The bonds issued by the authority may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of the project revenues or other funds. The authority may provide in a trust indenture for the payment of the proceeds of the bonds and the project revenue to the trustee under the trust indenture or other depository for disbursement with any safeguards the authority determines are necessary.
History: Laws 2005, ch. 128, § 8.
Effective dates. — Laws 2005, ch. 128 contains no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 17, 2005, 90 days after adjournment of the legislature.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 31 - Spaceport Development
Section 58-31-1 - Short title.
Section 58-31-3 - Definitions.
Section 58-31-4 - Spaceport authority created; membership.
Section 58-31-5 - Authority powers and duties.
Section 58-31-6 - Spaceport authority; bonding authority; power to issue revenue bonds.
Section 58-31-7 - Authority loans; terms.
Section 58-31-8 - Bonds secured by trust indenture.
Section 58-31-9 - Authority revenue bonds; limitations; authorization; authentication.
Section 58-31-10 - Security for bonds, notes or certificates of indebtedness.
Section 58-31-11 - Requirements respecting resolution and lease.
Section 58-31-12 - Use of proceeds from sale of bonds.
Section 58-31-13 - Spaceport authority revenue bonds; refunding authorization.
Section 58-31-14 - Spaceport authority refunding bonds; escrow.
Section 58-31-15 - Authority refunding revenue bonds; terms.
Section 58-31-16 - Exemption from taxation.