Terms Used In New Mexico Statutes 3-60A-36
- trustee: A person or institution holding and administering property in trust.
A. The municipality may also provide that:
(1) the project and improvements to be constructed, if any, shall be constructed by the municipality, the user, the user’s designee or any one or more of them on real estate owned by the municipality, the user, or the user’s designee, as the case may be; and
(2) the bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order or certificate of the user or the user’s designee.
B. The project, if and to the extent constructed on real estate not owned by the municipality, may be conveyed or leased or an easement therein granted to the municipality at any time.
History: Laws 1979, ch. 391, § 36.