Section 3-52-9 - Construction. - New Mexico Statutes

3-52-9. Construction.

The Municipal Transit Law [3-52-1 to 3-52-13 NMSA 1978] is full authority for authorization and issuance of bonds and no election is necessary. In any proceeding involving the validity and enforceability of any bond or its security, any bond reciting in substance that it was issued by the municipality to aid in financing public transit facilities is conclusively presumed to have been issued for a public transit facility planned, operated and used in accordance with the Municipal Transit Law.