Section 4-55A-34 - Improvement district; application of reassessment fund to outstanding indebtedness.
4-55A-34. Improvement district; application of reassessment fund to outstanding indebtedness.
A. Whenever a county has:
(1) issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and
(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.
B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are:
(1) valid and binding obligations of the county; and
(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.