§ 3-39-12 — Additional security

New Mexico § 3-39-12

• Jurisdiction: New Mexico
• Ch. 3: Municipalities
• Art. 39: Municipal Airports

Text

To further the marketability of bonds issued pursuant to the Municipal Airport Law, the ordinance authorizing their issue may: A. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the airport facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; B. secure their payment by a pledge of all or any part of the amounts distributed to municipalities pursuant to Section 7-1-6.9 NMSA 1978 as from time to time amended and supplemented; provided any ordinance securing the payment of bonds by a pledge of revenues derived from such distributions may also provide for the creation and terms of a sinking fund into which the municipality shall annually transfer any or all of the revenues obtained from such distributions; and C. authorize any other security agreement not in conflict with law.

Legislative History

1953 Comp., § 14-40-10, enacted by Laws 1965, ch. 300; 1965, ch. 307, § 1;