2011 New Mexico Statutes
Chapter 3: Municipalities
Article 52: Municipal Transit, 3-52-1 through 3-52-16
Section 3-52-1: Municipal Transit Law; short title.

3-52-10. Additional security.

To further the marketability of bonds, the ordinance authorizing their issue may:

A. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the public transit facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and

B. authorize any other security agreement not in conflict with law.