The governing body of any county, municipality or school district which shall have issued refunding bonds under the provisions of Sections 6-15-11 to 6-15-22 NMSA 1978, shall, during each year in which any of said bonds shall be outstanding, cause an annual tax to be levied on all property in the county, municipality or school district subject to taxation, sufficient to produce one year's interest on all of said bonds then outstanding, and to pay the annual installment of the principal of said bonds that will become due and payable in the next ensuing year or the annual mandatory sinking fund requirement if the principal is to be paid from a sinking fund. Such taxes shall be levied, assessed and collected at the times and in the manner that other county, municipal or school district taxes are levied, assessed and collected, and the proceeds of such taxes shall be kept in a special fund or sinking fund to be used only for the payment of the interest on and for the redemption of such bonds.
History: Laws 1927, ch. 128, § 5; C.S. 1929, § 90-1105; 1941 Comp., § 7-628; 1953 Comp., § 11-6-27; Laws 1975, ch. 326, § 5.
ANNOTATIONSCross references. — For destruction of documentary evidence of extinguished public debt, see 6-10-62 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 58 to 62, 344, 349, 376.
20 C.J.S. Counties § 226; 64 C.J.S. Municipal Corporations § 1706; 79 C.J.S. Schools and School Districts § 374.