That for the purpose of erecting, altering, improving, furnishing or equipping any necessary buildings at the university of New Mexico at Albuquerque, or for acquiring any necessary land for the use of said university, or for retiring the whole or any part of any series of bonds previously issued under the provisions hereof, or for any of such purposes, the board of regents of the university of New Mexico is hereby authorized to borrow money in conformity with the terms of this act [21-7-13, 21-7-14, 21-7-16 to 21-7-25 NMSA 1978].
History: Laws 1927, ch. 47, § 1; 1929, ch. 30, § 1; C.S. 1929, § 130-913; 1941 Comp., § 55-2413; 1953 Comp., § 73-25-13.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For purchase of university bonds by state treasurer, see 21-7-24 NMSA 1978.
Use of income. — The legislature has power to authorize the state university to make such use of its income as is deemed best. Seward v. Bowers, 1933-NMSC-056, 37 N.M. 385, 24 P.2d 253; State v. Regents of Univ. of N.M., 1927-NMSC-047, 32 N.M. 428, 258 P. 571.
Nature of bond obligations. — Bonds issued by the university of New Mexico under 21-7-13 to 21-7-25 NMSA 1978 are not obligations of the state, and no provision for taxation to provide interest and sinking fund need be made, and the approval by the voters is not necessary. They are the obligations of the university. State v. Regents of Univ. of N.M., 1927-NMSC-047, 32 N.M. 428, 258 P. 571.
Power to borrow money. — Regents of the state university may borrow money for certain building purposes and pledge sufficient of their income from permanent funds to repay such sums borrowed and issue bonds therefor, provided that the limitation of the amount of bonds that can be issued, as contained in 21-7-24 NMSA 1978 does not work as a bar. 1933 Op. Att'y Gen. No. 33-650.
State treasurer may purchase bonds of state university herein authorized. 1932 Op. Att'y Gen. No. 32-443.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities § 35.
14A C.J.S. Colleges and Universities § 17.