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New Mexico Statutes Chapter 4. Counties § 4-55A-22. Improvement district; additional duties imposed on county

Current as of May 06, 2021 | Updated by FindLaw Staff

A. Whenever an improvement district has been created and bonds or assignable certificates have been issued to finance the improvement, a county shall:

(1) act as agent for the collection of the assessments;

(2) collect the assessments when due;

(3) act as trustee for the benefit of the holders of the bonds or assignable certificates;

(4) annually prepare a statement that shall:

(a) be available for inspection in the office of the county treasurer;

(b) reflect the financial condition of the improvement district; and

(c) list all the delinquencies existing at that time; and

(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.

B. 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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 4. Counties § 4-55A-22. Improvement district; additional duties imposed on county - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-4-counties/nm-st-sect-4-55a-22/

Read this complete New Mexico Statutes Chapter 4. Counties § 4-55A-22. Improvement district; additional duties imposed on county on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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