634 TOWN OF TAGS
ORDINANCES
YEAR: � 7S
NUMBER: 6 �y
tL
STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss:
TOWN OF TAOS ) a
A meeting of the Board of of the Town of Taos,
New Mexico was held on Wednesda 9th April
y , the kt�h day of JWmch ,
1975, at the hour of 7: 30 p .m. , at the Municipal Hall in
said Municipality, being the regular neeting place of said Board,
at which meeting there were present and answering the roll call, the
following:
Present:
Mayor: Phillip Cantu, Jr.
Trustees : Lawrence Santistevan
Eloy Jeantete
Joe A. Sanchez
Fernando Valdez
Absent: None
constituting all the members thereof.
Thereupon, the following proceedings, among others,
were duly had and taken:
Trustee Eloy Jeantete introduced and moved the
adoption of the following ordinance.
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'a
ORDINANCE NO. 634
AN ORDINANCE AUTHORIZING THE TOWN 'OF TAOS,
NEW MEXICO , TO ISSUE SALES TAX REVENUE BONDS IN
THE AMOUNT OF $255, 000 .00 FOR THE PURPOSE OF
ACQUIRING AND IMPROVING OF PARKING -FACILITIES IN
THE TOWN OF TAOS r INCLUDING THE PURCHASE OF
LAND THEREFOR, SUCH BONDS AND THE INTEREST THEREON
TO BE PAID SOLELY OUT OF THE MUNICIPAL SALES TAX.
WHEREAS, by virtue of Chapter 147 of the 1969 Laws of
'the State of New Mexico, the. State of New Mexico, in lieu of
municipal sales tax, distributes to each municipality an amount
equal to - l% of the taxable gross receipts reported for each
municipality from the monies received from the Gross Receipts
and Compensating Tax Act of the State of New Mexico, which
sum is impressed with all of the covenants and conditions of
the ordinances pledging municipal sales taxes to the payment
of municipal sales tax revenue bonds heretofore issued, and
WHEREAS, the Municipality has never pledged any of the
municipal sales tax revenues or the revenue to be received
by the municipality under the provisions of Chapter 147 of
the 1969 Laws of the State of New Mexico, except Sales Tax
Revenue Bonds, Series September 1, 1969; and
WHEREAS, Section 14-30-1, N.M.S.A. , 1953 Comp . as amended
permits municipalities to irrevocably pledge any or all gross
receipt tax revenues received by the municipality; and
WHEREAS, the Municipality, after careful consideration has
determined that there is a present need for new parking facilities
for the municipality; and
WHEREAS, the Governing Body of said Municipality has determined
to issue Sales Tax Revenue Bonds of said Municipalityin the principal
amount of $255,, 000 .00 r payable principal and interest, solely
out of said sales tax, the proceeds of such bonds to be used for
the purpose of acquiring and improving parking facilities , including
purchase of land therefor;
2
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WHEREAS, after negotiation, the Municipality has
determined that the offer submitted by the purchasers for the
purchase for cash for bonds numbered 1 to 51 in the principal
amount of $255,000 .00 at the rates of interest hereinafter
set forth, for the principal amount and accrue t interest to
the date of delivery, at a price of 97 .50%, was and is the
best offer submitted for said bonds and that said offer is
hereby accepted.
THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE
TOWN OF TAOS, NEW MEXICO:
Section 1: That there shall be issued Sales Tax Revenue
Bonds, Series April 1, 1975, of said Municipality ire- the principal
amount of $255,000 .00 , consisting of 51 bonds in the denomination
of $5,000 each, numbered 1 to 51 inclusive, dated April 1, 1975,
bearing interest and maturing- on April 1, as follows.:
Year Amount Rate
1976 $ 51000 5-1/2%
1977 $10,000 5-1/2%
1978 $10,000 5-1/2%
1979 $10,000 5-1/2%
1980 $15,000 5-1/2%
1981 $15,000 5-1/2%
1982 $15,000 5-3/4%
1983 $15,000 6%
1984 $20,000 6%
1985 $20,000 6 .10%
1986 $20,000 6-1/4$
1987 $25,000 6 .40%
1988 $25,000 6-1/2%
1989 $25,000 6-1/2%
1990 $25,000 6-1/2%
Interest is payable October 1, 1975, and semi-annually
thereafter on the first day of April and October of each year.
Bonds of this series maturing on and after April 1, 1986
are redeemable at the option of the Municipality: a April 1, 1985,
or on any interest payment date thereafter, in inverse numerical
order at par plus accrued interest and a premium of one per centum
(1%) of principal.
Said bonds shall bear the signature of the Mayor and
Treasurer and the seal of the Municipality, and shall be attested by
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the Municipal Clerk. The principal and interest on said bonds
shall be payable at First State Bank of Taos
Taos , New Mexico.
Section 2 . Said bonds and the interest coupons to be
attached thereto shall be in substantially the fo .lowing form:
4
(Form of Bond)
UNITED STATES OF AMERICA
STATE OF NEW MEXICO
COUNTY OF TAOS
TOWN OF TAOS
SALES TAX REVENUE BOND
SERIES APRIL 1, 1975
No. $5,000
The Z16wn 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 1st day of
April, 19 the sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon at the rate of per centum ( $)
per annum, as evidenced by the coupons hereto attached, payable
October 1, 1975, and semi-annually thereafter on the lst day of
April and October of each year, upon surrender of such bonds
and the annexed coupons as they severally become due and thereafter
until this bond is paid. Both principal of and interest on
this bond are payable in lawful money of the United States
of America at, ,
New Mexico.
Bonds of this series maturi xig on and after April 1, 1986
are redeemable at the option of the Town on April 1, 1985,
or on any interest payment date thereafter, in inverse numerical
order at par plus accrued interest and a premium ui one per centum
(1%) of principal.
This bond does not constitute an indebtedness of the
Municipality within the meaning of any constitutional or statutory
provision or limitation, shall not be considered or held to
be a general obligation of the Municipality, and is payable
and collectibliL from the proceeds of a portion of the gross
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receipts tax equal to one per cent U%) on the gross receipts
h
of all rental businesses and services within the Municipality
(with certain specified exemptions and deductions) _which is
j levied by 'the State, which proceeds are remitted monthly to
the Municipality by the State pursuant to Section 72-13-24
New Mexico Statutes Annotated, 1953 Compilation, and all laws
j amendatory thereof and supplemental thereto or from any other
legally available funds; and the holder hereof may not look
specifically to any general or otter fund for the payment of
the principal or interest on this obligation except the special
fund pledged therefor. Payment of this bond and the interest
thereon shall be made from and as security for such payment
there is pledged pursuant to Ordinance No. 634 , passed and
9th April
adopted the AAUA day of M , 1975 a special
fund identified as the "Town of Taos Sales Tax Revenue Bonds,
Series April 1, 1975 Sinking and Interest Fund," into which the
h '
Municipality covenants to pay from the pledged revenues or
any other legally available fund sufficient sums to pay when
due the principal of and the interest on the bonds . Reference
is made to said ordinance for a description of said fund and
the nature and extent of the security afforded thereby for
the payment of the principal and the interest on the bonds .
The bonds are equitably acid ratably secured by a first lien
on the pledged revenues, on a parity with Sales Tax Revenue
Bonds, Series September 1, 1969 . Additional obligations subject
to designated conditions may be issued and made payable from
pledged revenues and having a lien thereon inferior and junior
to the lien, or having a lien thereon on a parity with the
lien of the bonds of the series of which this bor,, is a part,
in accordance with the provisions of said ordinance.
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The Municipality covenants and agrees with the holder of the
bond and with each and every person who may becoite the holder
thereof that it will keep and perform all of the covenants of
said ordinance.
It is expressly agreed that the holder of this bond
may not look to any general or other funds of said Municipality
for the payment of principal or interest on this obligation,
this bond being payable and collectible solely from the proceeds
of said gross receipts tax.
l This bond is issued for the purpose of acquiring and
improving parking facilities in the Municipality, including
purchase of land therefor in said Municipality, and is issued
under and in strict compliance with the Constitution and laws
of the State of New Mexico, particularly Section 14-30-1 to
14-30-11, inclusive, New Mexico Statutes Annotated 1953 Compilation
(Pocket Supplement) .
It is hereby certified that all conditions, acts and
things required by the Constitution and laws of the State of New
Mexico to exist, have happened and to have been performed, precedent
to and in `he 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 .
For payment of this bond and the interest hereon, 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 Treasurer, and
sealed with its corporate seal, attested by the signature of the
Municipal Clerk, and the coupons hereto annexed to bear the
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facsimile signature of the Treasurer, as of the 1st
day of April, 1975.
May
eas rer
ATTEST:
a
n pal C1
8
(Form of Coupon) t
9
No. $
Unless the bond to which this coupon is attached,
3,f callable, has been called for prior redemption, on the first
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, at ,
New Mexico, the amount shown from
the proceeds of a designated special fund or other income legally
available, as provided in the bond to which this' coupon is
attached, interest then due on its Sales Tax Revenue Bond,
1 Series April 1, 1975, bearing No.
(facsimile signature)
Treasurer
!1
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7
Section 3 . The bonds of this issue shall be sold and
delivered forthwith to-, Quinn & Co. , Inc. , in accordance with
their proposal, which has heretofore been accepted. The proceeds
of the bonds shall be deposited in a special trust account in
First State Bank of Taos , Taos ,
New Mexico, and shall be withdrawn only for the authorized purposes,
on written estimates of the architect in charge of construction,
such estimates to be approved by the Governing Body . Funds re-
maining after completion of construction, may be retained in the
trust account for further construction or may be deposited
in the sinking fund at the discretion of the Municipality.
Section 4 . The monies in said construction fund may be
invested in direct obligation of the Federal Government having
not more than one year maturity or in insured certificates
of deposit.
Section 5 . Nothing in this Ordinance shall be construed
in such a manner aL to prevent the issuance by the Municipality
of additional bonds payable from the income derived herein pledged
having a lien on such income on a parity with the line of the bonds
herein authorized; provided, however, that so long as any of the
bonds authorized herein are outstanding, additional bonds of equal
lien may be issued only if the income from such tax for the pre-
ceding fiscal year shall have been equal to two times the maximum
J annual principal and interest requirements on bonds previously
issued, on the L,inds authorized herein, and of the bonds proposed
J; to be issued . Nothing herein shall be construed to prevent the
issuance of obligations having a junior or subordinate lien on the
the proceeds of said income; provided, however, that the
City is current in the payment of interest and principal of
outstanding bonds and payable out of said income .
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Section 6. On written request from the original
purchasers or 25% of the bondholders , the Municipality shall
furnish a statement of all receipts and disbursements from
said income for any designated period .
Section 7. The Municipal Treasurer shall establish a
separate account to be known as "Sales Tax Bonds, Series
April 1, 1975 , Sinking and Interest Fund" into which, on
April 1, 1975 and on the first day of each month thereafter
shall be deposited from said income one-sixth (1/6th) of the
next maturing interest payment, and one-twelfth (1/12th) of
the next maturing principal payment, and out of which the
Treasurer shall pay, interest and principal on said bonds as
the same become due and payable.
Section 8. The Governing Body covenants to • the *purchasers
of the bonds that it will make no use of the proceeds of the
bonds at any time during the term thereof which, if such use had
been reasonably expected at the date and the bonds are issued,
arbitrage
would have caused such bonds to be x=dMomp bonds within the
meaning of Section 103 (d) of the United States Internal Revenue
Code of, 1954, and for this purpose -further covenants that none of
the proceeds of the bonds or other funds of the Municipality will
be used to acquire obligations, the adjusted yield on which will
exceed the adjusted yield produced by the bonds by more than the
amount permitted by the requirements of the regulations of the
United States Treasury Department as the same may be amended.
Section 9. That if any one or more sections or parts of
this ordinance shall be adjudged unenforceable or invalid, such
udgment shall not effect, impair or invalidate the remaining
provisions of the ordinance, it being the intention that the
various provisions hereof are severable.
Section 10. All ordinances or parts of ordinance in
conflict herewith are hereby repealed.
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Sectyon 11. This ordinance shall be and. remain irre-
pealable until said Sales Tax Revenue Bonds, Series April 1,
1975, and the interest thereon, have been fully paid, satisfied
and discharged as herein provided.
Section 12. This ordinance shall become effective
fiye C51 days after its publication as provided by law.
IN WITNESS WHEREOF, this Ordinance was adopted by the
affirmative vote of threefourths of all the members of the
..Governing Body of the Town of Taos, New Mexico, and after due
examination, approved by the Mayor of said Municipality and
attested by the Clerk and the corporate seal of said Municipality
9th April
' affixed on this 10bk day of Navoix, 1975.
APPROVED:
"L
Mayo
( S E A L )
ATTEST:
ler
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It was moved by Member Eloy Jeantete and
seconded by Member Fernando Valdez that the ordinance
be placed upon its final passage and do now pass .
The question being upon placing the ordinance upon its
final passage, the ro 11 was called with the following results:
Those voting AYE: Phillip Cantu, Jr.
Lawrence Santistevan
Eloy Jeantete
Fernando Valdez Joe A. Sanchez
Those voting NAY: NONE
The Mayor declared the motion carried and the ordinance
passed. The Mayor then announced his approval of the ordinance
and signed the same in open meeting.
After the consideration of other business not relating
to the bond issues, the meeting was, on motion duly made, seconded
and adopted, adjourned.
9th April
DATED at Taos; New Mexico on this $emu day of Mmxchc,
1975.
ay
( S E A L
A ST:
v
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STATE OF NEW MEXICO )
COUNTY OF TAOS ) ss
TOWN OF TAOS )
the duly appointed,
acting and 4+all' iedWMuni a' al Clerk of the Town of Taos,
New Mexico, do hereby certify that the foregoing 13 pages
constitute a true, correct and complete excerpt of the minutes
of a meeting of the Governing Body of the Town of Taos , New
9th April
Mexico, held on the 12th day of __ kkyx24 1975,
insofar as the same relates to the Town's Sales Tax Revenue
Bond Issue. That none of the action taken concerning the
same has been rescinded, revoked or modified.
IN WITNESS WHEREOF I have set my h nd and seal of
the Municipality this L_.__.. day of 1975 .
0,Z,7
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�--—
Cl
( S E A L )
14
TOWN OF TAOS
ORDINANCES
Y 19 "7 5
NUMBER: ��y
STATE OF NEW MEXICO
COUNTY OF TAOS
'TOWN, OF TAOS f, )
A' meeting of the Board of- Trustees, of the Town of Taos,
9th April i
New Mexico was held on Wednesday y, the 3c8 day oP ,
1975, at the .hour of 7: 30 .m. , at the Municipal Hall in
said Municipality, being the regular, meeting place of said Board,
at which meeting there were present and answering the roll call, the
following:.
Present:
Mayor: Phillip Cantu, -Jr. i
Trustees = Lawrence Santistevan
Eloy Jeantete
Joe A. Sanchez
' Fernando Valdezr
Absent: , None
constituting all the members thereof.
Thereupon, the following proceedings, ,among others,
were duly had and taken: .0
Trustee Eloy Jeantete introduced and-moved the
adoption of the following ordinance.
i
ORDINANCE N0. 34
AN ORDINANCE AUTHORIZING THE TOWN -'OF TAOS ,
NEW MEXICO , TO ISSUE SALES TAX REVENUE BONDS IN
THE AMOUNT OF $255, 000 .00 FOR THE PURPOSE OF
ACQUIRING AND IMPROVING OF PARKING 'FACILITIES IN
;.THE TOWN OF TAOS , INCLUDING THE PURCHASE OF
LAND THEREFOR, SUCH BONDS AND THE INTEREST THEREQN
TO' BE PAID SOLELY OUT OF THE MUNICIPAL .SALES TAX.
WHEREAS, by virtue of Chapter 147 - of the 1969 Laws of
.'the State of New Mexico, .the.,State of New Mexico, in lieu of
municipal sales tax, distributes to each municipality an . amount
•equal.'.to,- 1%. of the taxable gross receipts reported for each ,
municipality from the monies received from the Gross Receipts
and Compensating Tax Act of the State of New Mexico, which
sum is impressed. with all of the covenants and conditions of
the ordinances pledging municipal sales taxes to the payment
of municipal sales tax revenue bonds heretofore issued, and
WHEREAS, the Municipality has never pledged any of the
municipal sales tax revenues or the revenue to be received
by the municipality under the provisions of Chapter 147 of
the 1969 Laws of the State of New-Mexico,, except Sgles Tax
Revenue Bonds, Series September 1, 1969; and
WHEREAS, Section 14-30-1, N.M.S.A. , 1953 Comp . as amended
permits municipalities to irrevocably pledge any or all gross
receipt tax revenues received by the municipality; and
WHEREAS, the Municipality, 'after;icareful consideration has
determined that there is a present need for new' parking facilities
for the municipality; and
WHEREAS,. the Governing Body of said Municipality has determined
to issue Sales Tax Revenue Bonds of said Municipalityin the principal
amount of $25 ,, 000 .00 payable principal and interest, solely
out of said sales tax, the proceeds of such bonds'* to be used for
the purpose of acquiring and improving parking facilities, incl4di'ng
purchase of land therefor;
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WHEREAS, after negotiation, the Municipality has
determined that the offer submitted by the purchasers for the
purchase for cash for bonds numbered 1 to 51 in the principal
amount. of $255, 000 .00 at the rates of interest hereinafter
set forth, for the principal amount and accrued interest to
the date of delivery, at a price of 9�7.50%, was and is the
best offer- submitted for said bonds and that said offer is
hereby accepted.
THEREFORE, BE IT ORDAINED BY THE GOVERNING• BODY. OF THE
TOWN OF TAOS, NEW MEXICO:
i
Section 1: ' That there shall be issued Sales Tax Revenue
y •
Bonds, Series April 1, 1975, of said Municipality' i'n� the .principal
amount of $255,000 .00 , consisting of 51 bonds in' the denomination
of $5,000 each, numbered 1 to 51�, inclusive, dated April 11 1975,
bearing interest and' maturing•'on April 1, as follows'.-. .
Year Amount Rate
i
1976 $ 51000 • 5-1/2%
1977 .$10,000 5-1/2%
1978 . $10,000 5-1/2%
1979 $10,000 5-1/2%
1980 $15000 5-1/2%
1981 $15,000 5-1/2%
1982 • $15,000 5-3/4$ '
1983 $15,000 6% -�'
1984 $20,000 6%
1985 $20,000 6 .10%
r 1986 $20,000 6-1/4 '
� • 1987 $25,000 6 .40%
1988 $25,000 6-1/2%
1989 $25,000 6-1/2%
1990 $25,000 6-1/2%
Interest is payable October 11 1975, and semi-annually
thereafter on the first day of April and October of each year.
Bonds of this series maturing. on and after April 1, 1986
are redeemable at the option of the Municipality on April 1, 1935 ,
n
or on any interest payment date thereafter, in inverse numerical
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order at par plus accrued interest and a premium of one per centum
Cl%) of principal.
Said bonds shall bear the signature of the Mayor and
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Treasurer and the seal of the Municipality, and shall be attested by
the Municipal Clerk. The principal and interest on- said bonds
shall be payable at First State Bank of Taos
Taos , New Mexico.*
Section 2 . Said bonds and the interest•,.coupons to be i
attached *thereto shall be in substantially .the following form:
fA
' , ,1 i '. • %1.11• 1
• •,• Ii !i 1 1 • t
t
' (Form of Bond)
UNITED STATES OF AMERICA
STATE OF NEW MEXICO
COUNTY OF TAOS '
TOWN OF TAOS'
SALES TAX REVENUE BOND
SERIES APRIL 1, 1975
No. $5,000
The 716wn. 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 1st day of
April, 19�, the sum of
FIVE THOUSAND DOLLARS
and to pay interest thereon at the rate of per centum ( )
per annum, as evidenced by the coupons hereto attached, payable
October 1, 1975, and semi-annually thereafter on the 1st day of
April and October of each year, upon surrender of such bonds
and the annexed coupons as they severally become due and thereafter
until this bond is paid. Both principal of and interest on
this bond are payable in lawful money of the United States
of America at, ,
New Mexico.
Bonds of this series maturing on and after April 1, 1986
are redeemable at the option of the Town on .April 1, 1985,
' or on any interest payment date• thereafter, in inverse numerical
order at par plus accrued interest and a premium of one per centum
(l%) of principal. _
This bond does not constitute an indebtedness of 'the
Municipality -,within the meaning of any constitutional or statutory
provision or limitation, shall not be considered or held to
be a'general obligation of the Municipality,",and is payable
and collectible from the proceeds of a portion of the gross
_ . . . _... ........._ .�_._.�._.._.._... . _�....... . _... . ..._.........__.. _�__...._._.... .. . .___ . ..
10 1
receipts tax equal to one per cent (1%) on the gross receipts'
of all rental businesses and services within the 'Muni cip ali ty
Cwith certain' specified exemptions and deductions) .which is
levied' by-,!the .State, which proceeds are remitted monthly to
the Municipality by the State pursuant to Section 72-13-24
New Mexico Statutes Annotated, . 1953 Compilation, and all laws
amendatory thereof and supplemental thereto or from any other
legally available funds; and the holder hereof may not look
specifically to any general or other fund for the payment of
the principal or interest on this obligation except the special
i
fund pledged therefor. Payment of this bond and the interest
thereon shall be made from and as security for such payment
there is pledged led ed P ursuant to Ordinance No. 634 , passed and
9th April
' adopted the N6&tk day of MaZOIX 1975 , a special
. • i
fund identified as the "Town of Taos $ales Tax Revenue Bonds,
i Series April 1, 1975 Sinking ar— ,..L=rest Fund," into which the ;
Municipality covenants to pay from the pledged revenues or
any . other legally available fund sufficient sums to pay when
idue the principal of and the interest on the bonds . Reference
li• i.s made to said ordinance for a description of said fund and
the nature and extent of the security afforded thereby for
the payment of the principal and the interest on the bonds .
The bonds 'are equitably and ratably secured by a first lien
on the pledger revenues, on a parit„ with Sales Tax Revenue
Bonds, Series September 1, 1969 . Additional obligations subject
t�
to designated conditions may be issued and made payable from
pledged revenues and having a lien thereon inferior ,Jrtd• junior
to the lien, or having a lien thereon on a parity with the
lien of the bonds of the series of which this bond Is a part,
in accordance with the provisions of said ordinance. ,
6 ' .
00 00
The Municipality covenants and agrees ,with the holder of the
; bond and with each and every person who may beconiie the holder
` thereof that it will keep and perform all of the '�covenants of
said ordinance. ; .
Tt is expressly agreed that the holder of ,this bond
may not look to any general or other funds of said Municipality
for the payment of principal or interest on this obligation,
this bond being payable and collectible solely from the proceeds
of said gross receipts tax.
This bond is issued for the purpose of acquiring and
improving parking facilities in the Municipality, . including
purchase of land therefor in said Municipality$ • and'.-is issued
under and in strict compliance with the Constitution and laws
of the State of New Mexico, particularly Section 14-30-1 -to
14-30-11, inclusive, New Mexico Statutes Annotated 1953 Compilation
(pocket Supplement) .
' It is hereby certified that all conditions, acts and
things required by the Constitution and laws of the State of New
Mexico to exist, have happened and to have 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
r, prescribed by the Constitution or laws of the State of New Mexico. '
' For payment of this bond and the interest hereon, 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 Treasurer, and
sealed with its corporate seal, attested by the. signature of the
Municipal Clerk,,' and the coupons hereto annexed to bear the
facsimile signature of the Treasurer, .as 'of. the 1st
y of April, 1975.
May
iT eas rer
ATTEST:
pa C1
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;......���...��.... ..�.�..�.�... � .T....�..--�-�.�•�.�.+�r ��. .•ter........«...�.r��......��.. ...... ..� ..._.�... .... . ... •
(Form, of Coupon)
t No. 4 $
Unless the bond to which this coupon is �ttached,
if callable, has been called for prior redemption, on the first
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, at ,
New Mexico, the' amount show-n from
the proceeds of a designated special fund or other income legally
available, as provided in the bond to which this coupon is
attached, interest then due on its Sales Tax Revenue Bond,;
Series April 1, 1975, bearing, No.* . , .'
. (facsimile signature)
I Treasurer'
Section 3 . The bonds of this issue shall be sold and
delivered forthwith tot Quinn & Co. , Inc. , in .accordance with
> >
their proposal, which has heretofore been accepted. The proceeds
of the bonds shall be deposited in a special trust account in
First State Bank of Taos , Taos ,
New Mexico, and shall be withdrawn only for the authorized purposes,
on written estimates of the architect in charge of construction,
such estimates to be approved by the Governing ,Body. Funds re-
maining after completion of construction, may be retained in the
. ,trust account for further construction or may be deposited
in the sinking fund at the discretion of the Municipality.
Section 4 . ' 'The- 'monies in said construction fund may be
invested in direct obligation of the Federal GoWernment having
not more than one year maturity or in insured certificates
of deposit.
Section 5. Nothing in this Ordinance shall be construed
in such a manner as to prevent the issuance by the Municipality . .
of additional bonds payable from the income derived herein pledged
;;iaaving a lien on such income on a parity with the line of the bonds
herein authorized; provided, however, ' that so long as any of the
bonds authorized herein are outstanding, additional bonds of equal
lien may be issued only if the income from such tax for the pre-
ceding fiscal year shall have been equal to two. times the maximum
annual principal and interest requirements on bonds previously
issued, on the bonds authorized herein, and of the bonds proposed
to be issued. Nothing herein shall be construed to prevent the
issuance of obligations having a junior or subordinate lien on the
the proceeds of said income; provided, 'however, that the
City is current in the pays ant of interest and principal of
outstanding bonds and payable .out of said income. ;
10
r ,
Section 6 . on written request from the original '
purchasers or 2596 of the bondholders, the Municipality shall
furnish a statement of all receipts and disbursements from
said income for any designated period.
Section 7 . The Municipal Treasurer shall establish a
separate account to be known as "Sales Tax Bonds, Series
April 1, 1975, Sinking and Interest Fund" into which, on
April 1, 1975 and on the first day of each month thereafter
shall be deposited from said income one-sixth (1/6th) of the
next maturing interest payment, and one-twelfth (1/12th) of
the next maturing principal payment, and out of which the
Treasurer shall pay interest and principal on said bonds as
the same become due and payable.
Section 8.. The 'aoverning Body. covenants to'•the:'purchasers
of the bonds that it will make no use of the proceeds of the
bonds at any time during the term thereof which, if such use had
been reasonably expected at the date and the bonds are issued,
arbitrage
would have caused such bonds to be x0e bonds within the
meaning of Section 103 (d) of the United States Internal Revenue
i
Code of, 1954, and for this purpose ;further covenants that none of
the proceeds of the bonds or other funds of the Municipality will
i
be used to acquire obligations, the adjusted yield on which will
exceed the adjusted yield produced by the bonds by. more than the
amount permitted by the requirements of the regulations of the
United States Treasury Department as the same may be amended.
Section 9 . That if any one or more sections or parts of
this ordinance shall be adjudged une:aforceable or invalid, such
Judgment shall not effect, impair or invalidate the remaining -
provisions of the ordinance, it being the intention that the
i
various provisions hereof are severable.
Sec•.'ion 10 . All ordinances or parts of ordinance in
conflict herewith are hereby repealed.
s Section 11. This -ordinance shall be and, remain Irre-
pealable until said Sales Tax' Revenue Bonds, - Series April 11 '
` 1975, and the interest thereon, have been fully 'paid, satisfied
• i
•and discharged as herein provided. ;
Section 12. This ordinance shall become effective
9iye 01 days of ter its publication as provided by law.
IN WITNESS WHEREOF, this Ordinance was adopted by the
affirmative vote of threefourths of all the members of the = i
,Governing Body of the Town of Taos, New Mexico, and after due .
examination, approved by the Mayor of said -Miinf:oipality-''and
attested by the Clerk and the corporate seal of said Municipality
9th April i
affixed on this 1066 day of 'Ma=gx, 1915.' � t.
' APPROVED:
Mayo
C S E A L
ATTEST:
r
, '
It was 'moved by Member Eloy Jeantete and
seconded. by Member Fernando Valdez that the ordinance
be' placed upon its final passage and do new pass .
{ The question being upon placing the ordinance upon its
' final passage, - the roll was called with the following rdsults:
' Those voting AYE:, _Phillip Cantu, Jr.
Lawrence Santistevan
Eloy Jeantete
Fernando Valdez Joe A. Sanchez
Those voting NAY: NONE
The Mayor declared the motion carried and' the ordinance
passed. The Mayor then announced his approval of the ordinance
and signed the same in " open meeting.
' After the consideration of other business not relating
to the bond issues, the meeting was, on motion duly made, seconded
and adopted, adjourned.
9th April
i DATED .at Taos.; New:Mexico on this 124ft day of Mme,
.1975. ,
aye.
S E AL ,
•AT ST: ,
'All
er
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{�.• .� STATE ' I , ` ' : � '�.;,�'s;+•,• ' , ' .,,. ; , :.,,;• . '' '• ',;':. . i
OF NEW MEXICO
I COUNTY OF TAOS `. :` ) • 'ss ',
TOWN ' OF TAO" )
I, G�2 , the duly appointed, I
acting and al' ied Muni a- al Clerk of the Town of Taos,
New Mexico, do hereby certify that the foregoing 1. 3 pages
constitute a 'true, correct and complete excerpt of the .minutes
of a meeting of the Governing Body of the Town of Taos New
9th April 4 '
1
Mexico, held on the 12Ni day of 1 , 1975" .
insofar as the same' relates to the Town's Sales Tax Revenue . • '
Bond Issue. ' That none of the action taken concerning the
same has been rescinded, revoked or modified. '
IN WITNESS WHEREOF I have set my h nd and seal of
the, Municipality. this _.L.M. day of G� , 1975 . i
+ C I
CSEAL ) '
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