The authority is authorized to issue temporary bonds, pending preparation of definitive bond or bonds and exchangeable for the definitive bond or bonds when prepared, as the board may determine. Each temporary bond shall set forth substantially the same conditions, terms and provisions as the definitive bond for which it is exchanged. Each holder of any such temporary security shall have all the rights and remedies which he would have as a holder of the definitive bond or bonds.
§ 72-17-45 NMSA 1978
Issuance of temporary bonds
Known as the Las Cruces Arroyo Flood Control Act
The act spans §§ 72–72 (103 sections).
1953 Comp., § 75-38-45, enacted by Laws 1967, ch. 156, § 45.
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.