New Mexico Statutes 3-60A-36. Revenue bonds; acquisition of project
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A. The local government may also provide that:
Terms Used In New Mexico Statutes 3-60A-36
- Trustee: A person or institution holding and administering property in trust.
(1) the project and improvements to be constructed, if any, shall be constructed by the local government, the user, the user’s designee or any one or more of them on real estate owned by the local government, 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 local government, may be conveyed or leased or an easement in the real estate granted to the local government at any time.