{"data":{"id":"us-nm/3-33-26","jurisdiction":"us-nm","citation":"3-33-26","heading":"Improvement district; additional duties imposed on municipality.","body":"A. Whenever an improvement district has been created and bonds or assignable certificates have been issued to finance the improvement, a municipality shall:\n(1) act as agent for the collection of the assessments;\n(2) collect the assessments when due;\n(3) act as trustee for the benefit of the holders of the bonds or assignable certificates;\n(4) annually prepare a statement that shall:\n(a) be available for inspection in the office of the municipal treasurer;\n(b) reflect the financial condition of the improvement district; and\n(c) list all the delinquencies existing at that time; and\n(5) institute proceedings to foreclose the assessment lien against any tract or parcel of land that is delinquent in the payment of the assessment or installment of an assessment for a period of more than one year.\nB. If more than one improvement district is created, the money from assessments in each district shall be kept in a separate fund and used for the payment of principal and interest of the bonds or assignable certificates outstanding against that improvement district.","path":["Chapter 3 - Municipalities","ARTICLE 33 Improvement Districts"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18504/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"0e223d65eb55f4d1bc834372d01ee02c198a2db2a6a28fc55139b5286205e819","source_id":"us-nm","stale":false,"prev":"us-nm/3-33-25","next":"us-nm/3-33-27"},"notice":"GroundRules: Original legal text. Not legal advice."}