The board of regents shall at the time of issuing said bonds, establish for the payment of the principal and interest thereof a fund to be known as "interest and retirement fund" into which fund said board shall immediately place a sum not less than the amount necessary to pay the interest and maturing principal of said bonds for the ensuing twelve (12) months and annually thereafter shall continue to place in said fund a sufficient amount to pay principal and interest maturing in the succeeding twelve (12) months.
History: 1941 Comp., § 55-2212, enacted by Laws 1949, ch. 44, § 6; 1953 Comp., § 73-23-15.
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. — 64 Am. Jur. 2d Public Securities and Obligations § 266.
Structure New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 5 - New Mexico School for the Blind and Visually Impaired
Section 21-5-6 - [Transportation of children.]
Section 21-5-7 - Superintendents of school districts required to report blind children.
Section 21-5-9 to 21-5-11 - Recompiled.
Section 21-5-12 - [Authority to borrow money; purposes.]
Section 21-5-13 - [Power of board to sell and retire bonds.]
Section 21-5-14 - Form of bonds.
Section 21-5-16 - [Permanent improvement and interest and retirement funds.]
Section 21-5-17 - [Interest and retirement fund established.]
Section 21-5-18 - [Pledge of income for interest and retirement; leased land income.]
Section 21-5-19 - [Forwarding of funds for payment of coupons and bonds.]
Section 21-5-20 - [Funds restricted to designated purposes.]
Section 21-5-21 - [State treasurer's duty to establish interest and retirement fund.]
Section 21-5-23 - [Tax exemption; security for public moneys.]