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 72-20-85 - Payment of refunding bonds.

Section 72-20-85 - Payment of refunding bonds.

72-20-85. Payment of refunding bonds.

Refunding revenue bonds may be made payable from any revenues derived from the operation of the flood control system or any project, notwithstanding the pledge of such revenues for the payment of the outstanding bonds issued by the authority that are to be refunded is thereby modified.  Any refunding revenue bonds shall not be made payable from taxes unless the bonds thereby refunded are payable from taxes.