Section 22-19-4 - Bonds; mortgages. - New Mexico Statutes

22-19-4. Bonds; mortgages.

A.     A local school board may issue bonds or other special obligations to finance the repayment of all money borrowed for an income project pursuant to the School Revenue Bond Act [22-19-1 NMSA 1978].   

B.     A local school board may execute a mortgage, deed of trust or a security agreement upon the income project to secure payment of any bonds or other special obligations issued pursuant to the School Revenue Bond Act.