2015 New Mexico Statutes
Chapter 3 - Municipalities
Section 52 Municipal Transit
Section 3-52-10 Additional security.
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.
History: 1953 Comp., 14-53-10, enacted by Laws 1965, ch. 300.
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