Section 19-12-8 - Anticipation of proceeds of rentals from trust lands; issuance and sale of state land office debentures; interest rate; form; maturity. - New Mexico Statutes

19-12-8. [Anticipation of proceeds of rentals from trust lands; 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.