Section 21-21-10 - Legal investments; tax exemptions. - New Mexico Statutes

21-21-10. Legal investments; tax exemptions.

All bonds issued under the Student Loan Act [21-21-1 NMSA 1978] are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant thereto, the bonds are sufficient security for all deposits of state funds and of all funds of any board in control at the par value of the bonds. The bonds and the income therefrom, including profits made on the sale thereof, are free from taxation within this state.