A. A municipality may issue electric utility revenue bonds as provided in Sections 3-31-1 through 3-31-12 NMSA 1978. The proceeds from the sale of the electric utility revenue bonds are to be used solely for the purpose of purchasing, acquiring, constructing and making necessary improvements, extensions, repairs and betterments of the electric utility.
B. The electric utility revenue bonds are to be paid solely from the net income derived from the operation of the electric utility.
History: 1953 Comp., ยง 14-23-6, enacted by Laws 1965, ch. 300.
Structure New Mexico Statutes
Section 3-24-2 - Electric utility; charges.
Section 3-24-3 - Electric utility; municipality serving a governmental agency.
Section 3-24-4 - Jurisdiction over land of electric utility.
Section 3-24-5 - Electric utility; eminent domain power.
Section 3-24-6 - Electric utility; power to issue revenue bonds.
Section 3-24-7 - Limitations on electric utility of municipality.
Section 3-24-8 - Electric utility; limitation on right to acquire system beyond five-mile limit.
Section 3-24-10 - Contracts with electric utilities for the operation of facilities.
Section 3-24-11 - Short title.
Section 3-24-12 - Legislative intent.
Section 3-24-13 - Limitation on applicability of the Municipal Electric Generation Act.
Section 3-24-14 - Additional powers conferred on municipalities.
Section 3-24-16 - Municipal liability.
Section 3-24-17 - Application of municipal money or property.