I'll leave the question of "legally allowed" to the lawyers, because I think the elephant in the room is: who's going to buy your bonds if your ghost town has no tax revenue?
If he issues them as NFTs and concurrently releases GTC (ghost town coin), he might make a little cash on the side.
Just needs a “good faith constructive” conversation with regulators. /s
Depending on the map you're referencing this is in the Permian Basin. Maybe there's some taxable revenue from oil/gas.
If there was oil, it probably would not be for sale…and there are few if any oil wells along that stretch of US90.
I don’t think it’s over the Permian Basin.
I don't think it works that way. IANAL...but Lobo does not have its own government. Nor any annual tax revenue, which might be pledged to make the payments on bonds.