Refunding revenue bonds may be made payable from any revenues derived from the operation of the flood control system or any project, notwithstanding the pledge of such revenues for the payment of the outstanding bonds issued by the authority which are to be refunded is thereby modified. Any refunding revenue bonds shall not be made payable from taxes unless the bonds thereby refunded are payable from taxes.
§ 72-17-85 NMSA 1978
Payment of refunding bonds
Known as the Las Cruces Arroyo Flood Control Act
The act spans §§ 72–72 (103 sections).
1953 Comp., § 75-38-85, enacted by Laws 1967, ch. 156, § 85.
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.