19-12-8. [Anticipation of proceeds of rentals from trust lands;
186 words·~1 min read·
/nm/chapter-19-public-lands/article-12-land-office-building/19-12-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
issuance and sale of state land office debentures; interest rate; form; maturity.]
The commissioner of public lands is authorized to anticipate the proceeds of rentals from trust lands, to the extent that the same are required to be covered into the state lands maintenance fund created by the provisions of Section 19-1-11 NMSA 1978 by the issuance and sale of state land office debentures not exceeding in the aggregate one million five hundred thousand dollars ($1,500,000). The commissioner of public lands may issue these debentures at times and in denominations as he may deem expedient.
Debentures issued shall bear the rate of interest prescribed by law, and shall be issued in serial form. Debentures in the principal amount of not more than fifty thousand dollars ($50,000) shall mature not before June 30, 1960, and a principal amount of these debentures of not more than fifty thousand dollars ($50,000) shall mature at every six-month interval thereafter, until all debentures issued under the Land Office Building Act [19-12-1 to 19-12-13 NMSA 1978] have been retired.
History: 1953 Comp., § 7-14-9, enacted by Laws 1959, ch. 25, § 9.