The issuance and sale of such debentures shall constitute and be an irrevocable and irrepealable contract between the state of New Mexico and the owner of any said debentures, that the taxes or fees pledged for the payment thereof at the rate now provided by this act shall not be reduced as long as any of said debentures remain outstanding, and unpaid, and that the state will cause said taxes and fees to be promptly collected, remitted and set aside and applied to pay said debentures, and the interest thereon according to the terms thereof. Any holder of any of the debentures issued pursuant to the provisions of this act, or any person or officer being a party in interest may, either at law or in equity, by suit, action or mandamus, enforce and compel the performance of the duties required by this act of any officer or person herein mentioned.
History: 1941 Comp., § 1-129, enacted by Laws 1953, ch. 39, § 12; 1953 Comp., § 1-1-12.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Meaning of "this act". — The words "this act" refer to Laws 1953, ch. 39, the compiled provisions of which appear as 12-1-2, 12-1-4 to 12-1-7, 12-1-11 to 12-1-14 NMSA 1978.
When all fees are within terms of contract and pledge. — To the extent fees, or any portion thereof, are needed to carry out the provisions of § 1-1-12, (now Section 12-1-13 NMSA 1978) they are fees within the terms of the contract and pledge and hence reversion would not occur. 1958 Op. Att'y Gen. No. 58-134.