New Mexico Statutes 62-16A-10. New Mexico renewable energy transmission authority act is full authority for issuance of bonds; bonds are legal investments
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A. The New Mexico Renewable Energy Transmission Authority Act is, without reference to any other act of the legislature, full authority for the issuance and sale of renewable energy transmission bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [N.M. Stat. Ann. Chapter 55] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value.
Terms Used In New Mexico Statutes 62-16A-10
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
B. The bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money.