The principal of, the interest on and any prior redemption premiums due in connection with the revenue bonds shall be payable from, secured by a pledge of and constitute a lien on the revenues out of which the bonds shall be made payable. In addition, they may be secured by a mortgage covering all or any part of the project or upon any other property of the user or both by a pledge of the revenues from or a financing agreement for the project or both as the local government in its discretion may determine; but no local government shall be authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the local government may pledge the property of the project or revenues from the project.
History: Laws 1979, ch. 391, § 33; 2018, ch. 60, § 31.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; replaced "municipality" and "governing body" with "local government" throughout the section; and after "shall be authorized by", added "the Redevelopment Bonding Law", and after "except that the", deleted "county or municipality" and added "local government".
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