Every contract entered into by the authority for the use of any project or the services or facilities thereof acquired, constructed or completed from the proceeds of the sale of revenue bonds shall incorporate by reference the provisions of any ordinance pursuant to which the bonds were issued. Every such contract or lease shall also refer to the provisions of the Municipal Parking Law with respect to the obligation of the city to fix fees and charges to meet the payments provided for in the Municipal Parking Law and the proceedings for the issuance of revenue bonds and all payments required to be made to the authority under such contract shall be subject to increase if and when the authority is required to increase rates or charges to meet its obligations hereunder and under any ordinance providing for the issuance of bonds.
History: 1953 Comp., ยง 14-51-20, 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.