The bonds authorized by Chapter 3, Article 31 NMSA 1978 and the income from the bonds or any mortgages or other instruments executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state.
History: Laws 2001, ch. 126, § 1.
Effective dates. — Laws 2001, ch. 126 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 15, 2001, 90 days after adjournment of the legislature.
Structure New Mexico Statutes
Section 3-31-1.1 - Definitions.
Section 3-31-2 - Use of proceeds of bond issue.
Section 3-31-3 - Revenue bonds; terms.
Section 3-31-3.1 - Exemption from taxation.
Section 3-31-5 - Revenue bonds not general municipal obligations; authentication.
Section 3-31-7 - Revenue bonds; mortgaging water utility property.
Section 3-31-8 - Revenue bonds; refunding authorization; authority to mortgage municipal utility.
Section 3-31-9 - Refunding bonds; escrow; detail.
Section 3-31-10 - Refunding revenue bonds; terms.
Section 3-31-11 - Refunding revenue bonds; ordinance; resolution.
Section 3-31-12 - Refunding revenue bonds; foreclosure of mortgage.