A. Whenever a county has:
(1) issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and
(2) reassessed the tract or parcel of land benefiting from the improvement as provided in Sections 4-55A-26 through 4-55A-31 NMSA 1978; the county shall apply all money received from the payment of the reassessment to the payment of the bonds or assignable certificates.
B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are:
(1) valid and binding obligations of the county; and
(2) payable from the payments received from any reassessment that shall be levied until all obligations of indebtedness of the improvement have been paid in full.
History: Laws 1980, ch. 91, § 34; 1991, ch. 199, § 53.
The 1991 amendment, effective April 4, 1991, deleted "negotiable coupon" preceding "bonds" in two places in Subsection A and once in Subsection B; substituted "Sections 4-55A-26 through 4-55A-31 NMSA 1978" for "Sections 26 through 31 of the County Improvement District Act" in Paragraph (2) of Subsection A; and made minor stylistic changes in Subsection B.
Structure New Mexico Statutes
Article 55A - County Improvement Districts
Section 4-55A-1 - Short title.
Section 4-55A-2 - Improvement district; definitions.
Section 4-55A-3 - Improvement district; authorization; limitation.
Section 4-55A-4 - Improvement district; purpose.
Section 4-55A-4.1 - Improvement district; additional purpose.
Section 4-55A-5 - Improvement district; powers of a county.
Section 4-55A-8 - Improvement district; notice of assessment; protests.
Section 4-55A-9 - Improvement district; provisional order; protest; action in district court.
Section 4-55A-11 - Improvement district; notice of preliminary hearing.
Section 4-55A-12.1 - Imposition of improvement district property tax; limitations.
Section 4-55A-15 - Notice of bid; acceptance of bid.
Section 4-55A-16 - Improvement district; assessment of railroad property.
Section 4-55A-17 - Improvement district; assessment roll; notice of assessment hearing.
Section 4-55A-19 - Improvement district; assessments; terms of payment; liens.
Section 4-55A-20 - Improvement district; authority to issue bonds or assignable certificates.
Section 4-55A-22 - Improvement district; additional duties imposed on county.
Section 4-55A-23 - Improvement district; acceptance of deed in lieu of foreclosure.
Section 4-55A-25 - Improvement district; title subject to redemption vests in trustee.
Section 4-55A-27 - Improvement district; assessment funds; expenditures; misuse; penalties.
Section 4-55A-28 - Transfer of improvement district funds.
Section 4-55A-29 - Improvement district; reassessment after voiding of assessments; procedure.
Section 4-55A-30 - Improvement district; reassessment; defects waived; credit for previous payment.
Section 4-55A-31 - Improvement district; appeal to district court.
Section 4-55A-33 - Improvement district; appeal of reassessment; procedure exclusive.
Section 4-55A-35 - Improvement district; refunding improvement bonds; authority.
Section 4-55A-36 - Refunding bonds; escrow; detail.
Section 4-55A-39 - Improvement district; construction of sections.
Section 4-55A-40 - Street and road improvement fund authorization.
Section 4-55A-41 - Street and road improvement fund; use.
Section 4-55A-43 - Street and road improvement fund; diverting proceeds from tax.