A. A city shall have power to issue bonds from time to time in its discretion to finance in whole or in part the cost of the preparation, acquisition, purchase, lease, construction, reconstruction, improvement, alteration, extension or repair of any project or undertaking hereunder. A city shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it hereunder. In order to carry out the purposes of the Municipal Housing Law, a city may issue, upon proper resolution, bonds on which the principal and interest are payable:
(1) exclusively from the income and revenues of the housing project or projects financed with the proceeds of such bonds; or
(2) exclusively from such income and revenues together with grants and contributions from the federal government or other sources in aid of such project or projects.
B. Neither the governing body of a city nor any person executing the bonds shall be liable personally on any bonds by reason of the issuance thereof hereunder. The bonds issued under the provisions of the Municipal Housing Law shall be payable solely from the sources provided in this section. Such bonds shall not be a general obligation of the city issuing them, and they shall so state on their face. The bonds shall not constitute a debt or indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction.
History: 1953 Comp., § 14-46-11, enacted by Laws 1965, ch. 300.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 40 Am. Jur. 2d Housing Laws and Urban Redevelopment § 32.
64 C.J.S. Municipal Corporations § 1908.
Structure 2021 New Mexico Statutes
Article 45 - Municipal Housing
Section 3-45-1 - Municipal Housing Law; short title.
Section 3-45-2 - Finding and declaration of necessity.
Section 3-45-5 - Creation of authority.
Section 3-45-6 - Prohibited actions.
Section 3-45-7 - Removal of commissioners.
Section 3-45-8 - Eminent domain.
Section 3-45-9 - Operation not for profit.
Section 3-45-10 - Sales, rentals and tenant selection.
Section 3-45-12 - Form and sale of bonds; interest on certain obligations.
Section 3-45-13 - Provisions of bonds and trust indentures.
Section 3-45-14 - Construction of bond provisions.
Section 3-45-15 - Certification of attorney general.
Section 3-45-16 - Remedies of an obligee.
Section 3-45-17 - Additional remedies conferrable to an obligee.
Section 3-45-18 - Exemption of property from execution sale.
Section 3-45-19 - Exemption of property from taxation.
Section 3-45-20 - Aid from state or federal government.
Section 3-45-21 - Cooperation in undertaking housing projects or affordable housing programs.
Section 3-45-22 - Procedure for exercising powers.
Section 3-45-23 - Supplemental nature of the Municipal Housing Law.
Section 3-45-24 - Housing bonds; legal investments; security; negotiable.