2006 New Mexico Statutes - Section 73-21-39 — Bonds collectible from operating revenues.

73-21-39. [Bonds collectible from operating revenues.]

It is hereby declared that revenue bonds, issued under the provisions of this act [ 73-21-36 to 73-21-42 NMSA 1978] shall not be considered or held to be general obligations of the water and sanitation district issuing them, shall be collectible only out of the net revenues derived from the operation of the water or sewer system, or joint water and sewer system whose income is so pledged, and each of the bonds of any issue of revenue bonds so issued under the provisions of this act shall recite on its face that it is payable and collectible solely from the revenues derived from the operations of the water or sewer system or joint water and sewer system, the income of which is so pledged, and that the holders thereof may not look to any general or other fund for the payment of principal and interest of such obligation.