The state hereby assumes the debts and liabilities of the territory of New Mexico, and the debts of the counties thereof, which were valid and subsisting on June twentieth, nineteen hundred and ten, and pledges its faith and credit for the payment thereof. The legislature shall, at its first session, provide for the payment of refunding thereof by the issue and sale of bonds, or otherwise. This section made the state liable for the debts of the territory; it and Sections 2, 3, and 4 are now obsolete, because the debts and liabilities of the territory have been...
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