New Mexico § 72-17-47 Payment of securities

New Mexico Statutes

§ 72-17-47 — Payment of securities

New Mexico·Ch. 72 Water Law·Art. 17 Las Cruces Metropolitan Arroyo Flood Control

All securities issued by the authority shall be authorized by resolution. The authority may pledge its full faith and credit for the payment of any securities herein authorized, the interest thereon, any prior redemption premium or premiums, and any charges appertaining thereto. Securities may constitute the direct and general obligations of the authority. Their payment may be secured by a specific pledge of tax proceeds and other revenues of the authority, in this act [Chapter 72, Article 17 NMSA 1978] sometimes referred to as "revenues" of the authority, as the board may determine.

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All securities issued by the authority shall be authorized by resolution. The authority may pledge its full faith and credit for the payment of any securities herein authorized, the interest thereon, any prior redemption premium or premiums, and any charges appertaining thereto. Securities may constitute the direct and general obligations of the authority. Their payment may be secured by a specific pledge of tax proceeds and other revenues of the authority, in this act [Chapter 72, Article 17 NMSA 1978] sometimes referred to as "revenues" of the authority, as the board may determine.

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