617 TOWN OF TAGS
ORDINANCES
YEAR: J921
NUMBER: 617
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ORDINANCE N0, 617
AN ORDINANCE MAKING BENT STREET A ONE-WAY ST REST
WHEREAS, a hazardous traffic condition has been
created by the narrowness of part of Bent Street; and ,
WHEREAS, traffic safety will be enhanced by the
making of Bent Street into a one-way street,
BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE
TOWN OF TAOS, that:
Bent Street from its intersection with North
Pueblo. Road to its intersection with Placitas Road shall
be, and the same hereby is, made a one-way street, run-
Ming from East to West.
PASSED by the Mayor and Council of the Town of Taos,
this 1st day of November, 1972.
Mayor'= Town oi- :aos
Ai' •ST:
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TRANSCRIPT OF PROCEEDINGS
TOWN OF TAOS, NEW MEXICO
GASOLINE TAX REVENUE BONDS
SERIES 1,1AY 11 1972
$69 ,000.00
STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss.
TOWN OF TAOS )
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The Board of Trustees of the Town of Taos , Taos County,
New Mexico, met in session in full conformity with law and
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the ordinances and rules. of said Town, at the Town Hall in
said Town, being the regular meeting place of said Board, on
the 10th day of May 1972, at the hour of 7 :30
o'clock P M.
Upon roll call the following were found to be present:
Mayor : Philip Can Jr.
Board of Trustees
Fernando Valdez
Martin Varaaa
Ernest Santistevan
Absent:
Thereupon, there was introduced, read and considered the
following Ordinance, to-wit:
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ORDINANCE NO. 617
AN ORDINANCE AUTHORIZING THE TOWN OF TAOS, .NEW
MEXICO, TO ISSUE GASOLINE TAX REVENUE BONDS I14
THE PRINCIPAL M40UNT OF $60 , 000 . 00 PURPOSE OF
IMPROVING STREETS I14 SAID TOWN, SUCH B0I4DS AND
THE INTEREST THEREON TO BE PAID SOLELY OUT OF
THE MOTOR FUEL TAX PROCEEDS .
WHEREAS , Section 8 of Chapter 170 of the 1967 Laws of the
State of New Mexico provides that "an amount equal to the revenue
that would be derived from a state-wide tax of nine-tenths of one
cent ($ . 009) per gallon on motor fuels as imposed by Sections 64-
26-2 and 64-26-68- New Mexico Statutes Annotated, 1953 Compila-
tion, and Section 6 of this act, less those deductions allowed by
law, shall be paid to the treasurers of municipalities and H-
class counties in the proportion that the taxable motor fuel
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sales in each of the municipalities and H-class counties bears to
the aggregate taxable motor fuel sales in all of these
municipalities and H--class counties . " and
WHEREAS , Chapter 244 of the 1967 Laws of the State of New
Mexico provides that gasoline tax revenue bonds may be issued for
the purpose of laying off , opening, constructing, repairing and
otherwise improving municipal buildings , alleys , streets , public
roads and bridges , or any combination thereof, and that the
municipality may irrevocably pledge up to 80% of the motor fuel
tax proceeds distributed to municipalities under the said Chapter
170 of the 1967 Laws of the State of New Mexico; and
WHEREAS , the Town of 'Taos has outstanding $70 , 000 . 00 of
airport revenue bonds dated April 1, 1966 , and $30 , 000 airport
revenue bonds dated September 1 , 1967 , which bonds constitutc a
first and second lien against all of the motor fuel tax proceeds
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distributed to the Town of Taos under Chapter 170 of the 1967
Laws of the State of New Mexico; and
WHEREAS , under Ordinance No. 544 adopted March 4 , 1966 ,
and Ordinance No. 550 adopted August 2 , 1967 , the Town of
Taos may issue additional bonds having a junior or subordinate
lien on motor fuel tax proceeds distributed to it under Chapter
170 of the 1967 Laws of the State of New Mexico, provided that
it is current in the payment of principal of and interest on
the outstanding bonds and has made the deposits required by
Section 7 of said Ordinance Nos. 544 and 550 , which conditions
the Town finds and determines it has met;
THEREFORE , BE IT ORDAINED BY THE GOVERNING BODY OF THE
TOWN OF TAOS , NEW MEXICO:
Section 1 . That there shall be issued Gasoline Tax
Revenue Bonds , Series May 1, 1972 , of said Town in the principal
amount of $69 , 000 . 00 , consisting of 69 bonds in the denomination
of $1,000 . 00 each, numbered 1 to 69 , inclusive, dated May 1,
1972 , bearing interest and maturing as follows :
"A" Coupon
Amount Maturity Rate
$5 , 000. 00 May 1 , 1973 4%
$5, 000 . 00 P-lay 1 , 1974 4%
$5 , 000. 00 May 1 , 1975 4%
$5 , 000 . 00 May 1 , 1976 4%
$5 , 000 . 00 May 1 , 1977 4%
$5 , 000 . 00 May 1 , 1978 4 . 30%
$5 , 000 . 00 May 1 , 1979 4 . 30%
$5 , 000. 00 May 1 , 1980 4 . 70%
$5 , 000 . 00 May 1 , 1981 4 . 70%
$5 , 000 . 00 May 1, 1982 4 . 70%
$5 , 000 . 00 May 1 , 1983 5%
$5 , 000 . 00 I•lay 1 , 1984 5%
$91000 . 00 May 1. . 1985 54.
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All Bonds shall carry supplemental "B" coupons . Bonds
numbered 1 through 25 shall carry 4% coupons from date to
their respective maturity dates , and bonds 26 through 69 shall
carry 1 .4% coupons from date through May 1, 1977.
Bonds maturing on and after May 1 , 1978 , are subject to
prior redemption at the option of the Town in inverse .nirnerical
order on May 1, 1977 , or any interest payment date thereafter
on payment of principal, interest to redemption date and a
premium of three per cent (3%) of principal.
Notice of redemption shall be given by registered mail to
the original purchasers and by notice published in a legal
newspaper in the Town of Taos, both at least 30 days prior to
the date of redemption.
Interest is payable November 1, 1972, and semi-annually
thereafter on the first day of May and November each year.
Said bonds shall be signed by the Mayor of said Town
and sealed with its corporate seal, attested by the Municipal
Clerk. The principal of and interest on said bonds shall be
payable at the Centinel Bank of Taos , Taos , New Mexico.
Section 2 . Said bonds and the interest coupons to be
attached thereto shall be in substantially the following form:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF NEW MEXICO COUNTY OF TAOS
TO-NN OF TAOS
GASOLINE TAX REVENUE BOND, SERIES MAY 1 , 1972
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 , on the lst day of
Play, 19 the sum of
ONE THOUSAND DOLLARS
and to pay interest thereon as evidenced by coupons designated
"A" at the rate of per centum (�%) per annum,
payable November 1 , 1972 , and semi-annually thereafter on the
lst day of May and the lst day of November each year, and
additional interest as evidenced by coupons designated "B" at
the rate of per centum ( %) for the period from
May 1 , 1972 , to May 1, 19 (*) , upon presentation and surrender
of such annexed coupons as they severally become due. Both
principal of and interest on this bond are payable in lawful
money of the United States of America, at the Centinel Bank
of Taos , Taos New Mexico.
Payment of this bond and interest thereon shall be made
solely from the revenues to be derived from eighty per centum
(80%) of the amount received by the Town of Taos , New Mexico,
from taxes on motor fuels and special. fuels collected by the
State of New Mexico and transmitted to the Tom under the
provisions of Chapter 170 of the 1967 Laws of the State of
New Mexico. The Town of Taos , New Mexico, agrees with the
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holder of this bond and with each and every person who may
become the holder hereof that it will keep and perform all the
covenants of the Ordinance of said Town authorizing bonds of
this issue .
Bonds of this series maturing on and after May 1, 1978 ,
are redeemable at the option of the Town on May 1, 1977 , and
on any interest payment date thereafter in inverse numerical
order, upon payment of principal, interest to redemption
date, and a premium of three per centum (3%) of principal.
It is expressly agreed that the holder of this bond may
not look to any general or other funds of said Town for the
payment of principal or interest on this obligation, this
bond being payable and collectible solely from the proceeds
of said motor fuel tax. The bonds of this issue are subject
to the prior lien on such revenues of "Airport Revenue Bonds"
of the Town of Taos , dated April 1 , 1966 , and "Airport Revenue
Bonds" of the Town of Taos dated September 1 , 1967.
This bond is issued for the purpose of improving streets
in said Town, and is issued under and in strict compliance
with the Constitution and laws of the State of New Mexico ,
particularly Chapters 170 and 244 , 1967 Laws of the State of
New Mexico, and pursuant to Ordinance No. 617 of said
Town, duly adopted, approved and published prior to the
issuance of this bond.
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 happened and to hava- been performed, precedent
to and in the issuance of this bond, Exist, have happened and
have been performed; and that this bond does not exceed any
limitation prescribed by the Constitution or laws of the State
of New Mexico .
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For the payment of this bond and the interest thereon
the Town of Taos , New Mexico, pledges the exercise of all
its lawful corporate powers .
IN WITNESS WHEREOF, the Town of Taos , New Mexico, has
caused this bond to be signed by its Mayor and sealed with
its corporate seal, attested by the Municipal Clerk, and the
coupons hereto anne:;ed to be signed with the facsimile
signature of its Treasurer, as of the lst day of May, 1972 .
(Do not sign)
Mayor
(S E A L)
ATTEST:
(Do not sign)
Municipal Clerk
(*) Maturity date of the bond should appear in bonds
numbered 1 through 25 , and May 1, 19 '7 should appear
in bonds numbered 26 through 60.
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(Form of "A" Coupon)
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No. $
On the 1st day of May/November , 19 unless the bond
to which this coupon is attached, if callable has been called
for prior redemption, 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,
at the Centinel Bank of Taos, Taos , New Mexico, solely from
eighty per cent (80%) of the amount received by the Town of
Taos , New Mexico, from taxes on motor fuels and special
1 fuels collected by the State of New Mexico and transmitted
to the Town under the provisions of Chapter 170 of the 1967
Laws of the State of New Mexico, as provided in the bond to
which this coupon is attached, being the interest than due
on its Gasoline Tax Revenue Bond, Series May 1, 1972, bearing
No.
(Facsimile Signature)
Treasurer
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(Form of "B" Coupon)
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No. $
On the 1st day of May/November, 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, at the Centinal Bank of Taos , Taos ,
New Mexico, solely from eighty per cent (80%) of the amount
received by the Town of Taos , 'New Mexico, from taxes on motor
fuels and special fuels collected by the State of New Mexico
and transmitted to the Town under the provisions of Chapter
170 of the 1967 Laws of the State of New Mexico, as provided
in the bond to which this coupon is attached, being the interest
then due on its Gasoline Tax Revenue Bond, Series May 1, 1972 ,
bearing No.
(Facsimile Signature)
Treasurer
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Section 3. The bonds of this issue shall be sold and
delivered forthwith to Robert E. Swezer Company, Omaha,
Nebraska, in accordance with their contract of purchase.
The proceeds of the bonds shall be deposited in a special
trust account in The Centine l Bank of Taos, Taos
New Mexico, and shall be withdrawn only for
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improving street facilities in said Town, on written estimates
of the engineer in charge of construction, such estimates to
be approved by the Board of Trustees.
Section 4. Each month of each year hereafter commencing
in May, 1972 , so long as any of said bonds are outstanding,
the Town shall comply with its commitments for the payment of
principal and interest and reserve under Ordinance Nos. 544
and 550 . The Town shall thereafter each month transmit to
the Centinel Bank of Taos , Taos , New Mexico, the paying agent,
for the purpose of paying interest on and principal of the
bonds authorized by this Ordinance, one-sixth (1/6th) of the
total amount of interest next due and one-twelfth (1/12th) of
the amount of principal next due on said bonds.
If in any month the portion of the motor fuel taxes pledged
are insufficient to make the payments above required, then
monthly deposits shall be increased to the maximum amount of
said pledge until the deficiency has been cured.
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Section 5. Said receipts from such excise tax are
irrevocably pledged for the payment of said bonds and the
interest thereon. Said bonds shall constitute a third and
prier charge and lien on such receipts, subject only to the
prior lien of the Town of Taos "Airport Revenue Bonds ",
dated April 1, 1966 , and "Airport Revenue Bonds " of the Town
of Taos dated September 1, 1967 . Nothing herein shall be
construed to prevent the issuance of obligations having a
junior or subordinate lien on the proceeds of said excise
tax; provided, however, that the Town is current in the pay-
ment of interest and principal of outstanding bonds, payable
out of said excise tax.
Section 6 . The Town shall promptly mail to Robert E .
Swezer Company duplicate slips or communications indicating
deposits of such receipts of its share of such excise taxes ,
and annually the Town shall furnish said company a statement
of all receipts and disbursements from said source for the
preceding fiscal year.
Section 7. That if any one or more sections or parts of
this Ordinance shall be adjudged unenforceable or invalid,
such judgment shall not affect, impair or invalidate the remaining
provisions of this Ordinance , it being the intention that the
various provisions hereof are severable .
;F Section 8. All ordinances or parts of ordinances in
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'r conflict herewith, are hereby repealed .
Section 9. This Ordinance shall be and remain irrepealable
until said Gasoline Tax Revenue Bonds, Series May 1, 1972, and
the interest thereon, have been fully paid, satisfied and dis-
charged as herein provided .
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Section 10 . This Ordinance shall become effective five
(5) days after its publication in its entirety.
IN WITNESS WHEREOF, this Ordinance was adopted by the
affirmative vote of three-fourths of all the members of the
Board of Trustees of the Town of Taos , New Mexico, and after
due examination, approved by the Mayor of said Town and
attested by the Clerk, and the corporate seal of said Town
affixed on this 10thday of May, 1972 .
APPROVED:
ayor
(S EA L)
ATTEST:
C- A-1 tJ
Municipal Clerk
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Trustee Lawrence SantistevaEhen moved that said
Ordinance be passed and adopted as read.
Trustee Fer_•nand o Valdez seconded the motion.
The question being upon the passage and adoption of
said Ordinance, the roll was called with the following result:
Those voting AYE: Trustees : Lawrence Santistevan
Fernando Valdez
Martin Vargas
Ernest Santistevan
fihose voting NAY:
The presiding officer thereupon declared that four
Trustees having voted in favor thereof, the said
motion was carried and the said Ordinance duly passed and
adopted.
Thereupon the meeting adjourned.
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MWIor
(S E A L)
ATTEST:
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Municipal Clerk
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STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss.
TOWN OF TAOS )
I , KATE ROMERO , the Municipal Clerk of the Town
of Taos, New Mexico, do hereby certify that the foregoing
copy of Ordinance No. 617 is a true and correct copy of
said Ordinance, duly adopted at and appearing among the
official minutes of a meeting of the Board of Trustees of
the Town of Taos, New Mexico, held on the 10th day of
May 1972; that said Ordinance has been duly
published as required by law, and has been duly recorded in a
book kept for that purpose in my office; and that the fore-
going copy of the minutes of said meeting is a true and
correct copy of the minutes as the same appear in the official
records of said Town.
IN WITNESS WHEREOF, I have hereunto set my hand and the
official seal of said Town, this - - day of May
1972.
Munic pal Clerk
(S E a L)
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