That bonds issued under the provisions of this act [21-3-13, 21-3-14, 21-3-16 to 21-3-28 NMSA 1978], and the income thereupon being for the sole purposes specified in Section 1 [21-3-13 NMSA 1978] hereof, shall forever be and remain free and exempt from taxation by the state of New Mexico or any subdivision thereof.
History: Laws 1941, ch. 208, § 12; 1941 Comp., § 55-2126; 1953 Comp., § 73-22-26.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
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
Article 3 - Certain State Post-Secondary Schools
Section 21-3-1 - [Names of Las Vegas and Silver City schools.]
Section 21-3-2 - [Use of name "New Mexico highlands university" authorized.]
Section 21-3-3 - Use of name "western New Mexico university" authorized; exceptions.
Section 21-3-4 - [Boards of regents; appointment and qualifications of members; corporate powers.]
Section 21-3-5 - [Election of officers; bond of secretary-treasurer.]
Section 21-3-6 - [Meeting of boards of regents; quorum.]
Section 21-3-8 - [Duties of board officers.]
Section 21-3-10 - [New Mexico highlands university to be nonsectarian.]
Section 21-3-11 - [Acquisition of land for New Mexico highlands university.]
Section 21-3-12 - [Right of eminent domain by New Mexico highlands university regents unaffected.]
Section 21-3-14 - [Resolution of New Mexico highlands university regents.]
Section 21-3-15 - Bonds; form; conditions.
Section 21-3-19 - [Protection of interest and retirement fund of New Mexico highlands university.]
Section 21-3-20 - [Income of permanent land funds of New Mexico highlands university pledged.]
Section 21-3-21 - [Interest payments for New Mexico highlands university bonds.]
Section 21-3-23 - [Series of New Mexico highlands university bonds; restrictions.]
Section 21-3-24 - [Tax exemption of New Mexico highlands university bonds.]
Section 21-3-25 - [Restrictions on use of New Mexico highlands university bond proceeds.]
Section 21-3-26 - [State board of finance approval of New Mexico highlands university bonds.]
Section 21-3-27 - [Lien of New Mexico highlands university bonds.]
Section 21-3-28 - [Refunding bonds issued by New Mexico highlands university.]
Section 21-3-29 - [Eastern New Mexico university; establishment.]
Section 21-3-31 - [Use of name "eastern New Mexico university" authorized; exceptions.]