If revenue bonds are issued for the acquisition or improvement, betterment or extension of a municipal water utility, the municipality may further assure payment of the revenue bonds by mortgaging and conveying the water utility to a trustee for the benefit and security of the bondholders.
History: 1953 Comp., ยง 14-30-7, enacted by Laws 1965, ch. 300.
Structure New Mexico Statutes
Section 3-31-1.1 - Definitions.
Section 3-31-2 - Use of proceeds of bond issue.
Section 3-31-3 - Revenue bonds; terms.
Section 3-31-3.1 - Exemption from taxation.
Section 3-31-5 - Revenue bonds not general municipal obligations; authentication.
Section 3-31-7 - Revenue bonds; mortgaging water utility property.
Section 3-31-8 - Revenue bonds; refunding authorization; authority to mortgage municipal utility.
Section 3-31-9 - Refunding bonds; escrow; detail.
Section 3-31-10 - Refunding revenue bonds; terms.
Section 3-31-11 - Refunding revenue bonds; ordinance; resolution.
Section 3-31-12 - Refunding revenue bonds; foreclosure of mortgage.