3-52-10. Additional security.
74 words·~1 min read·
/nm/chapter-3-municipalities/article-52-municipal-transit/3-52-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To further the marketability of bonds, the ordinance authorizing their issue may:
A. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the public transit facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and
B. authorize any other security agreement not in conflict with law.
History: 1953 Comp., § 14-53-10, enacted by Laws 1965, ch. 300.