There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 72: Water Law
Article 18: Flood Control Districts, 72-18-1 through 72-18-70
Section 72-18-54: Limitations upon payment of securities.
NM Stat § 72-18-54 (1996 through 1st Sess 50th Legis) What's This?
72-18-54. Limitations upon payment of securities.
The payment of securities shall not be secured by an encumbrance, mortgage or other pledge of property of the district, except for revenues, tax proceeds and other money pledged for the payment of securities. Subject to those exceptions, no property of the district shall be liable to be forfeited or taken in payment of the securities.
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