The officials now or hereafter charged by law with the duty of levying general (ad valorem) taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the bonds maturing or the mandatory sinking fund payments as in this article provided. Nothing herein contained shall be so construed as to prevent the municipal corporation from applying any other funds that may be in the treasury or investment income actually received from sinking fund investments and available for that purpose to the payment of the interest on or the principal of or any prior redemption premium in connection with such bonds as the same become due; and upon such payments, the levy or levies herein provided may thereupon to that extent be diminished.
History: Laws 1929, ch. 201, § 2; C.S. 1929, § 16-102; 1941 Comp., § 7-617; 1953 Comp., § 11-6-16; Laws 1973, ch. 393, § 2; 1975, ch. 326, § 2.
Cross references. — For destruction of documentary evidence of extinguished public debt, see 6-10-62 NMSA 1978.
Structure New Mexico Statutes
Article 15 - Finances of Counties, Municipalities and School Districts
Section 6-15-1 - Bonds payable from ad valorem taxes; notice of proposed issuance.
Section 6-15-3 - Bonds; forms; interest; maturities.
Section 6-15-4 - Tax levy for payment of bonds.
Section 6-15-5 - Sale of bonds.
Section 6-15-6 - [Bids for bonds refused; return of deposits.]
Section 6-15-7 - Maturity date of bonds; limitation.
Section 6-15-8 - ["Municipal corporation" as used in Sections 6-15-3 to 6-15-8 NMSA 1978 defined.]
Section 6-15-9 - Bonds authorized at election; time limit on issuance; exceptions.
Section 6-15-10 - Unissued bonds authorized at election; when void; exceptions.
Section 6-15-12 - Ordinance or resolution for refunding bonds; contents; maturities.
Section 6-15-13 - Execution of refunding bonds; interest coupons; mode of payment; installments.
Section 6-15-14 - Levy of taxes to pay annual installments and interest.
Section 6-15-15 - Exchange for bonds to be refunded; sales.
Section 6-15-16 - [Record of refunding bonds.]
Section 6-15-17 - [Retired refunding bonds to be destroyed.]
Section 6-15-18 - [Bonds surrendered for refunding; record; destruction.]
Section 6-15-19 - [Definition of terms.]
Section 6-15-20 - Application of bond proceeds; procedures; limitations.
Section 6-15-21 - Contributions securing payment of bonds.
Section 6-15-22 - Creation of sinking funds to secure payment of bonds.