Neither the governing body nor any person executing any bond authorized by this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] shall be liable personally thereon by reason of its issuance hereunder. Except for general obligation bonds, bonds issued pursuant to this act shall not be a debt, liability or general obligation of the municipality issuing them, and it shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payment, nor shall the bonds be payable out of any funds other than the revenues and proceeds pledged to the payment thereof; and each such bond shall in substance so state. Such bonds shall not constitute a debt or indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction. The payment of bonds shall not be secured by an encumbrance, mortgage or other pledge of property of the municipality, except for revenues and tax proceeds pledged for their payment. No property of the municipality, subject to said exceptions, shall be liable to be forfeited or taken in payment of the bonds.
History: 1953 Comp., § 6-9-13, enacted by Laws 1959, ch. 300, § 13.
Structure 2021 New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 5 - Joint City-County Building
Section 5-5-2 - Legislative declaration.
Section 5-5-4 - Jointly owned projects.
Section 5-5-5 - Powers of county and city.
Section 5-5-6 - Agreements between county and city.
Section 5-5-7 - Borrowing money and securities evidencing loans.
Section 5-5-8 - Short-term notes.
Section 5-5-9 - Limitations upon incurring debts.
Section 5-5-10 - General obligation bond and debt elections.
Section 5-5-11 - Authorization of bonds.
Section 5-5-12 - Payment of bonds.
Section 5-5-13 - Municipality's limited liability on bonds and recital therein.
Section 5-5-14 - Incontestable recital in bonds.
Section 5-5-15 - Form of bonds.
Section 5-5-16 - Alternate bond form.
Section 5-5-17 - Execution of bonds.
Section 5-5-18 - Sale of bonds.
Section 5-5-19 - Application of proceeds.
Section 5-5-20 - Covenants in bond proceedings.
Section 5-5-21 - Remedies of bondholders.
Section 5-5-23 - Revenue bond charges.
Section 5-5-24 - Pledging of occupation taxes.
Section 5-5-25 - Exemption from taxation.