Section 6-17-12 - Debt against state not to be created by income-producing project bonds.

NM Stat § 6-17-12 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

No obligation created under this article shall ever be or become a charge or debt against the state, but all such obligations, including principal and interest, shall be payable solely from the net income derived from the buildings, facilities and improvements as in this article specified; provided, however, that:

A. any purchase-money mortgage, deed of trust or other security instrument constituting a purchase-money mortgage may be foreclosed against the buildings, facilities or improvements so pledged without the right to a deficiency judgment; and

B. any mortgage, deed of trust or other security instrument given by a state educational institution operating a county hospital pursuant to the Hospital Funding Act [Chapter 4, Article 48B NMSA 1978] may be foreclosed against the buildings, facilities or improvements so pledged without the right to a deficiency judgment.

History: Laws 1939, ch. 177, § 11; 1941 Comp., § 55-2711; Laws 1947, ch. 143, § 10; 1953 Comp., § 73-29-12; 2003, ch. 285, § 4.

The 2003 amendment, effective April 8, 2003, in the introductory paragraph, substituted "under this article" for "hereunder" near the beginning, deleted "of New Mexico" following "against the state", substituted "article" for "act" following "as in this"; added Subsection A designation; and added Subsection B.

Previous Section

Section 6-17-11 - Security for income-producing bonds; rules and regulations.

Next Section

Section 6-17-13 - [Institutional bond statutes not affected by income-producing bond law.]