Whenever any indebtedness has been incurred by the authority, it shall be lawful for the board to levy taxes and to collect revenue for the purpose of creating a reserve fund in such amount as the board may determine, which may be used to meet the obligations of the authority, for maintenance and operating charges and depreciation, and to provide improvements for the authority. History: 1953 Comp., § 75-36-25, enacted by Laws 1963, ch. 311, § 25.
New Mexico Legal Code