LegalFix
Sign In

Section 3-31-5 - Revenue bonds not general municipal obligations; authentication.

NM Stat § 3-31-5 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. Revenue bonds or refunding revenue bonds issued as authorized in Chapter 3, Article 31 NMSA 1978 are:

(1) not general obligations of the municipality; and

(2) collectible only from the proper pledged revenues, and each bond shall state that it is payable solely from the proper pledged revenues and that the bondholders may not look to any other municipal fund for the payment of the interest and principal of the bond.

B. The bonds shall be executed by the mayor and treasurer or the clerk and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the governing body. The bonds may be executed as provided under the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978], and the coupons, if any, shall bear the facsimile signature of the treasurer of the municipality.

History: 1953 Comp., § 14-30-5, enacted by Laws 1965, ch. 300; 1967, ch. 244, § 2; 1985, ch. 86, § 3.

Previous Section
Section 3-31-4 - Ordinance authorizing revenue bonds; three-fourths majority required; resolution authorizing revenue bonds to be issued and sold to the New Mexico finance authority.
Next Section
Section 3-31-6 - Revenue bonds; mandatory rates for utility, joint utility or revenue-producing project; mandamus; impairment of payment.