To further the marketability of bonds, the ordinance authorizing their issue may:

1. A. secure their payment by deed of trust or mortgage conveying county or municipally owned land and improvements acquired for the public transit facility operation or use from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and
2. B. authorize any other security agreement not in conflict with law.

History: 1978 Comp., § 7-24A-18, enacted by Laws 1978, ch. 182, § 18.

ANNOTATIONS

Effective dates. — Laws 1978, ch. 182 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 1978, 90 days after the adjournment of the legislature.