To provide for the payment of the interest and principal of any bonds issued pursuant to the provisions of this act [6-12-6 to 6-12-14 NMSA 1978], the state tax commission [property tax division of the taxation and revenue department] is hereby authorized and directed during each year any of said bonds shall be outstanding to levy on all property in the state of New Mexico which is subject to taxation for state purposes, an annual ad valorem tax sufficient to produce an amount equal to the interest and principal requirements of that year, to be levied, assessed and collected at the same times and in the same manner that other taxes for state purposes are levied, assessed and collected, and provided that the provisions contained in any statute authorizing the issuance of bonds which are refunded by the issuance of bonds under this act and which direct the levy of taxes on any particular property or in any particular manner for the payment of the bonds so refunded, shall not be repealed by the provisions of this act, and any refunding bonds issued to refund such bonds shall be payable from taxes to be levied, assessed and collected in the manner above set forth, in addition to which any other taxes now pledged for the payment of outstanding bonds to be refunded hereunder, shall continue to be pledged for the payment of the refunding bonds authorized to be issued by this act, in the manner provided in the statutes authorizing the issuance of the bonds refunded, and provided further, that the refunding bonds issued under the provisions of this act shall in any event be obligations for the payment of which the full faith and credit of the state of New Mexico are pledged.

History: Laws 1935, ch. 4, § 8; 1941 Comp., § 7-513; 1953 Comp., § 11-5-13.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1970, ch. 31, § 3 (repealed by Laws 1974, ch. 92, § 34) transferred the authority, powers and duties of the state tax commission to the property appraisal department, and Laws 1973, ch. 258, § 3, transferred the functions of the property appraisal department to the property tax department. However, Laws 1977, ch. 249, § 5, abolished the property tax department, and Laws 1977, ch. 249, § 4, established the property tax division of the taxation and revenue department. See 7-2-2 and 9-11-4 NMSA 1978.