Section 73-16-53 - Rank of bonds; security. - New Mexico Statutes

73-16-53. [Rank of bonds; security.]

Bonds issued under this act [73-16-50 to 73-16-53 NMSA 1978] shall rank on a parity with all other bonds of the issue or issues refunded in part thereby and shall in all respects be deemed substituted for the particular bonds refunded thereby and entitled to the same security and payable from the same funds as the bonds so refunded. For the payment of the new bonds the district shall be required to levy and collect the same assessments, taxes and charges as it would have been required to do for the payment of the bonds refunded.