If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the county or municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the transit facilities or operation in default.
History: 1978 Comp., § 7-24A-19, enacted by Laws 1978, ch. 182, § 19.
Effective dates. — Laws 1978, ch. 182 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 1978, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Article 24A - County and Municipal Gasoline Tax
Section 7-24A-1 - Short title.
Section 7-24A-2 - Definitions.
Section 7-24A-3 - Use of proceeds.
Section 7-24A-4 - Limitations on power.
Section 7-24A-5 - County gasoline tax; authorization; imposition; rate.
Section 7-24A-6 - County gasoline tax; procedure for adoption of ordinance; election.
Section 7-24A-6.1 - County-wide gasoline tax; authorization; imposition; rate; election.
Section 7-24A-7 - Ordinance must conform to certain provisions of the Gasoline Tax Act.
Section 7-24A-7.1 - Registration required.
Section 7-24A-8 - Collection of county gasoline tax.
Section 7-24A-10 - Municipal gasoline tax; authorization; imposition; rate.
Section 7-24A-11 - Municipal gasoline tax; procedure for adoption of ordinance; election.
Section 7-24A-12 - Collection of municipal gasoline tax.
Section 7-24A-14 - Bond ordinance.
Section 7-24A-15 - Terms of bonds.
Section 7-24A-16 - Sale of bonds.
Section 7-24A-17 - Construction.
Section 7-24A-18 - Additional security.
Section 7-24A-19 - Foreclosure.