A. Bonds or other special obligations issued pursuant to the School Revenue Bond Act are exempt from taxation by the state or any of its political subdivisions.
B. No obligation created pursuant to the School Revenue Bond Act shall be a charge against or a debt of the state or any of its political subdivisions.
History: 1953 Comp., § 77-16-16, enacted by Laws 1967, ch. 16, § 255.
Structure 2021 New Mexico Statutes
Article 19 - School Revenue Bonds
Section 22-19-1 - Short title.
Section 22-19-2 - Definitions.
Section 22-19-3 - Income projects.
Section 22-19-4 - Bonds; mortgages.
Section 22-19-5 - Determination by local school board.
Section 22-19-6 - Report to state board [department].
Section 22-19-7 - State board [department] approval; determination by state board.
Section 22-19-8 - Records; restriction on use of income.
Section 22-19-9 - Bonds; pledge of income; satisfaction of indebtedness.
Section 22-19-10 - Proceeds of bond sales; retirement fund.
Section 22-19-11 - Bonds; form; requirements.
Section 22-19-12 - Pledge of additional revenue.
Section 22-19-13 - Refunding bonds.
Section 22-19-14 - Refunding bonds; issuance; sale; proceeds.