2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 27 - Border Development › Section 58-27-18 - Security for bonds, notes or certificates of indebtedness.

The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Border Development Act shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a mortgage, deed of trust note or other certificate of indebtedness covering all or any part of the project from which the revenues so pledged may be derived and may be secured by a pledge of any lease or installment sale agreement or other fees or revenues with respect to the project. The resolution of the authority under which bonds, notes or certificates of indebtedness are authorized to be issued or any mortgage, notes or certificates of indebtedness may contain any agreement and provisions customarily contained in instruments securing bonds, notes or certificates of indebtedness, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of all revenues from any project covered by the proceedings or mortgage, the terms to be incorporated in any lease or installment sale agreement with respect to the project, the maintenance and insurance of the project, the creation and maintenance of special funds from the revenues with respect to the project and the rights and remedies available in the event of default to the bondholders, to the trustee under a mortgage, deed of trust or trust indenture or to a lender, all as the authority deems advisable and not in conflict with the provisions of the Border Development Act; provided, however, that in making the agreements or provisions, the authority shall not have the power to obligate itself except with respect to the project and the application of the revenues from the project and shall not have the power to incur a pecuniary liability or a charge upon the state general credit or against the state taxing powers. The resolution authorizing any bonds and any mortgage securing the bonds, any note or other certificate of indebtedness may set forth the procedure and remedies in the event of default in payment of the principal of or the interest on the bond, note or certificate of indebtedness or in the performance of any agreement. No breach of any agreement shall impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing powers.
History:
Laws 1991, ch. 131, § 18; 1993, ch. 335, § 6; 1995, ch. 192, § 14.
ANNOTATIONS
Cross references.
— For the state board of finance,
see
6-1-1 NMSA 1978.
The 1995 amendment,
effective June 16, 1995, in the first sentence, inserted "deed of trust" and substituted "any lease or installment sale agreement or other fees or revenues with respect to" for "the lease or income of"; in the second sentence, substituted "any lease or installment sale agreement with respect to" for "the lease of", and added "deed of trust or trust indenture" following "under a mortgage"; and made minor stylistic changes throughout the section.
The 1993 amendment,
effective April 8, 1993, inserted "notes or other certificates of indebtedness" in the catchline and throughout the section, inserted "or to a lender" in the second sentence, and made stylistic changes throughout the section.