New Mexico Statutes 3-31-7. Revenue bonds; mortgaging water utility property
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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.
Terms Used In New Mexico Statutes 3-31-7
- Trustee: A person or institution holding and administering property in trust.