The authority and its corporate existence shall continue until terminated by law, provided that no termination by law shall take effect so long as the authority has bonds or other obligations outstanding, unless adequate provision has been made for the payment of those obligations. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state. History: Laws 2005, ch. 342, § 17. ANNOTATIONSEffective dates. — Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
New Mexico Legal Code