A. Whenever a municipality 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 3-33-32 through 3-33-35 NMSA 1978, the municipality 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 municipality; 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.
History: 1953 Comp., § 14-32-33, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 25.
The 1991 amendment, effective April 4, 1991, deleted "negotiable coupon" preceding "bonds" in three places; substituted "3-33-32 through 3-33-35 NMSA 1978" for "14-32-25 through 14-32-30 New Mexico Statutes Annotated, 1953 Compilation" in Paragraph (2) of Subsection A; and made minor stylistic changes in Subsection B.
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