3-60A-33: Revenue bonds; bond security.

The principal of, the interest on and any prior redemption premiums due in connection with the revenue bonds shall be payable from, secured by a pledge of and constitute a lien on the revenues out of which the bonds shall be made payable. In addition, they may be secured by a mortgage covering all or any part of the project or upon any other property of the user or both by a pledge of the revenues from or a financing agreement for the project or both as the local government in its discretion may determine; but no local government shall be authorized by the Redevelopment Bonding Law [3-60A-26 through 3-60A-46 NMSA 1978] to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the local government may pledge the revenues from the project.