Section 5-4-14 - Retirement of bonds only from cigarette tax proceeds; tax levy irrevocable. - New Mexico Statutes

5-4-14. Retirement of bonds only from cigarette tax proceeds; tax levy irrevocable.

A.     Recreational revenue bonds issued under the authority of Sections 5-4-10 through 5-4-15 NMSA 1978 are:   

(1)     not general obligations of the municipality or county issuing them; and   

(2)     collectible only from the proportionate income distributed to the county or municipality from the county and municipality recreational fund, which distributions are pledged.   

B.     Each recreational revenue bond shall state that the bond is collectible solely from the proportionate income distributed from such county and municipality recreational fund which distributions are pledged. The bondholder may not look to any other fund for the payment of principal and interest of such bond.   

C.     If any recreational revenue bonds are issued under the provisions of Section 5-4-10 NMSA 1978, the law establishing the additional cigarette tax from which money is pledged for the payment of revenue bonds shall not be repealed and the amount of money so received shall not be decreased until the principal amount of the revenue bonds and their interest has been paid.