Public-domain · open source
OpenJurist

§ 7-24A-18 NMSA 1978

Additional security

Known as the County and Municipal Gasoline Tax Act

The act spans §§ 7–7 (23 sections).

1978 Comp., § 7-24A-18, enacted by Laws 1978, ch. 182, § 18.

To further the marketability of bonds, the ordinance authorizing their issue may:

A. secure their payment by deed of trust or mortgage conveying county or municipally owned land and improvements acquired for the public transit facility operation or use from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and

B. authorize any other security agreement not in conflict with law.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.