Statutes > New Mexico Statutes > Chapter 3 - Municipalities. > Article 31 - Revenue Bonds, 3-31-1 through 3-31-12. > Section 3-31-7 - Revenue bonds; mortgaging water utility property.

Section 3-31-7 - Revenue bonds; mortgaging water utility property.

3-31-7. Revenue bonds; mortgaging water utility property.

If revenue bonds are issued for the acquisition or improvement, betterment or extension of a municipal water utility, the municipality may further assure payment of the revenue bonds by mortgaging and conveying the water utility to a trustee for the benefit and security of the bondholders.