A. A local school board shall establish adequate budgetary provisions, approved by the public school finance division [secretary], to promptly pay, as it becomes due, all principal and interest on general obligation bonds issued by the school district.
B. The full faith and credit of a school district shall be pledged to the payment of the principal and interest on general obligation bonds issued by the school district.
C. The board of county commissioners shall levy and collect upon all taxable property within a school district in the county such tax as is necessary to pay the interest and principal on general obligation bonds issued by the school district as the interest and principal become due, without limitation as to rate or amount.
History: 1953 Comp., § 77-15-12, enacted by Laws 1967, ch. 16, § 239.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Laws 1977, ch. 246, § 69 abolished the public school finance division of the department of finance and administration.
Cross references. — For the transfer of powers of the former public school finance division, see 9-6-3.1 NMSA 1978.
For the transfer of powers of the former state superintendent to the secretary of public education, see 9-24-15 NMSA 1978.