A. The State Building Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of building bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value.
B. Building bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money.
History: Laws 2001, ch. 199, § 9; 2003, ch. 371, § 8.
The 2003 amendment, effective June 20, 2003, substituted "State Building Bonding Act" for "State Office Building Acquisition Bonding Act" in the section heading and in Subsection A; and substituted "building bonds" for "state office building tax revenue bonds" throughout the section.
Temporary provisions. — Laws 2003, ch. 371, § 12, provided that nothing in the act shall be deemed to impair state office building tax revenue bonds outstanding on June 20, 2003; the State Office Building Acquisition Bonding Act and the State Building Bonding Act are the same act; the state office building bonding fund and the state building bonding fund are the same fund.
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