Terms Used In New Mexico Statutes 3-60A-34
- contract: A legal written agreement that becomes binding when signed.
- mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- trustee: A person or institution holding and administering property in trust.
A. The proceedings under which the revenue bonds are authorized to be issued and any mortgage or trust indenture given to secure the same may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including, but not limited to:
(1) provisions respecting custody of the proceeds from the sale of the bonds, including their investment and reinvestment until used to defray the cost of the project;
(2) provisions respecting the fixing and collection of revenues from the project;
(3) the terms to be incorporated in the financing agreement and any mortgage or trust indenture for the project, including without limitation provision for subleasing;
(4) the maintenance and insurance of the project;
(5) the creation of funds and accounts into which any bond proceeds, revenues and income may be deposited or credited;
(6) limitation on the purpose to which the proceeds of any bonds then or thereafter to be issued may be applied;
(7) limitation on the issuance of additional bonds, the terms upon which additional bonds are issued and secured, the refunding of bonds and the replacement of bonds;
(8) the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated;
(9) vesting in a trustee such properties, rights, powers and duties in trust as the municipality determines and limiting the rights, duties and powers of such trustees; and
(10) the rights and remedies available in case of a default to the bondholders or to any trustee under the financing agreement, a mortgage or a trust indenture for the project.
History: Laws 1979, ch. 391, § 34.