Any holder of any bonds issued under the provisions of Sections 72-14-9 through 72-14-28 NMSA 1978 except to the extent the rights herein given may be restricted by resolution passed before the issuance of the bonds, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any rights granted hereunder or under such resolution and may enforce and compel performance of all duties required by those sections or by such resolution to be performed by the commission. The state pledges and agrees that while any bonds issued by the commission remain outstanding, the powers, duties or existence of the commission or any official or agency of the state and the distribution of revenues pledged to payment of the bonds to the commission shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds. The commission is authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds.

History: 1953 Comp., § 75-34-22, enacted by Laws 1955, ch. 266, § 14; 1997, ch. 241, § 13; 1997, ch. 246, § 13.

The 1997 amendment, effective June 20, 1997, added the section heading, substituted "Sections 72-14-9 through 72-14-28 NMSA 1978" for "this act or any of the coupons attached thereto", in the first sentence, in the second sentence inserted "The state pledges and agrees that" at the beginning, and "and the distribution of revenues pledged to payment of the bonds to the commission" near the middle, added the last sentence, and made minor stylistic changes.

Laws 1997, ch. 241, § 13 and Laws 1997, ch. 246, § 13, both effective June 20, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 246, § 13. See 12-1-8 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 330 to 340.

94 C.J.S. Waters § 259.