New Mexico Statutes 7-24A-18. Additional security
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To further the marketability of bonds, the ordinance authorizing their issue may: A. secure their payment by deed of trust or mortgage conveying county or
Terms Used In New Mexico Statutes 7-24A-18
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
municipally owned land and improvements acquired for the public transit facility operation or use from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and
B. authorize any other security agreement not in conflict with law.