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 Parking Law shall be payable solely from the sources provided in Section 3-50-11 NMSA 1978. Such bonds shall not be a debt, liability or 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., ยง 14-51-10, enacted by Laws 1965, ch. 300.
Structure 2021 New Mexico Statutes
Article 50 - Municipal Parking
Section 3-50-1 - Municipal Parking Law; short title.
Section 3-50-2 - Finding and declaration of necessity.
Section 3-50-4 - Creation of parking authorities.
Section 3-50-5 - Powers of city.
Section 3-50-6 - Interested officers and employees.
Section 3-50-7 - Planning, zoning and building laws.
Section 3-50-8 - Lease of parking facilities; bids.
Section 3-50-9 - Power to issue bonds.
Section 3-50-10 - Liability on bonds.
Section 3-50-11 - Types of bonds; sources from which payable.
Section 3-50-12 - Form and sale of bonds.
Section 3-50-13 - Provisions of bonds and trust indentures.
Section 3-50-14 - Construction of bond provisions.
Section 3-50-15 - Examination of bond issue by attorney general.
Section 3-50-16 - Remedies of an obligee.
Section 3-50-17 - Additional remedies conferrable to an obligee.
Section 3-50-18 - Bonds; exemption from taxation.
Section 3-50-19 - Aid from federal government.
Section 3-50-20 - Contracts; leases; increase of revenue.