All bonds issued under the Student Loan Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant thereto, the bonds are sufficient security for all deposits of state funds and of all funds of any board in control at the par value of the bonds. The bonds and the income therefrom, including profits made on the sale thereof, are free from taxation within this state.
History: 1953 Comp., § 73-38-10, enacted by Laws 1970, ch. 82, § 10.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 495, 526.
Constitutional enumeration of subjects of tax exemption as affecting power of legislature to free government securities or property from taxation, 9 A.L.R. 436.
84 C.J.S. Taxation § 260.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Section 21-21-1 - Short title.
Section 21-21-2 - Definitions.
Section 21-21-3 - Student loan fund; loan authority.
Section 21-21-4 - Conditions of loan.
Section 21-21-5 - Duties of the fiscal agent.
Section 21-21-6 - Reimbursement of the fiscal agent.
Section 21-21-8 - Issuance of revenue bonds.
Section 21-21-9 - Refunding bonds.
Section 21-21-10 - Legal investments; tax exemptions.
Section 21-21-11 - Proceeds from bond sale.
Section 21-21-12 - Repayment of bonds.
Section 21-21-13 - Investment of funds.
Section 21-21-14 - Short title.
Section 21-21-16 - Definitions.
Section 21-21-17 - Loan guarantees; powers and duties of board.
Section 21-21-18 - Fund created; method of payment.
Section 21-21-20 - Conditions of loan.
Section 21-21-21 - Duties of fiscal agent.
Section 21-21-22 - Reimbursement of the fiscal agent.
Section 21-21-23 - Certification of the board of educational finance.
Section 21-21-25 - Collection of student loans; contracts authorized.