Section 3-33-38 - Improvement district; application of reassessment fund to outstanding indebtednessA. Whenever a municipality has: (1) issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and (2) reassessed the tract or parcel of land benefiting from the improvement as provided in Sections3-33-32 through 3-33-35 NMSA 1978, the municipality shall apply all money received from the payment of the reassessment to the payment of the bonds or assignable certificates. B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are: (1) valid and binding obligations of the municipality; and (2) payable from the payments received from any reassessment that shall be levied until all obligations of indebtedness of the improvement have been paid in full. 1953 Comp., § 14-32-33, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 25.