It shall be the duty of the board of county commissioners to ascertain from the assessment books of the county the amount of assessed taxable property in each county having issued bonds, and what percentage thereof is required to be levied to pay said amount, and when so ascertained, shall levy such percentage upon the taxable property of such county (to pay the interest and create a sinking fund for the final redemption of such bonds: provided, that there shall be no levy made for the payment of the principal of such bonds until ten years after their issue) as may be responsible for such bonds, and shall place the same upon the tax books and lists of the county in a separate column or columns designating the purpose for which said tax is levied upon any particular county, and said tax shall be accordingly collected by the treasurer of such county in the same manner that other taxes are collected.
History: Laws 1891, ch. 83, § 12; C.L. 1897, § 360; Code 1915, § 1167; C.S. 1929, § 33-3912; 1941 Comp., § 15-4613; 1953 Comp., § 15-49-16.
ANNOTATIONSCross references. — For restrictions on county indebtedness, see N.M. Const., art. IX, § 10.