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 72-20-54 - Limitations upon payment of securities.

Section 72-20-54 - Limitations upon payment of securities.

72-20-54. Limitations upon payment of securities.

The payment of securities shall not be secured by an encumbrance, mortgage or other pledge of property of the authority, except for revenues, income, tax proceeds and other money pledged for the payment of securities.  No property of the authority, subject to such exception, shall be liable to be forfeited or taken in payment of the securities.