A. Revenue bonds or refunding revenue bonds issued as authorized in the Border Development Act and other loans to the authority are:

(1) not general obligations of the state, any other agency of the state or of the authority; and

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

B. Revenue or refunding bonds or loans may be authorized by resolution of the authority, which resolution shall be approved by a majority of the voting members of the authority and by the state board of finance.

C. The bonds or loans shall be executed by the chairman and secretary of the authority and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the authority. Bonds, notes or other certificates of indebtedness of the authority 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 chairman of the authority.

History: Laws 1991, ch. 131, § 17; 1993, ch. 335, § 5; 1995, ch. 192, § 13.

The 1995 amendment, effective June 16, 1995, in Paragraph (1) of Subsection A, inserted "general" preceding "obligations" and deleted "general obligations" preceding "of the authority"; in Paragraph (2) of Subsection A, substituted "payable" for "collectible" and deleted "and" following the first "revenues".

The 1993 amendment, effective April 8, 1993, deleted "Border" preceding "Authority" and inserted "and borrowed funds" in the catchline; in Subsection A, inserted "and other loans to the authority" in the introductory language, "general obligations" in Paragraph (1), and "or loan", "or lenders", and "or the loan" in Paragraph (2); inserted "or loans" in Subsection B; and, in Subsection C, inserted "or loans" in the first sentence and substituted "Bonds, notes or other certificates of indebtedness of the authority" for "The bonds" in the second sentence.