Section 21-5-18 - [Pledge of income for interest and retirement; leased land income

For the faithful and prompt payment of all interest and principal of said bonds as and when the same shall mature according to the tenor thereof, the issue thereof shall constitute an irrevocable pledge by said board of so much of each year's income from the permanent fund of the New Mexico institute for the blind [New Mexico school for the blind and visually impaired] in the hands of the treasurer of this state, as shall be necessary to provide the 'interest and retirement fund' herein mentioned, for the ensuing year, and to at all times fully and faithfully keep the same in not less than the amount necessary to pay the interest and principal maturing as aforesaid; and in addition thereto the issue of said bonds shall constitute an irrevocable pledge by said board of so much of each year's income from the income and current fund derived from the lease of such of its land [lands] as remain unsold, as may be necessary to fully protect the 'interest and retirement fund' for the ensuing year, and keep the same at all times in proper amount as herein provided. History: 1941 Comp., § 55-2213, enacted by Laws 1949, ch. 44, § 7; 1953 Comp., § 73-23-16. ANNOTATIONSBracketed material.

ing year, and keep the same at all times in proper amount as herein provided. History: 1941 Comp., § 55-2213, enacted by Laws 1949, ch. 44, § 7; 1953 Comp., § 73-23-16. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 1903, ch. 2, § 3 established the New Mexico institute for the blind. Laws 1947, ch. 183, § 1, amended this section so that it referred to the New Mexico school for the blind. The repeal and reenactment on November 8, 1960, of N.M. Const., art. XII, § 11, changed the name of the New Mexico institute for the blind to the New Mexico school for the visually handicapped. An amendment to N.M. Const., art. XII, § 11, adopted at a general election held November 2, 2004, changed the name of the New Mexico school for the visually handicapped to the New Mexico school for the blind and visually impaired. Cross references. — For establishment of interest and retirement fund, see 21-5-17 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities § 35. 14A C.J.S. Colleges and Universities § 14.