1. A. Whenever a county has:

   1. (1) issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and
   2. (2) reassessed the tract or parcel of land benefiting from the improvement as provided in Sections 4-55A-26 through 4-55A-31 NMSA 1978; the county shall apply all money received from the payment of the reassessment to the payment of the bonds or assignable certificates.

2. B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are:

   1. (1) valid and binding obligations of the county; and
   2. (2) payable from the payments received from any reassessment that shall be levied until all obligations of indebtedness of the improvement have been paid in full.

History: Laws 1980, ch. 91, § 34; 1991, ch. 199, § 53.

ANNOTATIONS

The 1991 amendment, effective April 4, 1991, deleted "negotiable coupon" preceding "bonds" in two places in Subsection A and once in Subsection B; substituted "Sections 4-55A-26 through 4-55A-31 NMSA 1978" for "Sections 26 through 31 of the County Improvement District Act" in Paragraph (2) of Subsection A; and made minor stylistic changes in Subsection B.