After the appropriations made for payment of the bonds authorized by the following acts:
Laws 1951, Chapter 24; Laws 1947, Chapter 46; Laws 1949, Chapter 111; Laws 1953, Chapter 99; Laws 1953, Chapter 149; Laws 1953, Chapter 169; Laws 1953, Chapter 170; Laws 1955, Chapter 122; Laws 1955, Chapter 123; Laws 1955, Chapter 124; Laws 1955, Chapter 125; Laws 1955, Chapter 203 there is hereby appropriated out of the proceeds from all taxes collected under the provisions of Laws 1937, Chapter 103, as amended, a sufficient amount of money each year to pay any interest and to retire the maturing principal of bonds issued under this act [72-14-36, 72-14-38 through 72-14-42 NMSA 1978] to the extent that water revenues are not sufficient to meet the interest and principal payments. In the event water revenues are not sufficient to meet the interest and principal payments, the severance taxes are used for that purpose, and thereafter water revenues are in excess of the amounts required to meet current liabilities, the excess water revenues shall be used to repay the amount of severance taxes used.
History: 1953 Comp., § 75-34-38, enacted by Laws 1957, ch. 190, § 5.
Compiler's notes. — Laws 1951, ch. 24, relating to severance taxes, was repealed by Laws 1971, ch. 65, § 7 and Laws 1977, ch. 102, §§ 4 and 6. For the present provisions of the Severance Tax Act, see Chapter 7, Article 26 NMSA 1978.
Laws 1947, ch. 46, Laws 1949, ch. 111, Laws 1953, ch. 169 and Laws 1955, ch. 124, related to insane asylum bonds.
Laws 1953, ch. 149 and Laws 1955, ch. 122, related to penitentiary bonds.
Laws 1953, ch. 170, related to mental hospital bonds.
Laws 1955, ch. 203, related to building and institution severance tax bonds.
Laws 1937, ch. 103, which related to severance taxes, was repealed by Laws 1959, ch. 52, § 29, Laws 1971, ch. 65, § 7, and Laws 1977, ch. 102, §§ 4 and 6.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.