reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-9 - [Manner of payment of principal and interest; maturity in annual installment; schedule of maturities.]

Both principal and interest of said bond[s] shall be payable in lawful money of the United States, at the office of the state treasurer, or at such other place as may be designated in said bonds and in the coupons attached thereto, at the option of the holder. The principal of said bonds shall be made to mature in annual installments, to begin not later than two years from the date of said bonds.
The state board of finance shall, by resolution duly adopted, fix the schedule of maturities of principal to the end that total annual principal and interest requirements shall be approximately equal in each year when any of the said bonds mature, except that the total requirement for principal and interest in the last year in which any of said bonds mature, may exceed the average of the annual requirements for principal and interest in prior years during which bonds mature, by not exceeding twenty-five percent.
History:
Laws 1935, ch. 4, § 4; 1941 Comp., § 7-509; 1953 Comp., § 11-5-9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-10 - [Validity.]

The said bonds signed, countersigned, endorsed and sealed as provided in this act [6-12-6 to 6-12-14 NMSA 1978], and coupons thereto attached, when sold, shall constitute a valid and binding obligation upon the state of New Mexico, although the sale thereof be made at a date or dates after the persons so signing, countersigning and endorsing same shall have ceased to be the incumbents of their respective offices.
History:
Laws 1935, ch. 4, § 5; 1941 Comp., § 7-510; 1953 Comp., § 11-5-10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-11 - [Exchange for bonds to be refunded; sale; disposition of proceeds.]

All such refunding bonds may be exchanged dollar for dollar for the bonds to be refunded, or they may be sold as directed by the state board of finance, and the proceeds thereof shall be applied only to the purpose for which said refunding bonds were issued. When refunding bonds are sold the proceeds shall be deposited in the proper sinking fund, and the state treasurer shall immediately transfer the same to the bank in the city of New York, state of New York, designated as paying agent of the issue maturing or called for redemption prior to maturity, to be held by such bank and to be applied solely to the payment of the principal of and matured interest upon the bonds maturing or called for payment prior to maturity; provided, that any such funds remaining in the bank in the city of New York, state of New York, named as paying agent, at the expiration of two years from the date fixed by the call as date of payment of said bonds shall be returned to the state treasurer and by him held in a special fund for such purposes.
History:
Laws 1935, ch. 4, § 6; 1941 Comp., § 7-511; 1953 Comp., § 11-5-11.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-12 - [Irrepealable contract; irregularities and defects waived; tax exemption.]

The provisions of this act [6-12-6 to 6-12-14 NMSA 1978] shall constitute an irrepealable contract with the holders of any of the bonds and coupons issued pursuant to this act, for the faithful performance of which the full faith and credit of the state of New Mexico is hereby pledged. The bonds issued under this act and the coupons thereto attached shall have all the qualities of negotiable paper under the Uniform Commercial Code [Chapter 55 NMSA 1978], except that bonds, with attached coupons, issued prior to the passage of that code shall have the qualities of negotiable paper under the existing law at the time of issue. Bonds issued under this act and the attached coupons shall not be invalid for any irregularity or defect in the proceedings for the issue and sale thereof, and shall be incontestable in the hands of bona fide purchasers or holders thereof for value. All bonds issued under the provisions of this act shall be exempt from taxation.
History:
Laws 1935, ch. 4, § 7; 1941 Comp., § 7-512; 1953 Comp., § 11-5-12; Laws 1961, ch. 96, § 11-102.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-13 - [Tax levy for payment; continuance of levies for bonds to be refunded; application of receipts.]

To provide for the payment of the interest and principal of any bonds issued pursuant to the provisions of this act [6-12-6 to 6-12-14 NMSA 1978], the state tax commission [property tax division of the taxation and revenue department] is hereby authorized and directed during each year any of said bonds shall be outstanding to levy on all property in the state of New Mexico which is subject to taxation for state purposes, an annual ad valorem tax sufficient to produce an amount equal to the interest and principal requirements of that year, to be levied, assessed and collected at the same times and in the same manner that other taxes for state purposes are levied, assessed and collected, and provided that the provisions contained in any statute authorizing the issuance of bonds which are refunded by the issuance of bonds under this act and which direct the levy of taxes on any particular property or in any particular manner for the payment of the bonds so refunded, shall not be repealed by the provisions of this act, and any refunding bonds issued to refund such bonds shall be payable from taxes to be levied, assessed and collected in the manner above set forth, in addition to which any other taxes now pledged for the payment of outstanding bonds to be refunded hereunder, shall continue to be pledged for the payment of the refunding bonds authorized to be issued by this act, in the manner provided in the statutes authorizing the issuance of the bonds refunded, and provided further, that the refunding bonds issued under the provisions of this act shall in any event be obligations for the payment of which the full faith and credit of the state of New Mexico are pledged.
History:
Laws 1935, ch. 4, § 8; 1941 Comp., § 7-513; 1953 Comp., § 11-5-13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 1970, ch. 31, § 3 (repealed by Laws 1974, ch. 92, § 34) transferred the authority, powers and duties of the state tax commission to the property appraisal department, and Laws 1973, ch. 258, § 3, transferred the functions of the property appraisal department to the property tax department. However, Laws 1977, ch. 249, § 5, abolished the property tax department, and Laws 1977, ch. 249, § 4, established the property tax division of the taxation and revenue department.
See
7-2-2 and 9-11-4 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-14 - [Bonds surrendered for refunding; entries; destruction.]

Upon the surrender of any bonds refunded under the provisions of this act [6-12-6 to 6-12-14 NMSA 1978], there shall be entered on the records of the state auditor the fact of such surrender and the number, amount, date and character of the bonds so surrendered; and such bonds shall be destroyed by the state board of finance and the fact of such destruction shall be likewise entered on such record.
History:
Laws 1935, ch. 4, § 9; 1941 Comp., § 7-514; 1953 Comp., § 11-5-14.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Refunded or redeemed bonds in agency's possession should be surrendered
to the state auditor as hereinbefore specified, and the bonds destroyed by the state finance board (state board of finance) as herein provided, the fact of such destruction being entered in the records of the board of finance. 1953 Op. Att'y Gen. No. 53-5780.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12 - State Indebtedness › Section 6-12-15 - State bond guarantee fund; creation; purposes.

A. There is created within the state treasury the "state bond guarantee fund". The fund is established as an additional source for payments of principal and interest due on state general obligation indebtedness already incurred or incurred in the future or for payments of any other obligations arising in connection with that indebtedness. The fund shall be drawn upon only in the event ad valorem taxes or other revenues of the state available for the described payments are either insufficient or are not received by the state at the time due or anticipated.
B. If it is determined by the department of finance and administration or the state treasurer that there are insufficient ad valorem taxes or other state revenues to meet a payment of principal or interest due on state general obligation indebtedness or to meet any other obligation arising in connection with that indebtedness lawfully payable from ad valorem taxes, or that the receipt of ad valorem taxes or other revenues to be used to make any such payment will be delayed and not be available to make the payment when due, the department of finance and administration or the state treasurer may request the state board of finance to direct a temporary transfer of a sufficient amount of money from the general fund operating reserve, or any other available fund in the state treasury in which there may be a surplus over current requirements, to the state bond guarantee fund so that the payment becoming due may be made and a default avoided. If such a transfer is directed by the state board of finance, the state treasurer shall use the amount transferred to the state bond guarantee fund to make the payment. The amount transferred to the state bond guarantee fund shall be repaid to the fund from which transferred from ad valorem taxes or other revenues of the state that are available for the repayment and which are not otherwise required for subsequent payments of state general obligation indebtedness.
C. Nothing in this section prevents the application of any other funds of the state available for that purpose to the payment of general obligation indebtedness of the state or other obligations arising in connection with that indebtedness.
History:
Laws 1989, ch. 124, § 1.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-1 - Short title.

This act [6-12A-1 to 6-12A-15 NMSA 1978] may be cited as the "Short-Term Cash Management Act".
History:
Laws 1997, ch. 111, § 1.
ANNOTATIONS
Cross references.
— For creation of general fund,
see
6-4-2 NMSA 1978.
For state indebtedness generally,
see
Chapter 6, Article 12 NMSA 1978.
For institutional bonds,
see
Chapter 6, Article 13 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-2 - Purpose.

The purpose of the Short-Term Cash Management Act is to ensure an orderly and uninterrupted flow of money to the general fund by anticipating the receipt of taxes and other state revenues into the general fund and authorizing the state treasurer to issue short-term notes payable from those anticipated receipts.
History:
Laws 1997, ch. 111, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-3 - Definitions.

As used in the Short-Term Cash Management Act:
A. "anticipated revenue" means tax receipts and other state revenues that are to be credited by law to the general fund;
B. "anticipation notes" means state of New Mexico tax and revenue anticipation notes; and
C. "general fund" means the fund created in Section 6-4-2 NMSA 1978 to which the state treasurer credits all revenue not otherwise allocated by law.
History:
Laws 1997, ch. 111, § 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-4 - State treasurer certification.

Whenever the state treasurer deems it necessary to issue anticipation notes pursuant to the Short-Term Cash Management Act, the state treasurer shall certify that:
A. the issuance of anticipation notes is necessary to regulate cash flow in the general fund;
B. the issuance of anticipation notes will not have an adverse impact on the general fund;
C. the issuance of anticipation notes is in the best interest of the state;
D. the amount of anticipation notes proposed for issuance is reasonable under existing and anticipated market conditions and complies with the requirements of the Internal Revenue Code of 1986, as amended, to the extent applicable; and
E. the payment of all interest and principal on anticipation notes can be made on a timely basis.
History:
Laws 1997, ch. 111, § 4.
ANNOTATIONS
Cross references.
— For the federal Internal Revenue Code,
see
26 U.S.C.S. § 1 et seq.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-5 - Anticipation notes; authorization; state board of finance approval.

A. In order to anticipate the collection and receipt of anticipated revenue and after certifying the need to issue anticipation notes as provided in the Short-Term Cash Management Act, the state treasurer may issue and sell one or more anticipation notes. The anticipation notes shall mature not later than the end of the fiscal year in which the anticipation notes are issued and shall bear interest at rates permitted in the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978].
B. The state treasurer shall pledge the anticipated revenue to secure the payment of the principal of and interest on the anticipation notes.
C. Anticipation notes may be sold at a public or negotiated sale at, above or below par. Any negotiated sale shall be made with one or more investment bankers whose services are obtained through a competitive proposal process. For any sale, the state treasurer shall also procure through a competitive proposal process the services of any financial adviser and bond counsel, unless the state treasurer contracts with the state board of finance to employ the services of the board's financial adviser or bond counsel under contracts the board may have, from time to time, with those professionals.
D. Anticipation notes may be issued in an aggregate principal amount not to exceed fifty percent of the anticipated revenue that the state treasurer anticipates will be collected by the state and credited to the general fund in the fiscal year in which the notes are issued and will be available to pay the principal of and interest on the anticipation notes.
E. Anticipation notes shall be issued by the state treasurer pursuant to the Short-Term Cash Management Act only upon approval by the state board of finance at a public meeting held prior to the delivery of the anticipation notes.
History:
Laws 1997, ch. 111, § 5.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-6 - Source of repayment.

Principal of and interest on anticipation notes shall be payable solely from that portion of anticipated revenue pledged for that purpose and collected by the state for credit to the general fund in the fiscal year in which the anticipation notes are issued.
History:
Laws 1997, ch. 111, § 6.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-7 - Anticipation notes debt service fund created.

The "anticipation notes debt service fund" is created in the state treasury. Upon collection of anticipated revenue that has been pledged for the payment of principal of and interest on the outstanding anticipation notes, the state treasurer shall deposit into the fund that portion of the pledged revenue necessary for payment of the principal of and interest on anticipation notes. Anticipated revenue in the fund is appropriated to the state treasurer for the payment of anticipation notes with interest at maturity. Money in the fund shall be held for the benefit of the registered owner or owners of the anticipation notes and for no other purpose.
History:
Laws 1997, ch. 111, § 7.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-8 - Proceeds from anticipation notes; anticipation notes fund created; investment.

The "anticipation notes fund" is created in the state treasury. All proceeds from the sale of anticipation notes shall be deposited in the fund. The state treasurer shall invest the proceeds of anticipation notes as provided in Section 6-10-10 NMSA 1978.
History:
Laws 1997, ch. 111, § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-9 - Anticipation notes; legal investment; tax exemption.

Anticipation notes issued by the state treasurer pursuant to the Short-Term Cash Management 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. Anticipation notes are sufficient security for all deposits of state funds and of all funds of any board in control of public money at the par value of the anticipation notes.
History:
Laws 1997, ch. 111, § 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-10 - Expenses.

The expenses incurred by the state treasurer related to the issuance and sale of anticipation notes shall be paid out of the proceeds from the sale of the anticipation notes, and all rebate, penalty, interest and other obligations of the state related to the anticipation notes and anticipation notes proceeds under the Internal Revenue Code of 1986, as amended, shall be paid from the earnings on anticipation notes proceeds or any money of the state legally available for such payment.
History:
Laws 1997, ch. 111, § 10.
ANNOTATIONS
Cross references.
— For the federal Internal Revenue Code,
see
26 U.S.C.S. § 1 et seq.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-11 - State treasurer; duty to make payments and keep records.

The state treasurer shall pay the principal of and interest on outstanding anticipation notes and shall keep a complete register showing the interest paid and principal outstanding on all anticipation notes and such other records as he deems appropriate.
History:
Laws 1997, ch. 111, § 11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-12 - Authority for issuance.

The Short-Term Cash Management Act, without reference to any other statute, shall be full authority for the issuance and sale of anticipation notes and shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978].
History:
Laws 1997, ch. 111, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-13 - Action to compel performance of officers.

Any holder of anticipation notes or any person who is a party in interest may bring an action to enforce and compel the performance of the provisions of the Short-Term Cash Management Act.
History:
Laws 1997, ch. 111, § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 12A - Short-Term Cash Management › Section 6-12A-15 - Anticipation notes not a general obligation of the state.

Anticipation notes are not a general obligation of the state, but are payable solely out of anticipated revenues that have been pledged for their payment.
History:
Laws 1997, ch. 111, § 15.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-1 - Short title.

Sections 6-13-1 through 6-13-26 NMSA 1978 may be cited as the "Institution Bond Act."
History:
1953 Comp., § 11-9-1, enacted by Laws 1963, ch. 298, § 1.
ANNOTATIONS
Effect of presenting coupons maturing subsequent to redemption date.
— Under the express provisions of the bonds to be redeemed and the bond resolution, it is necessary that the institution pay the principal and accrued interest to date of the redemption of such bonds, only when the appurtenant coupons maturing subsequent to the redemption date are presented. 1965 Op. Att'y Gen. No. 65-61.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Validity, under state constitution and laws, of issuance by state or state agency of revenue bonds to finance or refinance construction projects at private religious-affiliated colleges or universities, 95 A.L.R.3d 1000.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-3 - General borrowing authority.

For the purpose of erecting, purchasing or otherwise acquiring, altering, improving, furnishing and equipping any necessary buildings or structures at any state institution, or acquiring any necessary land for use of the institution, or for retiring the whole or any part of any series of bonds previously issued by any state institution under the provisions of law, or for any of these purposes, the governing board of the state institution may borrow money in conformity with the terms of the Institution Bond Act.
History:
1941 Comp., § 6-255, enacted by Laws 1949, ch. 121, § 2; 1953 Comp., § 11-9-3, compiled and amended by Laws 1963, ch. 298, §§ 2, 3.
ANNOTATIONS
Cross references.
— For the Short-Term Cash Management Act,
see
Chapter 6, Article 12A NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 101, 120.
81A C.J.S. States § 213.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-4 - General bonding authority.

Whenever the governing board of any state institution, by affirmative vote of a majority of its members duly entered in the minutes of the board, determines by resolution that it is necessary to erect, purchase or otherwise acquire, alter, improve, furnish or equip any buildings or structures at the institution, or acquire land for its use, or to retire the whole or any part of any series of bonds previously issued in conformity with law, or for any of these purposes, the board may issue and sell bonds of the state institution as provided by the Institution Bond Act.
History:
1941 Comp., § 6-256, enacted by Laws 1949, ch. 121, § 3; 1953 Comp., § 11-9-4, compiled and amended by Laws 1963, ch. 298, §§ 2, 4.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 36.
81A C.J.S. States § 252.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-5 - Bonds; form; terms.

Bonds issued under the Institution Bond Act shall be payable not later than fifty years from the date of issue and in consecutive order commencing not later than two years from the date of issue. They shall be in denominations determined by the governing board of the state institution. The form of the bonds shall be determined by the governing board of the state institution and signatures may be affixed in compliance with the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978].
History:
1953 Comp., § 11-9-5, enacted by Laws 1963, ch. 298, § 5; 1983, ch. 265, § 26.
ANNOTATIONS
Repeals and reenactments.
— Laws 1963, ch. 298, § 5, repealed former 11-9-5, 1953 Comp., relating to denominations of negotiable coupon bonds and their forms, and enacted a new 6-13-5 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-6 - [Sale of bonds.]

That said bonds may be sold at public or private sale, in the discretion of the governing board, provided, however, that no sale shall be made for less than the par value of the bonds, plus accrued interest from the last preceding interest date to the date of delivery of said bonds. Before delivery of the bonds to the purchaser all matured interest coupons shall be detached and cancelled. The state treasurer may, with the approval of the state board of finance and other officials whose approval may be required by law for the investment of public funds, purchase such bonds at par and accrued interest to date of delivery of such investment. Such bonds may be accepted at their par value by all public officials in this state as security for the repayment of all deposits of public moneys of this state, or of any county, municipality or public institution thereof, and as security for the faithful performance of any obligations or duty to guarantee the performance of which such officials are now authorized by law to accept a deposit of the bonds of this state or of the United States of America.
History:
1941 Comp., § 6-258, enacted by Laws 1949, ch. 121, § 5; 1953 Comp., § 11-9-6, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-7 - [Proceeds from sale of bonds; building and improvement fund; expenditures.]

That the proceeds from the sale of said bonds shall be paid to the secretary and treasurer of the board issuing same, and shall by such secretary and treasurer be placed in a separate fund to be known as "building and improvement fund" to be used and paid out only for the specific purposes in this act enumerated upon order of the board, or checks signed by the president or vice-president of the board and by the secretary and treasurer thereof, except such portion thereof as may have been received on account of accrued interest of said bonds to date of delivery, which amount shall be placed in the "interest and retirement fund" for the liquidation of said bonds as hereinafter provided. The cost of preparing, advertising and selling said bonds, including any necessary expense for legal opinions thereon, shall be paid out of the proceeds of the sale of said bonds.
History:
1941 Comp., § 6-259, enacted by Laws 1949, ch. 121, § 6; 1953 Comp., § 11-9-7, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-8 - [Interest and retirement fund; establishment; purpose.]

That the governing board issuing said bonds 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 months, and annually thereafter shall continue to place in said fund a sufficient amount to pay principal and interest maturing in the succeeding twelve months.
History:
1941 Comp., § 6-260, enacted by Laws 1949, ch. 121, § 7; 1953 Comp., § 11-9-8, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-9 - [Pledge of income from permanent funds of state institutions.]

That for the faithful and prompt payment of all interest and principal of said bonds as and when the same shall mature according to the tenor thereof, the issue thereof shall constitute an irrevocable pledge by said board of so much of each year's income from the permanent funds of such state institution, so issuing bonds hereunder, in the hands of the treasurer as shall be needed to provide the "interest and retirement fund" herein mentioned, for the ensuing year, and at all times fully and faithfully to keep the same in not less than the amount necessary to pay the interest and principal maturing as aforesaid; and in addition thereto the issue of said bonds shall constitute an irrevocable pledge by said board of so much of each year's income from the income and current fund derived from the lease of such of said institution's lands as remain unsold, as may be necessary to fully protect the "interest and retirement fund" for the ensuing year, and keep the same at all times in proper amount as herein provided.
History:
1941 Comp., § 6-261, enacted by Laws 1949, ch. 121, § 8; 1953 Comp., § 11-9-9, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-10 - [Permanent funds from disposition of lands held in trust for state institutions; investment.]

That from and after the passage and approval of this act [6-13-1 to 6-13-26 NMSA 1978], all permanent funds thereafter derived from the sale or disposition of the lands held in trust for any of said institutions shall be invested in bonds of the United States or of the state of New Mexico, the income from which shall likewise form a part of the pledged income for the payment of the principal and interest on bonds issued by the board of any such institution under the provisions of this act.
History:
1941 Comp., § 6-262, enacted by Laws 1949, ch. 121, § 9; 1953 Comp., § 11-9-10, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-11 - Bond payment.

It is the duty of the secretary and treasurer of the governing board, where bonds have been issued pursuant to the Institution Bond Act, to forward to the bank at which the bonds are payable, prior to the date on which any installment of interest or any principal amount of any bonds matures, out of the interest and retirement fund, a sufficient sum of money to meet the installment of interest and maturing principal as they become due, plus any service charge which the bank is entitled to receive for its services.
History:
1941 Comp., § 6-263, enacted by Laws 1949, ch. 121, § 10; 1953 Comp., § 11-9-11, compiled by Laws 1963, ch. 298, § 2; 1983, ch. 265, § 27.
ANNOTATIONS
Cross references.
— For destruction of documentary evidence of extinguished public debt,
see
6-10-62 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-12 - [Income from permanent funds of institutions; payment to interest and retirement fund; duties of state treasurer.]

That it is hereby made the duty of the state treasurer of the state of New Mexico, upon receiving written notice from the secretary and treasurer of any governing board of any state institution that such board has issued bonds as herein provided, forthwith to forward and pay over to the secretary and treasurer of such board out of the income from the permanent funds of such institution, a sum sufficient to make and establish the interest and retirement fund, as herein provided, and annually thereafter to pay over a sufficient amount for said purpose, to the end that said interest and retirement fund shall at all times be kept in the proper amount. In the event there should not be sufficient undistributed income from permanent funds of such institution, then said state treasurer shall use so much of the income and current fund of such institution in his hands and shall be necessary to establish and at all times maintain said interest and retirement fund.
History:
1941 Comp., § 6-264, enacted by Laws 1949, ch. 121, § 11; 1953 Comp., § 11-9-12, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-13 - [Bonds issued in series.]

That in the event the board of any of the institutions aforesaid should find it advisable to issue bonds under this act [6-13-1 to 6-13-26 NMSA 1978] in more than one series, or at different times, for any of the purposes aforesaid, then each series of said bonds shall be designated by the letter "A," "B" or in some other designation to the end that each series shall be kept separate, and all of the requirements of this act shall apply to and be faithfully followed, done and carried out as to each of said series.
History:
1941 Comp., § 6-265, enacted by Laws 1949, ch. 121, § 12; 1953 Comp., § 11-9-13, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-14 - [Limitation on amount of issue.]

None of such boards of any state institution shall have power to issue bonds under this act [6-13-1 to 6-13-26 NMSA 1978], the aggregate interest and principal requirements for which, for any year, together with the aggregate interest and principal requirements for all outstanding bonds of such board of such institution for such year, shall exceed the amount of the income from the permanent fund and from the aforesaid income and current fund of such institution received by the state treasurer for the fiscal year next preceding the fiscal year in which any bonds of such board of such institution are authorized to be issued by resolution of the board pursuant to this act.
History:
1941 Comp., § 6-266, enacted by Laws 1949, ch. 121, § 13; 1953 Comp., § 11-9-14, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-15 - [Exemption from taxation.]

That bonds issued under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978], and the income thereupon, being for the sole purpose specified in Section 2 [6-13-3 NMSA 1978] hereof, shall forever be and remain free and exempt from taxation by the state of New Mexico or any subdivision thereof.
History:
1941 Comp., § 6-267, enacted by Laws 1949, ch. 121, § 14; 1953 Comp., § 11-9-15, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-16 - [Funds derived from sale of bonds; restrictions on use.]

That none of the funds derived from the sale of bonds issued under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978], except so much thereof as shall be necessary to defray the costs of the issuance of such bonds and the accrued interest from the date thereof to the time of delivery, shall ever be used or expended for any purpose other than those for which the authority to issue the same by this act is given.
History:
1941 Comp., § 6-268, enacted by Laws 1949, ch. 121, § 15; 1953 Comp., § 11-9-16, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-17 - [Issuance and sale of bonds; approval of state board of finance.]

That no bonds shall be finally issued and sold under the provisions of this act [6-13-1 to 6-13-26 NMSA 1978] until the approval of such issue shall have been had by the unanimous vote of the state board of finance in a regular or called meeting.
History:
1941 Comp., § 6-269, enacted by Laws 1949, ch. 121, § 16; 1953 Comp., § 11-9-17, compiled by Laws 1963, ch. 298, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-18 - Security; priority of liens.

A. All bonds of the same issue under the Institution Bond Act have a prior and paramount lien upon income from the permanent fund and upon the income and current fund of the institution issuing the bonds. This lien is ahead of all bonds of any series secured by a pledge of this income and fund which may be subsequently authorized, and is ahead of any claims or other obligations of any nature against this income and fund subsequently arising or incurred.
B. The bonds are subject to any prior and superior rights of any outstanding bonds, claims or other obligations previously issued, arising or incurred, but the resolution authorizing issuance of bonds under the Institution Bond Act may provide for subsequent authorization of bonds having a lien for payment on income from the permanent fund and on the income and current fund of the institution at a parity with the lien of earlier bonds upon conditions provided in the resolution.
C. Except as otherwise expressly provided in the resolution, all bonds of the same series issued under the Institution Bond Act shall be equally and ratably secured without priority by reason of number, date or [of] bonds, sale, execution or delivery, by a lien on income from the permanent fund and on the income and current fund of the issuing state institution in accordance with the terms of the Institution Bond Act.
History:
1941 Comp., § 6-270, enacted by Laws 1949, ch. 121, § 17; 1953 Comp., § 11-9-18, compiled and amended by Laws 1963, ch. 298, §§ 2, 6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-19 - Refunding; purposes.

Any bonds issued under the Institution Bond Act, or under any other act permitting payment of state institution bonds from income from the permanent fund and from the income and current fund of a state institution, may be refunded under the terms of resolutions adopted by the governing board of the state institution, subject to any contractual limitations involved with any outstanding bonds, claims or other obligations. The refunding is:
A. to retire and refund all, or any part, of the institution's outstanding bonds, including any interest in arrears or about to become due;
B. to reduce interest costs or effect other economies;
C. to modify or eliminate restrictive contractual limitations relating to issuance of additional bonds or to income from the permanent fund and the income and current fund of the institution; or
D. for any combination of the reasons stated in Subsections A through C of this section.
History:
1953 Comp., § 11-9-19, enacted by Laws 1963, ch. 298, § 7.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-20 - Refunding; issuance of bonds.

A. Any bonds issued under the Institution Bond Act for refunding purposes may be:
(1) delivered in exchange for the outstanding bonds authorized to be refunded; or
(2) sold at public or private sale for not less than the par value of the bonds, plus accrued interest from the last interest date or, if there is no previous interest date, from the bond date, to the date of delivery of the bonds.
B. The proceeds shall immediately:
(1) be applied to retirement of the bonds to be retired or refunded; or
(2) be placed in escrow to be applied to payment of the bonds upon presentation for payment by the holders.
History:
1953 Comp., § 11-9-20, enacted by Laws 1963, ch. 298, § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-21 - Refunding; conditions of bonds.

Under the Institution Bond Act:
A. no bonds may be retired and refunded unless:
(1) they mature or are callable for prior redemption under their terms within ten years from the date of issuance of the refunding bonds; or
(2) the holders voluntarily surrender them for exchange or payment;
B. no maturity of any bonds refunded may be extended over fifteen years, or interest increased to any rate exceeding six percent a year; and
C. nothing requires the principal amount of the refunding bonds to equal the amount of the outstanding bonds to be retired and refunded as long as the principal amount of the refunding bonds, together with any interest to be derived from investment of the principal, is sufficient for payment of the outstanding bonds, including the principal, interest, any prior-redemption premium and any escrow agent charges, as they become due.
History:
1953 Comp., § 11-9-21, enacted by Laws 1963, ch. 298, § 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-22 - Refunding; escrowed proceeds.

Under the Institution Bond Act, any escrowed proceeds may be invested or reinvested in bonds or notes of the United States or any of its agencies or instrumentalities, or in bonds or notes where the principal and interest is unconditionally guaranteed by the United States. The escrowed proceeds and investments, together with any interest to be derived from the investments, shall always be sufficient for payment of the bonds, refunded as they become due at their respective maturities, or at prior-redemption dates, including the principal, any prior-redemption premium and any escrow agent charges.
History:
1953 Comp., § 11-9-22, enacted by Laws 1963, ch. 298, § 10.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-23 - Refunding; payment of bonds.

Refunding bonds issued under the Institution Bond Act may be made payable from income from the permanent fund and from the income and current fund of the issuing institution, regardless of any modification thereby effected of the pledge of these sources for payment of the outstanding bonds to be retired and refunded.
History:
1953 Comp., § 11-9-23, enacted by Laws 1963, ch. 298, § 11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-24 - Refunding; bonds retired.

Under the Institution Bond Act, outstanding bonds of more than one issue may be retired and refunded by bonds of one issue. Bonds for refunding and bonds for any other purposes authorized by the Institution Bond Act may be issued separately or in combination in one series or more.
History:
1953 Comp., § 11-9-24, enacted by Laws 1963, ch. 298, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-25 - Refunding; priority of liens.

Whenever bonds for refunding and bonds for any other purposes allowed by the Institution Bond Act are issued in combination, the lien of the refunding bonds on income from the permanent fund and on the income and current fund is not prior or superior to any lien on these sources to secure payment of the bonds retired and refunded, or to any lien on them to secure payment of any outstanding bonds payable from them, except as provided in each resolution authorizing issuance of the outstanding bonds which are not being retired and refunded.
History:
1953 Comp., § 11-9-25, enacted by Laws 1963, ch. 298, § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Section 6-13-26 - Refunding; procedures.

Except as changed or necessarily implied with reference to refunding, all provisions of the Institution Bond Act apply to the authorization and issuance of refunding bonds, including their terms and security, the bond resolution, taxes, the method of bond payment and other provisions. The determination of the governing board of the institution issuing the refunding bonds that the provisions of the Institution Bond Act have been complied with is conclusive in the absence of fraud or arbitrary and gross abuse of discretion.
History:
1953 Comp., § 11-9-26, enacted by Laws 1963, ch. 298, § 14.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 13 - Institution Bonds › Appendix - Appendix to Article 13

Appendix to Article 13. State Institution Bonds.
The following laws have authorized the issuance of state institution revenue bonds in the specified amounts for the specified purposes.
Laws 1935, ch. 104 (as amended by Laws 1937, ch. 226; Laws 1941, ch. 175): in amounts to be determined, state institution bonds for building and improving designated state institutions.
Laws 1947, ch. 46: $150,000, bonds or debentures for erecting and improving buildings and acquiring equipment for New Mexico insane asylum.
Laws 1949, ch. 111: $250,000, bonds or debentures for erecting and improving buildings and acquiring equipment for New Mexico insane asylum.
Laws 1949, ch. 121: in amounts to be determined, state institution bonds for building, improving and equipping designated state institutions or retiring previously issued bonds.
Laws 1953, ch. 99: $250,000, bonds or debentures for erecting, improving and furnishing buildings and grounds and acquiring equipment at the New Mexico industrial school.
Laws 1953, ch. 149: $3,000,000, bonds or debentures for erecting, improving or furnishing buildings and grounds and acquiring land and equipment for the penitentiary of New Mexico.
Laws 1953, ch. 159: $4,500,000, state building and state institution bonds for constructing, improving, and equipping buildings for the state, state agencies, state departments and state institutions, not including political subdivisions.
Laws 1953, ch. 169: $2,000,000, bonds or debentures for erecting, improving and furnishing buildings and acquiring equipment at the insane asylum of New Mexico.
Laws 1953, ch. 170: $150,000, bonds or debentures for erecting, improving and furnishing buildings and acquiring equipment at the Los Lunas mental hospital.
Laws 1955, ch. 203: $9,500,000, building and institution severance tax bonds to retire all outstanding severance tax bonds previously issued and for erecting, improving, furnishing, and equipping buildings or structures at the New Mexico insane asylum, the penitentiary of New Mexico, the New Mexico reform school, and the Los Lunas mental hospital.
Laws 1959, ch. 315: $8,000,000, state educational institution bonds for erecting, constructing and equipping buildings of certain state educational institutions and the purchase of land for those institutions.
Laws 1961, ch. 89: $1,500,000, bonds for erecting, improving and furnishing buildings at the Los Lunas mental hospital and training school.
Laws 1984 (S.S.), ch. 6: $64,000,000, educational bonds to provide funds for capital expenditures at certain state educational institutions and certain post-secondary and public schools.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 14 - Public Securities › Section 6-14-1 - Short title.

Sections 6-14-1 through 6-14-3 NMSA 1978 may be cited as the "Public Securities Act."
History:
1953 Comp., § 11-10-1, enacted by Laws 1970, ch. 10, § 1.