Bonds issued under the provisions of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be legal investments for savings banks and insurance companies organized under the laws of this state.
History: 1953 Comp., § 14-31-10, enacted by Laws 1965, ch. 300.
Purchase by state investment council. — There is no authority for the state investment council to purchase municipal industrial revenue bonds as such. 1960 Op. Att'y Gen. No. 60-219.
Structure New Mexico Statutes
Article 32 - Industrial Revenue Bonds
Section 3-32-1 - Industrial Revenue Bond Act; definitions.
Section 3-32-3 - Addition to definitions.
Section 3-32-4 - Legislative intent.
Section 3-32-5 - Additional legislative intent.
Section 3-32-5.1 - Small communities; definition; attracting physicians.
Section 3-32-6 - Additional powers conferred on municipalities.
Section 3-32-6.1 - Notice to county.
Section 3-32-6.2 - Electric transmission projects; payments to the state.
Section 3-32-7 - Bonds issued to finance projects.
Section 3-32-8 - Security for bonds.
Section 3-32-9 - Requirements respecting lease.
Section 3-32-10 - Refunding bonds.
Section 3-32-11 - Use of proceeds from sale of bonds.
Section 3-32-12 - No contribution by municipality.
Section 3-32-13 - Bonds made legal investments.
Section 3-32-14 - Exemption from taxation.