The board, in certifying annual levies, shall take into account the maturing indebtedness for the ensuing year as provided in its contracts, maturing securities and interest on securities, and deficiencies and defaults of prior years and shall make ample provision for the payment thereof. In case the money produced from such levies, together with other revenues of the authority, is not sufficient punctually to pay the annual installments of its contracts or securities, and interest thereon, and to pay defaults and deficiencies, the board shall make such additional levies of taxes as may be necessary for such purposes, and notwithstanding any limitations, except the limitation in Subsection I of Section 72-16-22 NMSA 1978, and any constitutional limitation, such taxes shall be made and continue to be levied until the indebtedness of the authority is fully paid. History: 1953 Comp., § 75-36-24, enacted by Laws 1963, ch. 311, § 24; 1986, ch. 32, § 32. ANNOTATIONSThe 1986 amendment substituted 'Subsection I of Section 72-16-22 NMSA 1978' for 'Subsection J of Section 22 hereof' and made minor stylistic changes.
New Mexico Legal Code