Hereafter when the county seat of any county in this state shall be established at any incorporated city and the council of such city shall desire to join with said county in the erection of a public building to be used as a courthouse and jail, as well as for city purposes, such council may issue bonds of such city for the purpose of such construction and the purchase of suitable grounds for such buildings, not to exceed in amount three percent upon the total value of all the taxable property within the limits of such city, as shown by the last preceding general assessment for the purpose of taxation: provided, the total indebtedness of such city, including such bonds, shall not exceed four per centum of the total value of all taxable property within the limits of such city according to such last preceding general assessment.
Such bonds may be payable in such time and manner and with such rate of interest not to exceed six per centum per annum as such council shall prescribe; and it shall be the duty of such council, or the county commissioners of said county, as the case may be, to cause to be levied and collected in the manner and at the time of the levying and collecting other taxes each year and until such bonds and interest thereon shall be fully paid, a special tax upon all taxable property in the said city sufficient in amount to meet the interest and create a sinking fund to pay said bonds at maturity in accordance with the provisions thereof.
History: Laws 1897, ch. 33, § 1; C.L. 1897, § 635; Code 1915, § 1145; C.S. 1929, § 33-3506; 1941 Comp., § 15-3206; 1953 Comp., § 15-34-6.
ANNOTATIONSCross references. — For joint City-County Building Law, see 5-5-1 NMSA 1978 et seq.