Limitations upon payment of securities.

  1. Law
  2. New Mexico Statutes
  3. Water Law
  4. Las Cruces Metropolitan Arroyo Flood Control
  5. Limitations upon payment of securities.

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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.

History: 1953 Comp., § 75-38-54, enacted by Laws 1967, ch. 156, § 54.

ANNOTATIONS

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 199.


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