A. The board may issue bonds or refunding bonds pursuant to the Wastewater Facility Construction Loan Act when the commission issues a recommending resolution to the board stating that a bond issue is required to implement the provisions of that act. B. The board may enter into agreements regarding the sale of bonds recommended by the commission, including arrangements for letters of credit, bond insurance or other credit enhancement devices, provided that no agreement shall obligate funds under the control of the commission other than as provided in the Wastewater Facility Construction Loan Act. C. Prior to issuance of bonds recommended by the commission pursuant to the Wastewater Facility Construction Loan Act, the board may adopt regulations related to the issuance of bonds and the expenditure of bond proceeds pursuant to that act. History: Laws 1991, ch. 172, § 8.
New Mexico Legal Code