{"data":{"id":"us-nm/3-39-12","jurisdiction":"us-nm","citation":"3-39-12","heading":"Additional security.","body":"To further the marketability of bonds issued pursuant to the Municipal Airport Law, the ordinance authorizing their issue may:\nA. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the airport facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders;\nB. secure their payment by a pledge of all or any part of the amounts distributed to municipalities pursuant to Section 7-1-6.9 NMSA 1978 as from time to time amended and supplemented; provided any ordinance securing the payment of bonds by a pledge of revenues derived from such distributions may also provide for the creation and terms of a sinking fund into which the municipality shall annually transfer any or all of the revenues obtained from such distributions; and\nC. authorize any other security agreement not in conflict with law.","path":["Chapter 3 - Municipalities","ARTICLE 39 Municipal Airports"],"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":"71002dba5dceeb81617411cfa43dc9f38d1e28991ad3029b486c660ac1cc487a","source_id":"us-nm","stale":false,"prev":"us-nm/3-39-11","next":"us-nm/3-39-13"},"notice":"GroundRules: Original legal text. Not legal advice."}