12-1-11. Issuance of debentures.
166 words·~1 min read·
/nm/chapter-12-miscellaneous-public-affairs-matters/article-1-compilation-commission/12-1-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The New Mexico compilation commission is authorized to anticipate the proceeds of the collection of any or all of the taxes or fees on civil actions hereinabove provided for by the issuance and sale of New Mexico compilation commission debentures, in such amounts not to exceed outstanding at any one time, the sum of two hundred thousand dollars ($200,000), issuable at such times and bearing such rate of interest, not exceeding four percent (4%) per annum, as the commission may determine. The debentures may be issued in serial form and shall mature at stated periods not exceeding ten
(10)years from the date of issuance. The debentures shall be, signed by the president of the commission, attested by its secretary, countersigned by the treasurer of the state of New Mexico, and in such form as may be provided by the attorney general.
History: 1941 Comp., § 1-127, enacted by Laws 1953, ch. 39, § 10; 1953 Comp., § 1-1- 10; Laws 1961, ch. 140, § 1.