New Mexico § 17-1-22 - Security; retirement of bonds

§ 17-1-22. Security; retirement of bonds

A. There is created in the state treasury the “game and fish bond retirement fund”. The state game commission shall place into the game and fish bond retirement fund

the sum of one dollar ($1.00) from each license enumerated in this subsection that

is sold after April 1, 1976: (1) resident, fishing; (2) resident, game hunting; (3) resident, deer; (4) resident, game hunting and fishing; (5) resident, trapper; (6) nonresident, fishing; (7) nonresident, game hunting; (8) temporary fishing, five days; and (9) nonresident, deer. Such payments to the game and fish bond retirement fund shall be effective for all

bonds issued under the Game and Fish Bond Act up to the maximum limitation on the

amount of bonds provided in that act. B. Money in the game and fish bond retirement fund is first pledged for the payment

of principal and interest on all state game commission bonds which have been issued

and are outstanding prior to June 17, 1983. Money in the game and fish bond retirement fund is further pledged for the payment

of principal and interest on all state game commission bonds issued as of June 17,

1983. The issuance and sale of bonds under the Game and Fish Bond Act constitutes an irrevocable

contract between the state game commission and the owner of any bond, and so long

as any bond remains outstanding the fees pledged for payment shall not be reduced. C. Bonds issued under the Game and Fish Bond Act are payable solely from the game

and fish bond retirement fund, and they are not general obligations of the state. D. The state game commission shall continue to place in the game and fish bond retirement

fund the sum of one dollar ($1.00) from each of the licenses enumerated in Subsection

A of this section, even after the fund is sufficient to pay the principal and interest

of the outstanding bonds and after all bonds issued have been retired.