The principal of, the interest on and any prior redemption premiums due in connection with the revenue bonds shall be payable from, secured by a pledge of and constitute a lien on the revenues out of which the bonds shall be made payable. In addition, they may be secured by a mortgage covering all or any part of the project or upon any other property of the user or both by a pledge of the revenues from or a financing agreement for the project or both as the local government in its discretion may determine; but no local government shall be authorized by the Redevelopment Bonding Law [3-60A-26 through 3-60A-46 NMSA 1978] to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the local government may pledge the revenues from the project.History: Laws 1979, ch. 391, § 33; 2018, ch. 60, § 31; 2023, ch. 112, § 10. ANNOTATIONSCompiler's notes. — Laws 2024, ch. 62, § 3 changed the effective date of Laws 2023, ch. 112 from July 1, 2024 to January 1, 2025. The 2023 amendment, effective January 1, 2025, removed a provision authorizing local governments to pledge property of a project as security for the payment of bonds; and after 'may January 1, 2025. The 2023 amendment, effective January 1, 2025, removed a provision authorizing local governments to pledge property of a project as security for the payment of bonds; and after 'may pledge the', deleted 'property of the project or'.
New Mexico Legal Code