The full faith and credit of the municipality shall be pledged to the payment of the negotiable bonds. The governing body shall levy and collect, upon all the taxable property within the municipality subject to taxation, such taxes as are necessary to pay the interest on and the principal of the negotiable bonds as the interest and principal become due, without limitation as to rate or amount. The municipality may pay the principal of and interest on any general obligation bonds from any available revenues, and the levy or levies of taxes may be diminished to the extent such other revenues are available for the payment of such principal and interest.
History: 1953 Comp., § 14-29-9, enacted by Laws 1965, ch. 300.
Constitutionality. — This section does not fall within constitutional prohibition against special or local laws regulating precinct affairs. City of Raton v. Sproule, 1967-NMSC-141, 78 N.M. 138, 429 P.2d 336.
Mandamus to compel tax levy. — In an action of mandamus to compel levy and collection of tax to pay bonds, where the only denial of validity of the bonds was based upon a misunderstanding of the requirements in regard to their issue, mandamus would lie to compel a tax levy without first reducing the bonds to judgment. Territory ex rel. Parker v. Mayor of Socorro, 1904-NMSC-012, 12 N.M. 177, 76 P. 283.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 399 to 412.
Injunction against enforcement of illegal municipal tax, upon joinder of several affected thereby, 156 A.L.R. 319.
Right of holder of bond to full or pro rata payment when fund out of which obligation is payable is insufficient to pay all obligations of equal value, 171 A.L.R. 1033.
64 C.J.S. Municipal Corporations § 1997.
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