New Mexico Statutes
§ 4-55A-34 — Improvement district; application of reassessment fund
to outstanding indebtedness. A. Whenever a county has:
(1)issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and (2) reassessed the tract or parcel of land benefiting from the improvement as provided in Sections 4-55A-26 through 4-55A-31 NMSA 1978; the county shall apply all money received from the payment of the reassessment to the payment of the bonds or assignable certificates. B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are:
(1)valid and binding obligations of the county; and (2) payable from the payments received from any reassessment that shall be levied until all obligations of indebtedness of the improvement have been paid in full.
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New Mexico § 4-55A-34 (Improvement district; application of reassessment fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Laws 1980, ch. 91, § 34; 1991, ch. 199, § 53.
Nearby Sections
15
§ 4-1-2
[Change in south boundary.]§ 4-10-1
[County boundaries.]§ 4-10-2
[County seat.]§ 4-11-1
[County boundaries.]§ 4-11-2
[County seat; buildings.]§ 4-11-3
[Bonds for courthouse and jail.]§ 4-12-1
[County boundaries.]§ 4-12-2
[County seat; buildings.]§ 4-13-1
[County boundaries.]§ 4-13-2
[County seat; buildings.]§ 4-13-3
[Courthouse and jail bonds.]§ 4-14-1
[Original county boundaries.]§ 4-14-2
[Changes in western boundary.]§ 4-15-1
[Los Alamos county; boundaries.]