“Resolved, That the Convention empower and instruct its Executive Committee to carry out the will of the Convention as expressed in its action providing for the New Mexico program, as set out in the general report of the Executive Committee made to this Convention, and that said Committee be, and is hereby empowered to provide or to instruct such other agency or agencies, as it may elect, to borrow in the name and behalf of this Convention the sum of not more than $250,000.00 for the purpose of refinancing the present indebtedness of the New Mexico Convention and to procure and provide in case an annual irrevocable sum of not less than $25,000.00 out of the total sum provided for the whole New Mexico program and that such annual sum shall be hypothecated to the service of the principal and interest of such loan.
“That the Executive Committee cause said loan to be secured by a first mortgage on college property of the New Mexico Convention valued at above $500,000.00, as appraised and set up in the auditor’s report. The loan to be secured by said mortgage to extend over a period of not more than fourteen years.
“That the Executive Committee through its proper officers be and is hereby instructed and empowered to execute, in the name and as the obligation of the Southern Baptist Convention, any and all bonds, contracts and agreements necessary to give this action effect in the solution of the New Mexico problems.” (Page 87, 1929 Convention Annual)