Section 3-39-12 - Additional security. - New Mexico Statutes

3-39-12. Additional security.

To further the marketability of bonds issued pursuant to the Municipal Airport Law [3-39-1 to 3-39-15 NMSA 1978], the ordinance authorizing their issue may:   

A.     secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the airport facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders;   

B.     secure their payment by a pledge of all or any part of the amounts distributed to municipalities pursuant to Section 7-1-6.9 NMSA 1978 as from time to time amended and supplemented; provided any ordinance securing the payment of bonds by a pledge of revenues derived from such distributions may also provide for the creation and terms of a sinking fund into which the municipality shall annually transfer any or all of the revenues obtained from such distributions; and   

C.     authorize any other security agreement not in conflict with law.