For the faithful and prompt payment of all interest and principal of said bonds as and when the same shall mature according to the tenor thereof, the issue thereof shall constitute an irrevocable pledge by said board of so much of each year's income from the permanent fund of the New Mexico college of agriculture and mechanic arts [New Mexico state university] in the hands of the treasurer of this state, as shall be necessary to provide the "interest and retirement fund" herein mentioned, for the ensuing year, and to at all times fully and faithfully keep the same in not less than the amount necessary to pay the interest and principal maturing as aforesaid; and in addition thereto the issue of said bonds shall constitute an irrevocable pledge by said board of so much of each year's income from the income and current fund derived from the lease of such of its lands as remain unsold, as may be necessary to fully protect the "interest and retirement fund" for the ensuing year, and keep the same at all times in proper amount as herein provided.

History: Laws 1929, ch. 40, § 7; C.S. 1929, § 130-1020; 1941 Comp., § 55-2520; 1953 Comp., § 73-26-20.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Laws 1889, ch. 138, § 2, created and established the agricultural college and agricultural experiment station of New Mexico, as an institution of learning. Laws 1893, ch. 61, § 24, changed the name of the agricultural college and agricultural (experiment) station of New Mexico to the New Mexico college of agriculture and mechanic arts. Article XII, Section 11, of the constitution of New Mexico, as repealed and reenacted November 8, 1960, further changed the name to the New Mexico state university. See also 21-8-2 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 199.