The payment of securities shall not be secured by an encumbrance, mortgage or other pledge of property of the authority, except for revenues, income, tax proceeds and other moneys pledged for the payment of securities. No property of the authority, subject to said exception, shall be liable to be forfeited or taken in payment of the securities.
§ 72-17-54 NMSA 1978
Limitations upon payment of securities
Known as the Las Cruces Arroyo Flood Control Act
The act spans §§ 72–72 (103 sections).
1953 Comp., § 75-38-54, enacted by Laws 1967, ch. 156, § 54.
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.