New Mexico § 16-6-30 - Tax levy; redemption fund; procedure for redeeming bonds

§ 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 monies in his hands to the

credit of said fund to pay in full the principal and interest of any bonds issued

under this act, 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 (15) 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.