§ 21-8-21 — [Income pledged to pay building and improvement bonds.]

New Mexico § 21-8-21

• Jurisdiction: New Mexico
• Ch. 21: State and Private Education Institutions
• Art. 8: New Mexico State University

Text

For the faithful and prompt payment of all interest and principal of said bonds as and when the same shall mature according to the tenor thereof, the issue thereof shall constitute an irrevocable pledge by said board of so much of each year's income from the permanent fund of the New Mexico college of agriculture and mechanic arts [New Mexico state university] in the hands of the treasurer of this state, as shall be necessary to provide the "interest and retirement fund" herein mentioned, for the ensuing year, and to at all times fully and faithfully keep the same in not less than the amount necessary to pay the interest and principal maturing as aforesaid; and in addition thereto the issue of said bonds shall constitute an irrevocable pledge by said board of so much of each year's income from the income and current fund derived from the lease of such of its lands as remain unsold, as may be necessary to fully protect the "interest and retirement fund" for the ensuing year, and keep the same at all times in proper amount as herein provided.

Legislative History

Laws 1929, ch. 40, § 7; C.S. 1929, § 130-1020; 1941 Comp., § 55-2520; 1953