Statutes > New Mexico Statutes > Chapter 72 - Water Law. > Article 20 - Eastern Sandoval County Arroyo Flood Control Act, 72-20-1 through 72-20-103. > Section 72-20-52 - Payment recital in securities.

Section 72-20-52 - Payment recital in securities.

72-20-52. Payment recital in securities.

Each security issued under the Eastern Sandoval County Arroyo Flood Control Act shall recite in substance that the security and the interest on that security are payable solely from the revenues or other money pledged to the payment of those revenues.  Securities specifically pledging the full faith and credit of the authority for their payment shall so state.