STATE STATUTES & CODES
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NEW MEXICO STATUTES AND CODES
Section 6-21C-9 - State Building Bonding Act is full authority for issuance of bonds; bonds are legal investments.
6-21C-9. State Building Bonding Act is full authority for issuance of bonds; bonds are legal investments.
A. The State Building Bonding Act [6-21C-1 NMSA 1978] shall, without reference to any other act of the legislature, be full authority for the issuance and sale of building bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value.
B. Building bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money.