of Ordinances
of said Town kept for the purpose in my office, which record has been
duly signed by the said officers and sealed with the seal of said Town.
3. 'ghat the Mayor and 3 members of the Board of Trustees
w!rc present at said meeting, and that the members of said Board of
T."U.LOUS voted on the passage of said Ordinance as in said minutes set
forth.
16
z
4. That no other action was considered or taken in connection
with the Town's recreation revenue bonds.
IN WITLESS WHEREOF, I have hereunto set my hand and the
seal of said Town of Taos, this 19th day of August ,
1969.
Clerk
(S E A L)
i
17
W
any.rer< �1
t
Hui-e attach Affidavit of Publication of Oj-dinalice
1
LEGAL ADVERTISEMENT
»--1- Affidavit of Publication
ORDINANCE NO. 554•A »......
AN ORDINANCE RATIFYING ALL
ACTION TAKEN BY AND FOR State of New Mexico,
THE,TO*N OF TAGS. NEW MEX-
1C0 TOWARD ;ACQ-UISITION, $5•
CONSTRUCTION, REYPA% EX- County Of Taos
TENTION AND ,IMPROVEMENT
OF RECREATIONAL,FACILITIES:'
DECLARING T H•E ..NECESSITY Ke i th Green
FORISSUING RECREATIONAL I,.....»......................................................-....»......»....»..........»....»...............-....................»....»..».
REVENUE BONDS OF TAOS IN
THE I'RIN AYAL .AMOUNT OF being first dui sworn, declare and say that I am the (Business Manager) Editor of the
$1600o.W PAYABLE OUT OF THE 8 Y Y $ ) ( )
NET IN8OME TO g�� DERIVED Taos News
BY SAID TOWN FROM:.THE NEW
MEXICOCIGARETT$ TAX TO ................................................................................_.................................................................0 a weekly newspaper,
THE EXTENT. P ff' TEB BY
LAW,FOR THE PU�O -OF AC- published in the English Language, and having a general circulation in the City and County
QUIRING, `CON RE
CT G RE-
PAIRING E�,,''��''END (�}} ANip IM- of Taos, State of New Mexico, and being a newspaper duly qualified to publish legal notices
PROVIDNO RIE 9'IONAL FA-
CILITIES SAZ AUTH- and advertisements under the provisions of Chapter 167 of the Session Laws of 1937; that the
ORIZING I'tE CIE AND
SALE OF UCH ••'PROVID- publication, a copy of which is hereto attached, was published in said paper once each week
ING FOIL Ziff l THERL''-
OF AND THE THERE-
ON AND* a AILS IN one
ON- o " E Issv- for............................................consecutive weeks, and on the same day of each week in the regular
ANCE A T'OF SAID
BONDS•: 8P G .ALL OR- issue of the paper during the time of publication, and that the notice was published in the
DINANOES R LUTIONS OR
PARTS TI•{FAEOF IN' CONFIACT
HEREWITH °'AND DECLARING newspaper proper, and not in any supplement, once each week for.........9n 9......................weeks
AN EMERG NCY.pptt'
of
WHEREAS,ica Chapter 50, Laws
r
provides for
the assessment and collection of a consecutively, the first publication being on the....2.i3.th......day of........AWms..t.........................
special tax upon the sale of cig-
arettes sold within the s��aid State
of su h tax Itorlbheiocodhty and 19.69.., and the last publication on the..2A h.......day of......AIIGUS I...I......................
and icipailty recreational fund; that payment for said advertisement has been (duly made) or (assessed as court costs); that
ofWNewezleohap1985,88,rovides the undersigned has personal knowledge of the matters and things t forth in this affidavit.
that the proceeds of such cig-
arette taxes so distributed shall
be used exclusively for recrea-.L
tional facilities within the munl-
clpalltles and counties receiving; »
ouch taxes, with the proviso that » ................
no such revemte shall be used for It Editor-Manager
recreational facilities which ex-
clude the use of such facilities
by persons under twenty-qne .>j » Subscribed and sworn to before me this..........29..ih..................
years vt age; and
WHL•REAS, said Chapter 88,
provides that municipalities re-
a-
celving such cigarette taxes may a" Au r'u.-t
Issue revenue bonds payable sole- day of........ ..................�1......................... �.,A.D., 19. F?,�
..y .....
..........
1y out of the net Income to be
derived from such cigarette tax- (; 7G
1 - . .............................................................K.....�....
sued n the a gate nc p
amount of 516, 00 ppursuant to ion PL
the Provision; of Cha ter 8d annual In(;erest nest ue., and de-
Laws of New Mexico, 1985 and
i aU other laws thereunto enabling posit the same to a special ac-
It 4. That said bonds shall count entitled "Town of Taos F'.
be dated September 1, 1969, and Recreational Wevenue Bond, In-'t!
shall be payable in regular num- terest and Sinking und, Serles •'�
erical order without option of gri- = September 1, 14169,' In the First.tzj,:
or redemption on the first day State Bank, Taos New Mexico. YR
Of October In each of the years The Town shalt create in the s
1970 to 1975, inclusive, and shall First State Bank a fund to be
bear Interest payable April 1, known as the "Town of Taos Rec-
t reatlonal Revenue Bonds, Serles ''
after, and aefi-annually there) September 1, 1969, Reserve Fund."
after on the first days of April ��"�"
and October, all as follows: On October 1, 1969 and month- >;
Year maturities Interest hate ly'thereafter, there shall be de-;:,
1970 $2,003,01) 6 5 Footled In said fund the sum of
1971' 2,000,00 6% elghty-three and 33/100 (383.33)';:
1972 31000,00 6% Dollars. Such monthly payments i
1971 31000,00 .6% shall continue until a reserve has
1974 3,000,00 6% been accumulated In an amount n,
1975 3,000,00 0% of Three Thousand Dollars. The :.
Sald bonds shall be In the de- moneys in the Reserve Fund shall a_r
nomination of$1,000.00 each, num- be accumulated and maintained r
bered 1 to 16 inclusive; shall be as a continuing reserve to be
payable, principal and Interest in used, except as hereinafter pro-
lawful money of the United Slates vided, only to prevent deficiencies }
of America,without deduction for in the payment of the prinelpal
exchange or collection charges, at of and interest on the bonds here-
the Office of the Treasurer of the by authorized resulting from the ,
Town of Taos, Taos County, New failure to deposit into the on
Mexico; shall be negotiable cou- t Fund sufficient funds to pay said
Pon bonds payable to bearer; principal and interest as the same
and each of sal bonds shall con- accrue.
fain a rental that 1t !a issued :_' No payment need be made into
the Bond Fund, the Reserve Fund
Pursuant to the provisions of said
"hapter 88, Laws of the State of;- or both, if the amount of the
New Mexico, 1965, and all other Bond Fund and the amount In the
acts thereunto enabling, shall bet Reserve Fund total a stem at
signed In the name of the Town t least equal to the entire amount
Of Taos, by the Mayor and at-,• of the bonds outstanding, both as
tested by the Atun>clpal Clerk, ; to principal and Interest to their
An�•] IO, and the Lh.,Town affixed r spective maturities, and both
I'thereto and the interest couppopns 'aecured and not accrued. In .
thereto attached shall be authen- ' which case moneys In said two
Of t ed by the tarsimlfe signature 1 funds In an amount at least equal
of the Aiuhlclpal Treasurer. to such principal and Interest re-
the coupons LLnehsa"Id cue dx and. qulnements shall be used solely
to ay such as the same accrue.�•
be In substantlaily the following if, in any month, the Town ,
form, to•tvlt. shall, for any reason, fall to pay
VNITF,1) SiATF,R OF AMRRICA into the Bond Fund the furl U
STATM OF NF.11' YfF.%ICO amount above stipulated from the •tY uo
COUNTY OF TAOR t' income Of the Juvenile Recreation 'fa tin,
T011,N OF TAO,9 Fund, then an amount shall be 'vile
IIRCRi3ATIONAt, RByENiJE Paid Into said Bond Fund In such pass
NO--- BOND month from the Reserve Fund Jo sit:
31,000.00 ;i equal to the difference between viol,.
The Town of Taos in the Co, that paid and the full amount so uvaatt
tyy of Taos, and Slate of Neny stipulated. The money so used paaaa
self in. hereby acknowledges it- j shall be replaced 1n the Reserve Aopu
sett Indebted ar,1 for value re. Fund from the first revenues via,
celvcd promise, to pay to the � thereafter received in the Juve- 'dvzvl
bearer hereof nile Recreation Fund. If, in any ltua
ONE TIiOUSAND DOLLARS month, the Town shall, for any vuli
On the 1st day of October, 19 reason fall to pay into the Re- aiswt
and to pay Interest thereon at the : serve Fund the full amount above btlue!
nt
rate of six Perce (6%) per an- stipulated, the difference be- saga,
num, as evidenced by coupons ; tween the amount paid and the elq
attached hereto, payable semi-a».; amount 8o stipulated shall in a ojp,
nosily on the 1sL day of April and like manner be paid therein from ulUp
October each year, commencing the first revenues thereafter re-
Aprii 1, 1970, on surrender of relved in the Juvenile Recreation 1r(l
such coupons as they severalty , Fund. The moneys in the Bond tmj;
become due, and thereafter, until Fund and Reserve Fund shall be anus'
this hood 1s paid, Roth princtpat used solely and only for the pur-
and Interest on this bond are_pay pose of paying the principal and sslo i
able Jn Jawful money of the Untt- the interest on the bonds Issued Rath_
ed States of America, free of ex- . hereunder. 'rapur
change or f the charges, At The moates in the Bond Retire- Inns'
the oftlre of the Treasurer of the. ment Fund and Reserve Fund
Town of Taos, Taoa County, New may be Invested or reinvested by lattre
]11e�lco, the :Municipal Treasurer In bills, jig,
1%rnent of this bond and inter•` cert'alcates, of Indebtedness, notes ui
eat thereon shaft be shade solely or bonds which are direct obliga- tOl a
from and as security for such tions of, or the principal and a�
Payment there is pled interest of which obligations are
venue Rcereatlona[ Revenue�F'und a3,
{! unconditionally guaranteed by, the 'uen
Of said Town, consistln of United States of America, �vhlch van+
Proceeds of the New rtextco CI a shall ue aublect to redemption at nob
arette Tax to be distributed t� _face value by the-holder thereof
said ied i for such tuna, all as at the option of such holder, or
provided In or NO, 554•A which shall mature not later than
adopted by the Board of Trustees , eighteen months from the date of
of the Town of Taos The Town such Investment; except that fed- H
Of Taos convenants to p era] securities to t.m Reserve. SIt
such Income, sums autticT from y Fund shalt so be aublect to re-IIfI
discharge, when due, the to ' demptlon at face value or shall I
Pal of and Interest on the princl mature at least fifteen days prior( 6f
Of the series of which this 11,one to the last prinelpal payment date
The town c?f Taos, New :llexico, of the bonds herein authorized
agrees with the holder of this and outstanding at the time of
+ bond and with each and ever such Investment, or not later than
Person who may become the hot five years, which ever limitation
er thereof that it 11.111 Beep apd is shorter, at the date of the in- Y
perform all the cove»ante of sold 1; vestment. The federal securities
Ordinance, so purchased as an Investment of
The holder of this bond may moneys !n any such fund shall be
not look to any, general or other deemed at all times to be a part
fund of sold 1 of said fund, and the Interest ac-
meat of rinclppal ofoortInterest truing thereon and any profit
on this oellgatlon, this bond be- realized therefrom shall be cred- i
:( Ing Payable and collectible sole- lted to the fund and any,loss re-
ly from the Income•Sp pledged, sulting from such investment shall I;
Th1a bond is issued for the pUr- he charged to the fund. The Mu-
Pose t
of, ecquirt � ,: etructing, ntelpal Treasurer shalt present for
Ing
repairing, t ding`+�f►d Ihiprov. redemption or sale on the prevaft-
t fag recreational tacllitits in the ing market any federal securities
= Town of Taos. grid Usfl�ued un- so purchased as an Investment Of
I d� silo in strict comp]lance 111th .
tics pros/afona of Chapter R8 La11s moneys n the fund whenever 1t
of.N t shall be necessary to do so in Or-
Of 1865, and all other der to provide moneys to meet 31
N.'4nto etlabllpr any payment or transfer from .
i'etrl,y rerilflctf that such land.
J °opd'Itots. is and thin fl11' `.' It collections are not sufficient
quired by the ga, rc• to pay prinelpal of and lnterrst
1 `o w.s Constltutlon and ;" due on said bonds in any year,
of the State of New -text• `'' the pledge of revenue herein
to fxfKr. t° flute happiened, ;
and to have beep perforated, specifled shall continue until all *>
Cedent to and In the Is%ua , tire- 'of said bonds shall be paid. and
this hO»d, exist, have happened bands.shall continue to bear Inter- "
and hate been performed• and est as carried on said hoods un-
that the Issue of bands of which tll paid.
this is uhe doPK not exceed „»�, Section 7. That so long as any
limitation prescNt•rd by the Cori• �of said bonds remain outstanding
st,tuUrn ,,r laws of the State of Ithe Town shall not Issue any ad-
z Nr'w Maxlco. g; ditionai bonds having a lien on
For the he I t onvment or tnle the income in 'said Juvenile Rec-
reation
bond and the fat teat thereon, t;i;, Fund, which lien shall be
p,edtres the exercise of ail ' superior to lien of the bonds au-
IN)A11•illl ORwers. 'thorized herein. Bonds having a
If` N1T`�� WIjERI;OF, lien on a parity with this Issue
Turin of Taua, New Mexico, tja� may be Issued if the Income of
roused this bond to be signed by the Juvenile Recreation Fund for
its MAY(', sealed 1%40 Its corpor• the fiscal year preceding the pro-
ate aeul, attested by the -funs l_ posed issue equals or exceeds one
pal C'cc,c, and the e„upons the e• hundred fifty per cent (150%) of
f, annexed to be signed with the the maximum annual principal
r 1110palii7re.surerre ayr»r he tfu• and Interest requirements of all
day of September, t the !et t bonds outstanding payable from ;
Lu not sign) 969, - said fund, together with the Max.
All Imum annual Ordinance pal and Inter-
(S FA�,) est requiremer the proposed
AT't�c issue. +1,
Nothing in t con-
e tamed shall be construed in auch
a manner
as.to prevent the Is- _. - -•---< . ....
Town of additional
STATE 011 NIEW M E X I C 0 )
COUNTY Ol{ "l.'Y\OS ) ss:
TOWN 01.-� TA OS >
1�ach of tho undersigned, being first duly sworn, on oath deposes
and says:
1 . That they are, respectively, the Mayor, Clerk and
Treasurer of the Town of Taos, Taos County, New Mexico,
2. That the Town of Taos , New Mexico was duly incorporated
under the genral laws of the State of New Mexico, in the year 1934; that
there is no litigation threatened or pending concerning the validity of
such incorporation or the right of any of the officers of said Town to
hold his respective position.
3. That from the day of 1969, up to and
including the date of this affidavit, the fo l wing have been and now are
the duly elected or appointed officers 'of said Town, to-wir:
Mayor: Rumaldo Garcia
Trustees: J. B. Martinez
Martin Vargas
Mrs. Lucille fond
Mrs. Tessie Oakeley
Clerk: Carolyn R. Parr
Treasurer: Carolyn R. Parr
4. "That the gross revenues derived from the state cigarette tax
distributed to said Town for the last fiscal year were $ 6. o d
S. That there are no liens or encumbrances of any kind or nature
against the revenues to be derived from said cigarette tax, except these
prescribed in the Ordinance of said Town, authorizing the Recreational
19
Revenue Boni.1s, dated September 1, 1969, in the principal amount of
16, 000. 00.
6. That there is no litigation threatened or pending relating
hi any way to the validity of said Recreational Revenue Bonds, or any of
thCm, or the right of the Town to construct, extend, repair and improve
recreation facilities of said Town with the proceeds of said bonds, or to
receive revenues out of which said bonds and the interest thereon shall
be paid.
Mayor
er h
�sfi ���✓
' reasurer
Subscribed and separately sworn to before me this day of
1969.
Notary Oblic
My commission expires:
S - ,:?y- 73
20
.Jp
SIGNATURE CERTIFICATE
I, the undersigned, do hereby certify that I am personally
aeduaintod with Rumaldo Garcia, Mayor and Carolyn R. Parr, Clerk
and 'Treasurer of the ']'own of Taos, New Mexico; that I know the above
mentioned officers held their vespective positions on the date of the
eXCCUtion and delivery of that certain issue of Recreational Revenue
Bonds, dated September 1, 1969, of the Town of Taos, New Mexico,
consisting of 16 honds in the denornination of $1, 000. 00 each, numbered
from 1 to 16, inclusive, and maturing on the 1st day of October, in the
years 1970 to 1975, inclusive.
I further Certify that I am acquainted with the signatures of said
officials and know that the signatures appearing on said bonds are the
signatures of said officials, respectively and that said officials have
to this certificate subscribed their respective signatures and affixed the
seal of said Town, as follows: ,
Mayor
i
Jerk
'1.'rcasurc
Signed and Certified this y� day of 1969.
First State Bank of Taos
j Taos, New Mexico
(BANK SEAL) B y
Assistant Vice Presirbnt
21
STATE' OF NE,W MEXICO )1
COUN'CY 013 TA OS ) ss:
TOWN 01? TA OS )
It is hereby certified by the undersigned, the duly qualifed and
Acting; T]-easurer of the Town of Taos, New Mexico, that on the
day Of 1969, said Town delivered to Stern Brothers
and Co. , its Recreational Revenue Boixls, dated September 1, 1969, in the
pri ncipal amount of $16, 000. 00 consisting of 16 bonds in the denomination
of $1, 000. 00 each, slumbered from I to 16, inclusive, and said City
acknowledges receipt of the agreed purchase price, as follows:
Principal $16, 000. 00
Accrued Interest y
Premium NONE
Total s.ILo a g .2d
IN WITNESS WHERE0F,. he has hereunto set his hand at Taos,
New Mexico, this day of r , 1969.I'L
Treasur
(S E A L)
22
The TOWN OF TAOS, ON OCT. 1, I' The TOWN OF TAOS, — ON APR. 1,
?? in lire County of Taos and State of New Mexico, will pay to the tearer the in the County of Taos and State of New Mexico, will pay to the bearer the
amount shown hereon, In lawful money of the United Slates of America, tree 1975 amount shown hereon, In lawful money of the United States of America, free 1975
of exchange or collection charges at the office of the Treasurer of the Town ;f of exchange or collection charges at the office of the Treasurer of the Town
of Taos, Taos, New Mexico, solely from and secutld by a pledge of the Fund J of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund t
designated in the bond to which this tarpon is attached, being Interest then $30.00 designated in the bond to which this coupon Is attached, being Interest then 1.30.00
due on ill due on Its $ t�JpT _E�t1
J TOWN OF TAO dter S�t M r 1�9 fbe r t( NO ��t TOWN OF T datett efi4eiSibbl,�f, . Ef�ar�li 0.J. 7�
Treasurer No. 12 Treasurer No. 11
'; The TOWN OF TAOS, -- ON OCT. 1, The TOWN OF TAOS,
in the County of Taos and Stale of New Mexico, will pay to lire bearer the in the County of Taos and Stale of New Mexico, will pay to lire hearer the
amount shown hereon, In lawful money of the United States of America, free amount shown hereon, in lawful money of the United Stales of Americ.s, free
of exchange or collection charges at the office of the Treasure of the Town 1974 of exchange or collection charges at the office of the Treasurrr of the Town 1974
y of Taos, Taos, New Mexico, solely from and secwed by a pledge of the Fund %1 of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund e
designated In the bond to which this coupon is attached, being Interest then $30.00 designated in the bond to which this coupon Is attached, being interest then 30.00
due on its _ m! on Ih
TOWN OF TAO E NAkrftE Nflriy TOWN OF TAO A rRPVB U D� z
daEd S rem r,l�1�i9 e NQt date S�nI j�96�9, My i O�� "..
Treasurer No. 10 /Treasurer No. 9
The TOWN OF TAOS, ON OCT. 1, r —V The TOWN OF TAOS, ON APR. 1,
:? in the Comfy of Taos and State of New Mexico, will pay to the bearer the in the teounlY of Taos and State of New Mexico, will pay to the bearer the
amount shown hereon, in lawful money of the United Stales of America, free amount shown hereon, in lawful money of the United States of America, free
of exchange or collection charges at the office of the Treasurer of the Town 1873 of exchange or collection charges at the office of lire Treasurer of lire Town 1973
of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund
designated In the bond to which this coupon Is attached, being Interest then $30.00 designated in the bond to which this coupon Is attached, being Interest then e'0.00
due on its due on its
TOWN OF Tdac�SC m�l r Ai9, et+ � ; `r TOWN CF TAO �Ci{E Ti�}(1A HVE U+ ( VD'
A {� dat�_4tmtt,lexe81 NO��'
Treasurer No. 8 Treasurer No. 7
The TOWN OF TAOS, ON OCT. 1, ;F The TOWN OF TAOS, ON APR. 1,
in the County of Taos and State of New Mexico, will pay to the bearer the -? in the County of Taos and Stale of New Mexico, will pay to the hearer the
amount shown hereon, In lawful money of the United Slates of America, tree amount shown hereon, in lawful money of the United States of America, free
of exchange or collection charges at the office of the Treasurer of the Town 1972 rr of exchange or collection charges at the office of the Treasurer of the Town 1972
of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund of Taos, Taos, New Mexico, solely from and secured by a Pledge of the Fund
designated in the bond to which this coupon is attached, being interest then $30.00 designated in the bond to which this coupon Is attached, being interest then $30.00
due on its due on it.
I
TOWN OF TAOd E (Ai1bNAf RtV I N TOWN OF TAO WATIl'�pAly �VE]�1UE
da*�i! S Yem1 Ar lx,1969 e N� t dab Itlfmhor x,'• 969, Vfea�f I lO"ri ;
Trr�«uer No. 6 Treasurer No. 5
�c C"
The TOWN OF TAOS, ON OCT. 1, i� The TOWN OF TAOS, ON APR. 1,
in Uu• County of Taos and Slate of New Mexico, will pay to the bearer the in the County of Taos and State of New Mexico, will pay to the bearer the
' amount shown hereon, in lawful money of the United Slates of America, free 1971 amount shown hereon, in lawful money of the United Stales of America, free 1971
of eWiangr or collection charges at the office of the Treasurer of the Town D of exchange or collection charges at the office of the Treasurer of the Town
of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund x of Taos, Taos, New Mexico, solely from and secured by a pledge of the Fund
designated In the bond to which this coupon is attached, being Interest then $30.00 designated in the bond to which this coupon Is attached, being interest then $30.00
due or, is due on Its
TOWN OF TAOI, E IZI A1r"095'V�IU t 67'7 j\L' TOWN OF TA0 EdRtATF6f0Ata R$V l( } D��L;t T' '
datcS em6n ,l'y"J969��cl� Ot � dat�ejSePt6mr.11969, eaxiOy.`
Treasurer No. 4 / Treasurer No. 3
f' I+
The TOWN OF TAOS, ON OCT. 1, I' The TOWN OF TAOS, ON APR. 1,
in the County of Taos and Stale of New Mexico, will pay to the bearer the ;; in the County of Taos and Slal! of New Mexico, will pay to lire bearer the
amount shown hereon, In lawful money of the United States of America, free 1970 = amount shown hereon, In lawful money of the United States of America, free 1970
of exchange or collection charges at the office of the Treasurer of the Town ,� of exchange Cr collection charges at the office of the Treasurer of the Town
st of Taos, Taos, New Mexico, solely from and sKuied by a pledge of the Fund r1 of Taos, Taos, New Mexico, solely Iron and secured by a pledge of the Fund r.
designated in the bond to which this coupon Is attached, being Interest then $30.00 designated In the bond to which this coupon is attached, being interest then $35.00
due on its _
due on Its TOWN OF TAO EQFF�A AItrRE tl � ,J� 1 TOWN OF TAGS C A�;�ftfgFOV� U ss
da� Slkmiti969eC!�t ti datSm '1'� 'Ie° � 17"1a 1
c..
Treasurer No. 2 r Treasurer No. 1
f
1
Ti\ I
r
1
UNITED STATES OF AMERICA I nEb�
O STATE OF NEW MEXICO !
N2 COUNTY of TAOS
j
TOWN OF 'LAOS ,t
RECREATIONAL REVENUE BOND
The Town of Taos, in the County of Taos, and State of New Mexico,
�h hereby acknowledges itself indebted and for value received promises to pay
to the bearer hereof
ONE THOUSAND DOLLARS
on the 1ST DAY OF OCTOBER,
I �
and to pay interest thereon at the rate of six percent (6%) per annum, t
as evidenced by coupons attached hereto, payable semi-annually on the 1st day of April and October each
year, commencing April 1, 1970;.on surrender of suo,coupons as they siverally become due, And thereafter, y
until this bond is paid. Both'pflncipal and Interest`on this bons(af6 payable o lawful riitbley'fif#h0 united �r ,
v States of.America,;free of e>Schitfge or collection ch4fges; at th�.tiif(ce of th�T;easuref of#tie T6wp of;;Taos,
j Taos County,New Mexico r
Payment of this bond and interest thereon shalt bemade solely from;and as security;fgr such',pp�*ent ,�►�
there Is pledged;#h6 tuveni10 Recmationit R' r nue fiiod;of said'T "n consisti�jg of the;orodeeds of Cite New
Mexico.digdrettei fax to be distributed to t64 Town for'such fund, all as provided in;Ordipence No;�S54 A
adopted tiyi,the Board of Trusteos of the Tue/n'of Taos The Towp Of,T6os covenafitts to poy; rem sui hArtaome, I
sums§uffictent�to discharge,'when due tti6 principal M,And interest' thg bons of the Set(es of whhi l'i this .rr
is one. The"TowA of Taos, New Mexico agrees'with the holder of this bond end'with eaehsind every,;lferson
who may',9COh7e the holder,thereof, that it Will keep and perfortTi a1l`the covenants of said DrdmanCrt6
!rr Thy`bolder,of this bond;may not lo,,te any genital or:6thef;fund Af said Town for the payirSent of �
prmdpel'of or 666st on this obligation, this bond being paym 4nd collectible solely from the income
so pledged,
j This.bond is,;issued If the" purpose.:,of, acquiring, constdticthf�, repairing, extending and tr»{t(oving
.,
recreational faeiiiti6s in the Town of Taos,"44is issued under and in strict compliance with the provisions of
Chapter 88,Laws of New MexiCO,:1965,aqd 81f other lvs thereunto enabling ` " ;i •�
'i
b
It is hereby certified that $40 conditions , ',things e y" li
ahtf ngs rquired bte" onstitusiid Lairs of IFS r„ C tion� f th
!)►er
Stl,to of New Mexico t� exist, to have happened, and to have been performed, precedent to and in the issu-
ance of this bond, exist, have happened and have been performed; and that the issue of bonds of which this
is one does not exceed any limitatio- p,,scribed by the Constitution or laws of the State of New Mexico.
.I
for the prompt payment of this and the interest thereon, the Town pledges the exercise of all its •�
lawful powers.
Vljr
IN WITNESS WHEREOF, the Town of Taos, New Mexico, has caused this bond to be signed by its Mayor,
., sealed with its corporate seal, attested by the Municipal Clerk, and the coupons thereto annexed to be �
signed wlih the facsimile signature of the Municipal Treasurer, as of the 1st day of September, 1969.
T
ATTEST: I i
I
..............................................................
Ma or
L�
Municipal Clerk Y
I �
' ��(fr(r� 11�, r"�4�' �IR W�'� tiY- +'Vtu', � r,+',.»'`it6�� �4.'rd?''''+t��,''i'r•�`4`uf5�lga�i:!,�
•. �... _,_,may._ .. _.-.T
N- .
UNITED STATES OF AMERICA
STATE OF NEW MEXICO
j COUNTY OF TAOS {
TOWN OF
TAOS .�
AIM
RAM
i
I
'! 6% h a
RECREATIONAL REVENUE BOND
X14.
DATED SEPTEMBER 1, 1969 I
! DUE OCTOBER 1,
r
INTEREST PAYABLE
APRIL 1 AND OCTOBER 1
COMMENCING ON APRIL 1, 1970
� I
PRINCIPAL AND INTEREST
PAYABLE AT THE OFFICE OF THE
TOWN TREASURER '
TAOS, NEW MEXICO ��
STATE OF NEW MEXICO
COUNTY OF TAOS ) ss:
TOWN OF TAOS )
The Board of Trustees of the Town of Taos, in the County of
Taos, State of New Mexico, met in session in full conformity with law
and the ordinances and rules of said Town on Tuesday
r
the 19th day of August at the hour of 7:30
o'clock P. M. at Town Hall at which meeting
there were present and answering the roll call the following, constitut-
ing a quorum:
Present: Mayor: Rumaldo Garcia _
Trustees: J. B. Martinez
Martin Vargas
Mrs. Lucille Pond
Absent: Mrs. Tessie Oakeley
con$riiuting all the members o. said Board. �
Thereupon, Trustee Pond introduced and there was
read in full, the following Ordinance:
ORDINANCE NO. 554-A
AN ORDINANCE RATIFYING ALL ACTION TAKEN
BY AND FOR THE TOWN OF TAOS, NEW MEXICO
TOWARD ACQUISITION, CONSTRUCTION, REPAIR,
EXTENSION AND IMPROVEMENT OF RECREATIONAL
FACILITIES: DECLARING THE NECESSITY FOR
ISSUING RECREATIONAL REVENUE BONDS OF TAOS
IN THE PRINCIPA L AMOUNT OF $16, 000. 00, PAYABLE
OUT OF THE NET INCOME TO BE DERIVED BY SAID
TOWN FI:OVI THE NEW MEXICO CIGARETTE TAX, TO
THE EXTENT PERMITTED BY LAW, FOR THE PURPOSE
OF ACQUIR LNG, CONSTRUCTING, REPAIRING, EXTEND-
ING AND IMPROVING RECREATIONAL FACILITIES IN
SAID TOWN; AUTHORIZING THE ISSUANCE AND SALE
OF SUCH BONDS; PROVIDING FOR THE PAYMENT
THEREOF AND THE INTEREST THEREON, AND OTHER
DETAILS IN CONNECTION WITH THE ISSUANCE AND
PAYMENT OF SAID BONDS; REPEALING ALL ORDINANCES,
RESOLUTIONS OR PARTS THEREOF IN CONFLICT HERE-
WITH; AND DECLARING AN EMERGENCY.
WHEREAS, Chapter 50, 1,:ws of New Mexico, 1968, provides
for the assessment and collection of a special tax upon the sale of
cigarettes sold within the said State and for a distribution of a part of
such tax to the county and municipality recreational fund; and
WHEREAS, Chapter 88, Laws of New Mexico, 1965, provides
that the proceeds of such cigarette taxes so distributed shall be used
exclusively for recreational facilities within the municipalities and
counties receiving such taxes, with the proviso that no such revenue
shall be used for recreational facilities which exclude the use of such
acilities by persons under twenty-one years of age; and
WHEREAS, said Chapter 88, provides that municipalities
receiving such cigarette taxes may issue revenue bonds payable solely
out of the net income to be derived from such cigarette taxes; and
2
WHEREAS, The Board of Trustees of the Town of Taos has
doLern-i incd to issue the revenue bonds hereinafter specified for the
purpose of acquiring, constructing, extending, repairing and improv-
ing recreational facilities in said Town of Taos;
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING
BODY OF' THE TOWN OF TAOS, NEW MEXICO:
Section 1. That all action (not inconsistent with the provisions
of this ordinance) heretofore taken by the Board of Trustees of the Town
of Taos, and the officers thereof, directed toward the acquisition, con-
;
struction, repair, extension and improvements of recreational facilities
be, and the same hereby is, ratified, approved and confirmed.
Section 2. That the public interest and necessity demand the
acquisition, construction, repair, extension and improvement of recrea-
tional facilities in the Town of Taos, Taos County, New Mexico, and it
is hereby declared necessary that said Town issue its Town of Taos
RL.!Creational Revenue Bonds in the principal amount of $16, 000. 00,
\vhic'n bonds shall be payable solely out of the net income to be derived from
tine New Mexico Cigarette Tax distributed to the Juvenile Recreational
Fund of said Town and that said Town pledge, irrevocably, such net
income and revenue to the payment of the bonds herein authorized, and
the interest thereon, the proceeds of such bonds to be used solely for
the purpose of acquirinb, constructing, repairing and extending and
in;proving said recreational facilities.
Section 3. That to provide the funds and to meet the cost of
such facilities, bonds of the Town of Taos, to be known as Town of
' Taos Recreational Revenue Bonds, Series September 1, 1969, are hereby
3 t
authorized to be issued in the aggregate principal amount of $16, 000. 00
pursuant to the provisions of Chapter 88, Laws of New Mexico, 1965,
and all other laws thereunto enabling.
Section 4. Tha,- said bonds shall be dated September 1, 1969, and
shall be payable in regular numerical order without option of prior
redemption on the first day of October in each of the years 1970 to 1975,
inclusive., and shall bear interest payable April 1, 1970, and semi-annually
thereafter on the first days of April and October, all as follows:
Year Maturities Interest Rate
1970 $2, 000. 00 670
1971 2, 000. 00 67
1972 3, 000. 00 6%
1973 3, 000. 00 6%
1974 3, 000. 00 6%
1975 3, 000. 00 6%
Said bonds shall be in the denomination of $1, 000. 00 each, ~�
numb.-rod 1 to 16 inclusive; shall be payable, principal and interest, in
lawful money of the United States of America, without deduction for
exchange or collection charges, at the office of the Treasurer of the Town
of Taos, Taos County, New Mexico; shall be negotiable coupon bonds
payable to bearer; and each of said bonds shall contain a recital that it is
issued pursuant to the provisions of said Chapter 88, Laws of the State of
Noy,, Mexico, 1965, and all other acts thereunto enabling, shall be signed
in the name of the Town of 'Taos, by the Mayor and attested by the Municipal
Cle.'k, and the seal of the Town affixed thereto, and the interest coupons
,noreto attached shall be authenticated by the facsimile signature of the
,Municipal Treasurer.,
4
Section 5. That said bonds and the coupons attached thereto
shall be in substantially the following form, to-wit:
5
• o
UNITED STATES OF AMERICA
STATE OF NEW MEXICO COUNTY OF TAOS
TOWN OF TAOS
RECREATIONAL REVENUE BOND
IN 0. $1, 000. 00
The Town of Taos, in the County of Taos, and State of New
Mexico, hereby acknowledg(;s itself indebted and for value received
promises to pay to the bearer hereof
ONE THOUSAND DOLLARS
on the 1st day of October, 19 and to pay interest thereon at the rate
Of six percent (6%) per annum, as evidenced by coupons attached hereto,
payable semi-annually on the 1st day of April and October each year,
commencing April 1, 1970, on surrender of such coupons as they
severally become due, and thereafter, until this bond is paid. Both
pri.lcipul and interest on this bond are payable in lawful money of the
Uniuod States of America, free of exchange or collection charges, at the
office of the Treasurer of the Town of Taos, Taos County, New Mexico.
Payment of this bond and interest thereon shall be made solely
from and as security for such payment there is pledged the Juvenile
Recreational Revenue Fund of said Town, consisting of the proceeds of
the New Mexico Cigarette Tax to be distributed to said Town for such
fund, all as provided in Ordinance No. 554-A adopted by the Board of
Trustees of the Town of Taos, The Town of Taos covenants to pay from
such income, sums sufficient to discharge, when due, the principal of
and interest on the bonds of the series of which this is one. The town
6
e
�a
oi' Taos, New Mexico, agrees with the holder of this bond and with each
and every person who may become the holder thereof, that it will keep
anti perform all the covenants of said Ordinance.
The holder of this bond may not look to any general or other fund
of said Town for the payment of principal of or interest on this obligation,
"::s bond be ing payable and collectible solely from the income so pledged.
Tiiis bond is issued for the purpose of acquiring, constructing,
repairing, extending and improving recreational facilities in the Town
of Taos, and is issued under and in strict compliance with the provisions
of Cn"- pter 88, Laws of New Mexico, 1965, and all other laws thereunto
enabling.
It is hereby certified that all conditions, acts and things required
by the Constitution and Laws of the State of New Mexico to exist, to have
happ;;i-iad, and to have been performed, precedent to and in the issuance
cf ti::s bond, exist, have happened and have been performed; and that
mo issue of bonds of which this is one does not exceed any limits_ion
prescribed by the Cons*itution or laws of the State of New Mexico.
For the prompt payment of this bond and the interest thereon,
Town pledges the exercise of all its lawful powers.
IN WITNESS WHEREOF, the Town of Taos, New Mexico, has
caused this bond to be signed by its Mayor, sealed with its corporate ---
seal, attested by the Municipal Clerk, and the coupons thereto annexed
to ire signed with the facsimile signature of the Municipal Treasurer, as
of the 1st day of September, 1969.
_ (Do not sign) `
(5 E Q Mayor
ATTEST:
'h.:) nor s ign
un:cipaTCier
7
(Form of Coupon)
No. $
On the 1st day of April/October, 19 the Town of Taos, in
the County of Taos and State of New Mexico, will pay to the bearer ,
the amount shown hereon, in lawful money of the United States of
America, free of exchange or collection charges, at the office of the
Treasurer of the Town of Taos, Taos, New Mexico, solely from and
secured by a pledge of the Fund designated in the bond to which this
coupon is attached, being interest then due on its Town of Taos
Recreational Revenue Bond, dated September 1, 1969, bearing No. _
(Facsimile Signature)
reasurer
8
Md
r
Section 6. That all of the income and revenue to be derived
by uhc Town from said New Mexico Cigarette Tax under Section 72-14-
:-:. :, N. \:. S. A. , 193 Compilation, shall be placed in a special fund
ueaignated the "Juvenile Recreation Fund". So long as bonds of this
ibsue ..re outstanding, for the purpose of paying the interest on and
p:incipal of said bonds, the Municipal Treasurer shall, each month,
con;i:,o;;cing October 1, 1969, withdraw from the Juvenile Recreation
and one-sixth (1/6) of semi-annual interest next due, and deposit the
in a special account entitled, "Town of Taos Recreational Revenue
interest and Sinking Fund, Series September 1, 1969, " in the
First State Bank P Taos , New Mexico.
The Town shall create in the First State Bank
a fund to be known as the "Town of Taos Recreational Revenue Bonds, Series
September 1, 1969, Reserve Fund. " On October 1, 1969 and monthly
t:--reater, there shall be deposited in said fund the sum of eighty-three
33/100 ($83. 33) Dollars. Such monthly payments shall continue until
a reserve has been accumulated in an amount of Three Thousand Dollars.
moneys in the Reserve Fund shall be accumulated and maintained as
c. continuing reserve to be used, except as hereinafter provided, only to
lorevent deficiencies in the payment of the principal of and interest on the
uo;�:s hereby authorized resulting from the failure to deposit into the
3ond t=und sufficient funds to pay said principal and interest as the same
accrue.
No payment need be made into the Bond Fund, the Reserve Fund
or bot , if the amount of the Bond Fund and the amount in the Reserve
Fund total a sun, at least equal to the entire amount of the bonds out-
9
w
sranding, both as to principal and interest to their respective maturities,
anJ both accuued and not accrued, in which case moneys in said two fund-s---'-
in u a,;:Ount -.c least equal to such principal and interest,requirements
s;;all be used solely to pay such as the same accrue.
If, in any month, the Town shall, for any reason, fail to pay
inro Elie Lond Fund the full amount above stipulated from the income of
the Juvenile recreation Fund, then an amount shall be paid into said
Bond Fund in such month from the Reserve Fund equal to the difference
b. m on ;:hat paid and the full amount so stipulated. The money so used
shall be replaced in the Reserve Fund from the first revenues thereafter
received in the Juvenile Recreation Fund. If, in any month, the Town
shall, for any reason, fail to pay into the Reserve Fund the full amount
above stipulated, the difference between the amount paid and the amount
so stipulated shall in a like manner be paid therein from the first
:--venue:, thereafter received in the Juvenile Recreation Fund. The moneys
in Elie Bond Fund and Reserve Fund shall be used solely and only for the
pur ose of paying the principal and the interest on the bonds issued
hereurder.
The monies in the Bond Retirement Fund and Reserve Fund may
invested or reinvested by the Municipal Treasurer in bills, certificates•
of i-"'Obredness, notes or bonds which are direct obligations of, or the
and interest of which obligations are unconditionally guaranteed
by, tine United States of America, which shall be subject to redemption
az 1:ace value by the holder thereof at the option of such holder, or
shall mature not later than eighteen months from the date of such
investment; except that federal securities in the Reserve Fund shall so be
10
subject to redemption at face value or shall mature at least fifteen
d :ys prior to the last principal payment date of the bonds herein
aut;:orized and outstanding at the time of such investment, or not later
than five years, which ever limitation is shorter, at the date of the
inv`snn,;nt. The federal securities so purchased as an investment of
r„oneys in any such fund shall be deemed at all times to be a part of
said fund, and the interest accruing thereon and any profit realized
ther--from shall be credited to the fund, and any loss resulting from
such investment shall be charged to the fund. The Municipal Treasurer
shall present for redemption or sale on the prevailing market any
:e,:cral securities so purchased as an investment of moneys in the fund
wi-,enever it shall be necessary to do so in order to provide moneys to
r„aet any payment or transfer from such fund.
if collections are not sufficient to pay principal of and interest
Lie on said bonds in any year, the pledge of revenue herein specified
s',ali continue until all of said bonds shall be paid, and bonds shall
continue to bear interest as carried on said bonds until paid.
Section 7. That so long as any of said bonds remain outstanding
z1io Town shall not issue any additional bonds having a lien on the income �
in said Juvenile Recreation Fund, which lien shall be superior to lien of
ti;i: bonds authorized herein. Bonds having a lien on a parity with this
issu,2 may be issued if the income of the Juvenile Recreation Fund for the
fiscal yoar preceding the proposed issue equals or exceeds one hundred
fifty p%r cent (1507) of the maximum annual principal and interest
recluirements of all bonds outstanding payable from said fund, together
\�,ith thu maximum annual principal and interest requirements of the
llri,'.-C,'. issue.
11
subject to redemption at face value or shall mature at least fifteen
J1.1y:; prior to the last principal payment date of the bonds herein
authorized and outstanding at the time of such investment, or not later
tl.an five: years, which ever limitation is shorter, at the date of the
invesu iclit. The federal securities so purchased as an investment of
nioneys in any such fund shall be deemed at all times to be a part of
said fund, and the interest accruing thereon and any profit realized
' therefrom shall be credited to the fund, and any loss resulting from
such investi.ient shall be charged to the fund. The Municipal Treasurer
shall present for redemption or sale on the prevailing market any
federal securities so purchased as an investment of moneys in the fund
whenever it shall be necessary to do so in order to provide moneys to
meat any payment or transfer from such fund.
If collections are not sufficient to pay principal of and interest
dui o:1 said bonds in any year, the pledge of revenue herein specified
s .all continue until all of said bonds shall be paid, and bonds shall
continue to bear interest as carried on said bonds until paid.
Section 7. That so long as any of said bonds remain outstanding
t c Town shall not issue any additional bonds having a lien on the income
' in said Juvenile Recreation Fund, which lien shall be superior to lien of
dio bonds authorized herein. Bonds having a lien on a parity with this
issue may be, issued if the income of the Juvenile Recreation Fund for the
fiscal year preceding the proposed- issue equals or exceeds one hundred
fifty p.-r cent (150%) of the maximum annual principal and interest
requirements of all bonds outstanding payable from said fund, together
�tilitl; th;.� maximum annual principal and interest requirements of the
proposed issue.
11
Nothing in this Ordinance contained shall be construed in such
Man;;cr as to prevent the issuance by the '-'town of additional bonds
oir otl,`:r oblibatio ,s payable from the income or any revenues derived
`.on' the operation or the recreational facilities and the New Mexico
Ciga:-ctte Tax and constituting a junior lien upon said revenue, provided
t;:at tho Town is current in its payments on all bonds outstanding and
rescrve fu,-id requirements.
Section b. That the bonds herein authorized shall be sold
a .d �, lLvered to Stern Brothers & Co. , Albuquerque, New Mexico,
for cl sh, at par plus accrued interest. The proceeds from the sale
Gk ti^.e bonds shall be deposited promptly in a separate account in the
First State Hank and such proceeds shall
be used solely for the purposes specified in this Ordinance.
Section 9. That on written request the Town shall furnish Stern
B,o.he rs & Co. complete operating and income statements of the said
Juve:lile Recreational Fund, in reasonable detail, covering any designated
and within ninety days after the close of each fiscal year, the
To,%n shall cause to be prepared a complete financial audit of said Fund
covey ing said fiscal year, such audit to be certified by an independent
r&gis t,:�red or certified public accountant. A true and correct copy of
suc:: audit shall be prepared in accordance with generally accepted
uditi;;g standards and shall show, among other things, whether or not
71-wn has complied with all of the requirements of this Ordinance.
Section 10. That the provisions of this Ordinance shall constitute
a coi-In act beLween the Town and the owners and holders of said bonds or
1",V of them, and such owners and holders or any of them may compel
compliance with such provisions in any court of competent jurisdiction.
12
. a
r
Section 11. That J any one or more sections or parts of this
0;-dim',ncc: shall be judicially held to be invalid or unenforceable, such
judgment shall not affect, impair or invalidate the remaining provisions
of Ordinance, the intention being that each provision hereof is
sev�:rable.
Section 12. That the officers of said Town are hereby authorized
and directed to execute and deliver all requested certificates, affidavits
an,d documents relating to the bonds authorized herein and the security
ti:c;reof, and to take all steps and proceedings. necessary to fully carry out
the intend and purpose of this Ordinance.
Section 13. That all ordinances, resolutions or parts thereof,
In conflict or inconsistent herewith are hereby repealed to the extent
only of such conflict or inconsistency.
Section 14. That this ordinance shall be and remain irrepealable
until the bonds authorized herein and the interest thereon shall have been
Willy paid, satisfied and discharged as herein provided.
Section 15. That this Ordinance is declared an emergency measure
on the ground of urgent public need, and it shall go into effect five days
after its publication in its entirety.
This. Ordinance was adopted by a two-thirds vote of all members
elected to the Board of Trustees at a meeting of the Board of Trustees held
on the 19th day of August 1969, and approved by the Mayor on
said date.
APPRO
r
Mayor
(S E A L)
ATTEST:
Ci�:rk
13
It was then moved by Trustee Pond and seconded by
Trustee Vargas that all rules of this Board which, unless
suspended, might prever,t the final passage and adoption of said Ordinance
ut this meeting, be and the same hereby are suspended.
Tire question being upon the adoption of said motion and the
suspending of the rules, the roll was called and the following results:
Those voting AYE; J. B. Martine,
Martin Vargas
Mrs. Lucille Pond
Those voting NAY: NONE
Three members of the Board of Trustees having voted in favor
of said motion, the presiding officer declared said motion carried and the
rules suspended.
Trustee Martinez then moved that said Ordinance be
finally passed and adopted. Trustee Vargas seconded the motion.
The question being upon the passage and adoption of said Ordinance,
the roll was called with the following results:
Those voting AYE: J. B. Martinez
Martin Vargas
Mrs. Lucille Pond
Those voting NAY: NONE
The Mayor declared the motion passed.
14
+ 1
The Mayor thereupon declared that a two-thirds majority of
all the members of the entire Board of Trustees voted in favor thereof,
the said motion was carried and the Ordinance duly passed and adopted.
On motion duly adopted, it was ordered that said Ordinance be
numbered 554-A and, after approval by Mayor, bepublished in its f
entirety in the Taos News, a newspaper published and of general cir-
culation within the Town of Taos, State of New Mexico.
After con-:deration of unrelated business, the meeting was, on
motion duly rnac',-• and seconded, adjourned.
DATED at Taos, New Mexico this 19th day of August ,
1969.
Mayor
(S E A L)
ATTEST:
Cl:rk
1
15
STATE OF NEW MEXICO ) i
COUNTY OF TAOS ) ss:
TOWN OF TAOS )
The Board of Trustees of the Town of Taos, in the County of
Taos, State of New Mexico, met in session in full conformity with law
and the ordinances and rules of said Town on Tuesday
the i gt:, day of August at the hour of 7:30 `
o'clock P. M. at Town Hall at which meeting
there were present and answering the roll call the following, constitut-
ing a quorum:
Present: Mayor: Rumaldo Garcia '
Trustees: J. B. Martinez
Martin Vargas
Mrs. Lucille Pond
Absent: Mrs. Tessie Oakeley
constituting all the members of said Board. _
Thereupon, Trustee Pond introduced and there was
read in full, the following Ordinance:
ORDINANCE NO. 554-A
AN ORDINANCE RATIFYING ALL ACTION TAKEN
BY AND FOR THE TOWN OF TAOS, NEW MEXICO
TOV�IARD ACQUISITION, CONSTRUCTION, REPAIR,
EXTENSION AND IMPROVEMENT OF RECREATIONAL
FACILITIES: DECLARING THE NECESSITY FOR
ISSUING RECREATIONAL REVENUE BONDS OF TAOS
IN THE PRINCIPAL AMOUNT OF $16, 000. 00, PAYABLE
OUT OF THE NET INCOME TO BE DERIVED BY SAID
TOWN FROM THE NEW MEXICO CIGARETTE TAX, TO
THE EXTENT PERMITTED BY LAW, FOR THE PURPOSE
OF ACQUIRING, CONSTRUCTING, REPAIRING, EXTEND-
1NG AND IMPROVING RECREATIONAL FACILITIES IN
SAID TOWN; AUTHORIZING THE ISSUANCE AND SALE
OF SUCII BONDS; PROVIDING FOR THE PAYMENT
THEREOF AND THE INTEREST THEREON, AND OTHER
DETAILS IN CONNECTION WITH THE ISSUANCE AND
PAYMENT OF SAID BONDS; REPEALING ALL ORDINANCES,
RESOLUTIONS OR PA .,TS THEREOF IN CONFLICT HERE-
WITH; AND DECLARING AN EMERGENCY.
WHEREAS, Chapter 50, Laws of New Mexico, 1968, provides
for the, assessment and collection of a special tax upon the sale of
cigarettes sold within the said State and for a distribution of a part of
such tax to the county and municipality recreational fund; and
WHEREAS, Chapter 88, Laws of New Mexico, 1965, provides
that the proceeds of such cigarette taxes so distributed shall be used
exclusively for recreational facilities within the municipalities and
counties receiving such taxes, with the proviso that no such revenue
shall be used for recreational facilities which exclude the use of such
facilities by persons under twenty-one years of age; and
WHEREAS, said Chapter 88, provides that municipalities
recelving such cigarette taxes may issue revenue bonds payable solely
out of the net income to be derived from such cigarette taxes; and
2
WHEREAS, The Board of Trustees of the Town of Taos has
detcrmincd to issue the revenue bonds hereinafter specified for the
purpose of acquiring, constructing, extending, repairing and improv-
i«g r4crcational facilities in said Town of Taos;
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING
BODY OF' THE TOWN OF TA OS, NEW MEXICO:
Section 1. That all action (not inconsistent with the prov �- ions
of this ordinance) heretofore taken by the Board of Trustees of the Town
of Taos, and the officers thereof, directed toward the acquisition, con-
struction, repair, extension and improvements of recreational facilities
be, and the same hereby is, ratified, approved and confirmed.
Section 2. That the public interest and necessity demand the
acquisition, construction, repair, extension and improvement of recrea-
tional facilities in the Town of Taos, Taos County, New Mexico, and it
is hereby declared necessary that said Town issue its Town of Taos
Recreational Revenue Bonds in the principal amount of $16, 000. 00,
which bonds shall be payable solely out of the net income to be derived from
the New Mexico Cigarette Tax distributed to the Juvenile Recreational
Fund of said Town and that said Town pledge, irrevocably, such net
;: come and-revenue to the payment of the bonds herein authorized, and
the interest thereon, the proceeds of such bonds to be used solely for
the purpose of acquiring, constructing, repairing and extending and
improving said recreational facilities,
Section 3. That to provide the funds and to meet the cost of
such facilities, bonds of the Town of Taos, to be known as Town of
Taos Re:reational Revenue Bonds, Series September 1, 1969, are hereby
3
i
.,uthorizcd to be issued in the aggregate principal amount of $16, 000. 00
pursuant to the provisions of Chapter 88, Laws of New Mexico, 1965,
and all other laws thereunto enabling.
Section 4. That said bonds shall be dated September 1, 1969, and
sh::ll be payable in regular numerical order without option of prior
r,:demption on the first day of October in each of the years 1970 to 1975,
inclusive, and shall bear interest payable April 1, 1970, and semi-annually
thereafter on the first days of April and October, all as follows:
Year Maturities Interest Rate
1970 $2, 000. 00 6 J
1971 2, 000. 00 6%
1972 3, 000. 00 6%
1973 3, 000. 00 6%
1974 3, 000. 00 6 f
1975 3, 000. 00 6%
Said bonds shall be in the denomination of $1, 000. 00 each,
numbered 1 to 16 inclusive; shall be payable, principal and interest, in
1.wfu1 money of the United States of America, without deduction for
exchange or collection charges, at the office of the Treasurer of the Town
of Taos, Taos County, New Mexico; shall be negotiable coupon bonds
payable to bearer; and each of said bonds shall contain a recital that it is
issued pursuant to the provisions of said Chapter 88, Laws of the State of
New Mexico, 1965, and all other acts thereunto enabling, shall be signed
:n the name of the Town of Taos, by the Mayor and attested by the Municipal
Clerk, and the seal of the Town affixed thereto, and the interest coupons
t :ercto attached shall be authenticated by the facsimile signature of the
Mluinicipal Treasurer..
4
a;
Section 5. That said bonds and the coupons attached thereto
shall be in substantially the following form, to-wit:
5
UNITED STATES OF AMERICA
STATE OF NEW MEXICO COUNTY OF TAOS
TOWN OF TAOS
RECREATIONAL REVENUE BOND
No. $1, 000. 00
The Town of Taos, in the County of Taos, and State of New
,Mexico, hereby acknowledges itself indebted and for value received
promises to pay to the bearer hereof
ONE THOUSAND DOLLARS
on the 1st day of October, 19 and to pay interest thereon at the rate
or six percent (67) per annum, as evidenced by coupons attached hereto,
ayable semi on the 1st day of April and October each year,
con;:l:cncini; April 1, 1970, on surrender of such coupons as they
S.verally become due, and thereafter, until this bond is paid. Both
principal and interest on this bond are payable in lawful money of the
United States of America, free of exchange or collection charges, at the
ol"ice of the Treasurer of the Town of Taos, Taos County, New Mexico.
Payment of this bond and interest thereon shall be made solely
z
front and au security for such payment there is pledged the Juvenile
Recreational Revenue Fund of said Town, consisting of the proceeds of
the New Mexico Cigarette Tax to be distributed to said Town for such
und, all as provided in Ordinance No. 554-Aadopted by the Board of
l rustces of the Town of Taos, The Town of Taos covenants to pay from
such income, sums sufficient to discharge, when due, the principal of
and interest on the bonds of the series of which this is one. The town
6
of Taos, New Mexico, agrees with the holder of this bond and with each
and every person who may become the holder thereof, that it will keep
a,:u perform all the covenants of said Ordinance.
Tip(; holder of this bond may not look to any general or other fund
of said Town for the payment of principal of or interest on this obligation,
this bond be ing payable and collectible solely from the income so pledged.
This bond is issued for the purpose of acquiring, constructing,
r c!pairing, extending and improving recreational facilities in the Town
of Taos, and is issued under and in strict compliance with the provisions
of Chapter 88, Laws of New Mexico, 1965, and all other laws thereunto
enabling.
It is hereby certified that all conditions, acts and things requir ed
by the Constitution and Laws of the State of New Mexico to exist, to hav-.
happened, and to have been performed, precedent to and in the issuance
r
of this bond, exist, have happened and have been performed; and that
me issue of bonds of which this is one does not exceed any limitation
prescribed by the Constitution or laws of the State of New Mexico.
For the prompt payment of this bond and the interest thereon,
the Town pledges the exercise of all its lawful powers.
IN «'ITNESS WHEREOF, the Town of Taos, New Mexico, has
ca;ised this bond to be signed by its Mayor, sealed with its corporate
, al, attested by the Municipal Clerk, and the coupons thereto annexed
CC) bC; signed with the facsimile signature of the Municipal Treasurer, as
of the 1st day of September, 1969.
(Do not s ign)
(S E A L) Mayor
ATTEST:
(Do not s k-rn)
Ni unlclpal Cler
7
(Form of Coupon)
No. $
On the 1st day of April/October, 19 the Town of Taos, in
the County of Taos and State of New Mexico, will pay to the bearer
the amount shown hereon, in lawful money of the United States of
America, free of exchange or collection charges, at the office of the
Treasurer of the Town of Taos, Taos, New Mexico, solely from and
secured by a pledge of the Fund designated in the bond to which this
coupon is attached, being interest then due on its Town of Taos
Recreational Revenue Bond, dated September 1, 1969, bearing No.
(Facsimile Signature)
reasurer
i
8
M1�
Section 6. That all of the income and revenue to be derived
by tine Town from said New Mexico Cigarette Tax !ender Section 72-14-
lam. 1, N. X4. S. A. , 1953 Compilation, shall be placed in a special fund
designated the "Juvenile Recreation Fund". So long as bonds of this
issue are, outstanding, for the purpose of paying the interest on and
principal of said bonds, the Municipal Treasurer shall, each month,
conimencing October 1, 1969, withdraw from the Juvenile Recreation
Fund one-sixth (1/6) of semi-annual interest next due, and deposit the
same in a special account entitled, "Town of Taos Recreational Revenue
pond, Interest and Sinking Fund, Series September 1, 1969, " in the
First State Bank , Taos , New Mexico.
The Town shall create in the First State Bank
a fund to be known as the "Town of Taos Recreational Revenue Bonds, Series
September 1, 1969, Reserve Fund. " On October 1, 1969 and monthly
t:Ic;reafter, ffare shall be deposited in said fund the sum of eighty-three
and 33/100 ($83. 33) Dollars. Such monthly payments shall continue until
a reserve has been accumulated in an amount of Three Thousand Dollars.
T o moneys in the Reserve Fund shall be accumulated and maintained as------..
a continuing reserve to be used, except as hereinafter provided, only to
,3, event deficiencies in the payment of the principal of and interest on the
hereby authorized resulting from the failure to deposit into the
Bo::d Fund sufficient funds to pay said principal and interest as the same
L-Lccruel.
No payment need be made into the Bond Fund, the Reserve Fund
o-1- boti:, if the amount of the Bond Fund and the amount in the Reserve
Fund total a sum at least equal to the entire amount of the bonds out-
9
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standing, both as to principal and interest to their respective maturities,
anl-1 buul accured and not accrued, in which case moneys in said two funds
i;: LM :u»ount at least equal to such principal and interest requirements
shad be used solely to pay such as the same accrue.
If, in any month, the Town shall, for any reason, fail to pay
into tl:e Bond Fund the full amount above stipulated from the income of
t;:e juvenile Recreation Fund, thug an amount shall be paid into said
5onci Fund in such month from the Reserve Fund equal to the difference
bet vc..m that paid and the full amount so stipulated. The money so used
s"all be replaced in the Reserve Fund from the first revenues thereafter
rcCc:,ved in the Juvenile Recreation Fund. If, in any month, the Town
!:all, for any reason, fail to pay into the Reserve Fund the full amount
above stipulated, the difference between the amount paid and the amount
so stipulated slv.11 in a like manner be paid therein from the first
evenues thereafter received in the Juvenile Recreation Fund. The moneys
in Me- Bond Fund and Reserve Fund shall be used solely and only for the
;)ur;)ose of paying the principal and the interest on the bonds issued
hcereunder.
The monies in the Bond Retirement Fund and Reserve Fund may
b invested' or reinvested by the Municipal Treasurer in bills, certificates.
of indebtedness, notes or bonds which are direct obligations of, or the
principal and interest of which obligations are unconditionally guaranteed
by, the United States of America, which shall be subject to redemption
at face value by the holder thereof at the option of such holder, or
V'?1-11 shall mature not later than eighteen months from the date of such
investment; except that federal securities in the Reserve Fund shall so be
10
stIbjcct to redemption at face value or shall mature at least fifteen
L,:�ys prior to the last principal payment date of the bonds herein
a*11:1:o.ized and outstanding at the time of such investment, or not later
than five years, which ever limitation is shorter, at the date of the
investment. The federal securities so purchased as an investment of
n.cneys in any such fund shall be deemed at all times to be a part of
said fund, and the interest accruing thereon and any profit realized
therefrom shall be credited to the fund, and any loss resulting from
such investment shall be charged to the fund. The Municipal Treasurer
sham present for redemption or sale on the prevailing market any
federal securities so purchased as an investment of moneys in the fund
whet;never it shall be necessary to do so in order to provide moneys to
ii:zet any payment or transfer from such fund.
If collections are not sufficient to pay principal of and interest
duc on said bonds in any year, the pledge of revenue herein specified
shall continue until all of said bonds shall be paid, and bonds shall
continue to bear interest as carried on said bonds until paid.
Section 7. That so long as any of said bonds remain outstanding
:::e Town shall not issue uny additional bonds having a lien on the income
in said ;uvenile Recreation Fund, which lien shall be superior to lien of
t1:e bonds authorized herein. Bonds having a lien on a parity with this
may be issued if the income of the Juvenile Recreation Fund for the
I 5cfii year preceding the proposed issue equals or exceeds one hundred
fif�Ly per cent (150%) of the maximum annual principal and interest
Cc;':Lrements of all bonds outstanding payable from said fund, together
%vith maxii. lm annual principal and interest requirements of the
P.oposcd issue.
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r
Nothing in this Ordinance contained shall be construed in such
as to prevent the issuance by the Town of additional bonds
or otin�_!r obligations payable from the income or any revenues derived
f ron 1 the operation or the recreational facilities and the New Mexico
Cigarotte Tax and constituting a junior lien upon said revenue, provided
tha� tl-:e Town is current in its payments on all bonds outstanding and
reserve fund requirements.
Section 8. That the bonds herein authorized shall be sold
and delivered to Stern Brothers & Co. , Albuquerque, New Mexico,
for cash, at par plus accrued interest. The proceeds from the sale
of t1no bonds shall be deposited promptly in a separate account in the
First State Bank and such proceeds shall
bl used solely for the purposes specified in this Ordinance.
` Section 9. That on written request the Town shall furnish Stern
3rothc,rs & Co. complete operating and income statements of the said
Juvenile Recreational Fund, in reasonable detail, covering any designated
poricu, and within ninety days after the close of each fiscal year, the
l ow n shall cause to be prepared a complete financial audit of said Fund
covering said fiscal year, such audit to be certified by an independent
registored or certified public accountant. A true and correct copy of
such audit shall be prepared in accordance with generally accepted
au��irin,r standards and shall show, among other things, whether or not
the Town has complied with all of the requirements of this Ordinance.
Section ld. That the provisions of this Ordinance shall constitute
contract between the Town and the owners and holders of said bonds or
any of them, and such owners and holders or any of them may compel - -�
co:liPlia:nce w ith such provisions in any court of competent jurisdiction.
12
Section 11. That if any one or more sections or parts of this
Ordinance shall be judicially held to be invalid or unenforceable, such
jgn;ont shall not affect, impair or invalidate the remaining provisions
of this Ordinance, the intention being that each provision hereof is
sovcrable.
Section 12. That the officers of said Town are hereby authorized
and directed to execute and deliver all requested certificates, affidavits
and documents relating to the bonds authorized herein and the security
thereof, and to take all steps and proceedings. necessary to fully carry out
the intend and purpose of this Ordinance..
Section 13. That all ordinances, resolutions or parts thereof,
In conflict or inconsistent herewith are hereby repealed to the extent
only of such conflict or inconsistency.
Section 14. That this ordinance shall be and remain irrepealable
Until the bonds authorized herein and the interest thereon shall have been
paid, satisfied and discharged as herein provided.
Section 15. That this Ordinance is declared an emergency measure
o;; tic ground of urgent publ;c need, and it shall go into effect five days
after its ;publication in its entirety.
his Ordinance was adopted by a two-thirds vote of all members
elected to the Board of Trustees at a meeting of the Board of Trustees held
on tin,; 19th ,day of August 1969, and approved by the Mayor on
said date.
APPROV }
Mayor
S L A L)
ATTEST:
13
It was then moved by Trustee Pond and seconded by
Trustee Vargas that all rules of this Board which, unless
suspended, might prevent the final passage and adoption of said Ordinance
at this meeting, be and the same hereby are suspended.
The question being upon the adoption of said motion and the
suspending of the rules, the roll was called and the following results:
Those voting AYE: J. B. Martine
Martin Vargas
Mrs. Lucille Pond
Those voting NAY: NONE
Three members of the Board of Tru,tees having voted in favor
of said motion, the presiding officer declared said motion carried and the
rules suspended.
Trustee Martinez then moved that said Ordinance be
finally passed and adopted. Trustee v areas seconded the motion.
The question being upon the passage and adoption of said Ordinance,
the roll was called with the following results:
Those voting AYE: J. B. Martinez
Martin Vargas
Mrs. Lucille Pond
Those voting NAY: NONE
The Mayor declared the motion passed.
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1
i
The Mayor thereupon declared that a two-thirds majority of
all the members of the entire Board of Trustees voted in favor thereof,
the said motion was carried and the Ordinance duly passed and adopted.
On motion duly adopted, it was ordered that said Ordinance be
numbered 554-A , and, after approval by Mayor, be published in its
entirety in the Taos News, a newspaper published and of general cir-
culation within the Town of Taos, State of New Mexico.
After consideration of unrelated business, the meeting was, on
motion duly made and seconded, adjourned.
DATED at Taos, New Mexico this 19th day of August ,
1969.
ayor
(S E A L)
ATTEST:
Clerk
15
s fit;
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$230, 000
i
TOWN OF TAOS, NEW MEXICO
r SALES TAX REVENUE BONDS
SERIES SEPTEMBER 1, 1969
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$16, 000
TOWN OF TAOS, NEW MEXICO
RECREATIONAL REVENUE BONDS
SERIES SEPTEMBER 1, 1969
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