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Section 4-55A-39 - Improvement district; construction of sections.

NM Stat § 4-55A-39 (2019) (N/A)
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Nothing contained in Sections 4-55A-35 through 4-55A-38 NMSA 1978 shall be construed as:

A. increasing the burden or liability of any tract or parcel of land or the owner of any tract or parcel of land; or

B. except for issuance of the refunding bonds, creating any additional liability of the county.

History: Laws 1980, ch. 91, § 39; 1991, ch. 199, § 58.

The 1991 amendment, effective April 4, 1991, added "construction of sections" in the catchline; substituted "Sections 4-55A-35 through 4-55A-38 NMSA 1978" for "Sections 35 through 38 of the County Improvement District Act" in the introductory paragraph; redesignated former Paragraphs (1) and (2) of former Subsection A as Subsections A and B; added "except for the issuance of the refunding bonds" at the beginning of Subsection B; and deleted former Subsection B which read "The issuance of the refunding bonds shall not give any bondholder any greater right than he had prior to the refunding. The owners and holders of refunding bonds shall be subrogated to all the rights and remedies possessed by the owners and holders of the bonds refunded".

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Section 4-55A-38 - Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens.
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Section 4-55A-40 - Street and road improvement fund authorization.