The commissioner of public lands is authorized to anticipate the proceeds of rentals from trust lands, to the extent that the same are required to be covered into the state lands maintenance fund created by the provisions of Section 19-1-11 NMSA 1978 by the issuance and sale of state land office debentures not exceeding in the aggregate one million five hundred thousand dollars ($1,500,000). The commissioner of public lands may issue these debentures at times and in denominations as he may deem expedient. Debentures issued shall bear the rate of interest prescribed by law, and shall be issued in serial form. Debentures in the principal amount of not more than fifty thousand dollars ($50,000) shall mature not before June 30, 1960, and a principal amount of these debentures of not more than fifty thousand dollars ($50,000) shall mature at every six-month interval thereafter, until all debentures issued under the Land Office Building Act [19-12-1 to 19-12-13 NMSA 1978] have been retired.
History: 1953 Comp., § 7-14-9, enacted by Laws 1959, ch. 25, § 9.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Structure 2021 New Mexico Statutes
Article 12 - Land Office Building
Section 19-12-1 - Short title.
Section 19-12-3 - [Total cost of acquisition and construction; appropriation.]
Section 19-12-5 - Commissioner's power to provide for construction and maintenance; disbursements.
Section 19-12-6 - [Interest in contracts by commissioner or his agents prohibited.]
Section 19-12-7 - [Location of building; style of architecture.]
Section 19-12-7.1 - Name of land office building.
Section 19-12-9 - [Debentures; signed by commissioner; seal affixed.]
Section 19-12-10 - [Funds derived from sale of debentures; disposition.]
Section 19-12-12 - Contract for maintenance.
Section 19-12-13 - [Acceptance of gift, or loan, from federal government authorized.]