Section 16-6-30 - Tax levy; redemption fund; procedure for redeeming bonds. - New Mexico Statutes

16-6-30. [Tax levy; redemption fund; procedure for redeeming bonds.]

Upon the issuance of bi-state fair association bonds the board of county commissioners shall forthwith levy a tax sufficient to pay the interest and to discharge said bonds, as and when same are due and payable.   

It shall be the duty of the county treasurer to keep said interest and redemption fund separate and distinct, and when there are sufficient moneys in his hands to the credit of said fund to pay in full the principal and interest of any bonds issued under this act [16-6-25 to 16-6-30 NMSA 1978], to immediately call in and pay as many of such bonds, with accrued interest thereon, as such funds in his hands will liquidate. Such bonds shall be paid in order of their number, and when it is desired to redeem any of such bonds the county treasurer shall cause to be published in two weekly issues of some daily or weekly newspaper published in the county a notice stating that certain bi-state fair association bonds of Curry county by numbers and amounts will be paid on presentation, and that at the expiration of fifteen days after the last publication of notice herein provided such bonds shall cease to bear interest, and when any bonds or coupons issued under this act are redeemed, it shall be the duty of the county treasurer to certify his action to the board of county commissioners, who shall cancel the bonds by punching holes through all the signatures of the bonds and coupons, so that they can be plainly identified.