Subject to any contractual limitation binding upon the holders of any issue or series of securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of securities, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of securities similarly situated:
A. by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the authority and its board and any of its officers, agents, and employees, and to require and compel the authority or its board or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments hereunder and its and their covenants and agreements with the holder of any security;
B. by action or suit in equity to require the authority and its board to account as if they were the trustee of an express trust;
C. by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any system, or project or services, revenues from which are pledged for the payment of the securities; prescribe sufficient fees derived from the operation thereof; and collect, receive and apply all revenues or other moneys pledged for the payment of the securities in the same manner as the authority itself might do in accordance with the obligations of the authority;
D. by action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holder of any security and to bring suit thereupon.
History: 1953 Comp., § 75-38-77, enacted by Laws 1967, ch. 156, § 77.
Cross references. — For one form of action known as "civil action," see Rule 1-002 NMRA.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 485 to 491.
64 C.J.S. Municipal Corporations §§ 1956, 1972.
Structure New Mexico Statutes
Article 17 - Las Cruces Metropolitan Arroyo Flood Control
Section 72-17-1 - Short title.
Section 72-17-2 - Legislative declaration.
Section 72-17-3 - Decision of board or governing body final.
Section 72-17-4 - Definitions.
Section 72-17-5 - Creation of authority.
Section 72-17-6 - Boundaries of authority.
Section 72-17-7 - Provision for remonstrances.
Section 72-17-8 - Board of directors.
Section 72-17-9 - Appointment of first board.
Section 72-17-10 - Election of directors.
Section 72-17-11 - Nomination of directors.
Section 72-17-12 - Filling vacancies on board.
Section 72-17-13 - Organizational meetings.
Section 72-17-14 - Board's administrative powers.
Section 72-17-15 - Records of board.
Section 72-17-16 - Meetings of board.
Section 72-17-17 - Compensation of directors.
Section 72-17-18 - Interest in contracts and property disqualifications.
Section 72-17-19 - Flood control system; hearings thereon.
Section 72-17-20 - Implementing powers.
Section 72-17-21 - Protection of property rights.
Section 72-17-22 - Additional powers of authority.
Section 72-17-23 - Levy and collection of taxes.
Section 72-17-24 - Levies to cover deficiencies.
Section 72-17-25 - Sinking fund.
Section 72-17-26 - Manner of levying and collecting taxes.
Section 72-17-27 - Delinquent taxes.
Section 72-17-35 - Dissolution of authority.
Section 72-17-36 - Filing of dissolution resolution.
Section 72-17-37 - Disposition of property, funds and taxes of authority.
Section 72-17-38 - Powers of public bodies.
Section 72-17-39 - Effect of extraterritorial functions.
Section 72-17-40 - Forms of borrowing.
Section 72-17-41 - Issuance of notes.
Section 72-17-42 - Issuance of warrants.
Section 72-17-43 - Maturities of notes and warrants.
Section 72-17-44 - Issuance of bonds and incurrence of debt.
Section 72-17-45 - Issuance of temporary bonds.
Section 72-17-46 - Issuance of interim debentures.
Section 72-17-47 - Payment of securities.
Section 72-17-48 - Additionally secured securities.
Section 72-17-49 - Pledge of revenues.
Section 72-17-50 - Ranking among different issues.
Section 72-17-51 - Ranking among securities of same issue.
Section 72-17-52 - Payment recital in securities.
Section 72-17-53 - Incontestable recital in securities.
Section 72-17-54 - Limitations upon payment of securities.
Section 72-17-55 - Limitations upon incurring any debt.
Section 72-17-56 - Security details.
Section 72-17-57 - Capitalization of costs.
Section 72-17-58 - Other security details.
Section 72-17-59 - Reissuance of securities.
Section 72-17-60 - Negotiability.
Section 72-17-61 - Single bonds.
Section 72-17-62 - Lost or destroyed securities.
Section 72-17-63 - Execution of securities.
Section 72-17-64 - Interest coupons.
Section 72-17-65 - Facsimile signatures.
Section 72-17-66 - Facsimile seal.
Section 72-17-67 - Signatures of predecessors in office.
Section 72-17-68 - Facsimile signatures of predecessors.
Section 72-17-69 - Repurchase of securities.
Section 72-17-70 - Customary provisions.
Section 72-17-71 - Sale of securities.
Section 72-17-72 - Sale discount or commission prohibited.
Section 72-17-73 - Application of proceeds.
Section 72-17-74 - Use of unexpended proceeds.
Section 72-17-75 - Validity unaffected by use of proceeds.
Section 72-17-76 - Covenants in security proceedings.
Section 72-17-77 - Remedies of security holders.
Section 72-17-78 - Limitations upon liabilities.
Section 72-17-79 - Cancellation of paid securities.
Section 72-17-80 - Interest after maturity.
Section 72-17-81 - Refunding bonds.
Section 72-17-82 - Method of issuance.
Section 72-17-83 - Limitations upon issuance.
Section 72-17-84 - Use of refunding bond proceeds.
Section 72-17-85 - Payment of refunding bonds.
Section 72-17-86 - Combination of refunding and other bonds.
Section 72-17-87 - Supplemental provisions.
Section 72-17-88 - Board's determination final.
Section 72-17-89 - Issuance of interim debentures and pledge of bonds as collateral security.
Section 72-17-90 - Interim debentures not to be extended.
Section 72-17-92 - Publication of resolution or proceedings.
Section 72-17-93 - Failure to contest legality constitutes bar.
Section 72-17-94 - Confirmation of contract proceedings.
Section 72-17-95 - Review and judgment of court.
Section 72-17-96 - Purpose of tax exemptions.
Section 72-17-97 - Property exempt from general taxes.
Section 72-17-98 - Securities and income therefrom exempt.
Section 72-17-99 - Freedom from judicial process.
Section 72-17-100 - Resort to judicial process.
Section 72-17-101 - Legal investments in securities.