Bonds issued pursuant to the authority of the Economic Advancement District Act:
A. shall be legal investments for savings banks and insurance companies organized under the laws of this state; and
B. shall be exempt from all taxation by the state or any political subdivision thereof.
History: Laws 1987, ch. 115, ยง 17.
Structure 2021 New Mexico Statutes
Article 19 - Economic Advancement Districts
Section 6-19-3 - Legislative intent.
Section 6-19-4 - Creation of economic advancement districts.
Section 6-19-5 - Board of trustees; organization; terms; vacancies; removal.
Section 6-19-6 - Board of trustees; compensation; payment authority; bond.
Section 6-19-7 - Board of trustees; powers.
Section 6-19-8 - Board of trustees; duties.
Section 6-19-9 - General obligation bonds.
Section 6-19-10 - General obligation bonds; interest; maturities.
Section 6-19-11 - General obligation bonds; imposition of tax.
Section 6-19-12 - Refunding bonds.
Section 6-19-13 - Revenue bonds.
Section 6-19-14 - Security for revenue bonds.
Section 6-19-15 - Requirements respecting lease.
Section 6-19-16 - Revenue bonds; refunding.
Section 6-19-17 - Nature of all bonds issued pursuant to act.