Section 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, small game;
(3) resident, deer;
(4) resident, general hunting;
(5) resident, general hunting and fishing;
(6) resident, trapper;
(7) nonresident, fishing;
(8) nonresident, small game;
(9) temporary fishing, five days; and
(10) 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 [17-1-16 NMSA 1978] 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 at the time of the effective date of this 1983 amendment. 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 after the effective date of this 1983 amendment. 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.