It is the legislative intent that small communities have the power to issue municipal revenue bonds for the purpose of constructing office facilities for physicians as a method of attracting physicians. Therefore, for the purposes of Sections 3-32-3, 3-32-5 and Subsection F of Section 3-32-1 NMSA 1978, "small municipality" means an incorporated municipality having a population of less than fifteen thousand as shown by the last preceding official United States census. For limited purposes stated in this section, physicians offices are allowed even though the physicians operate as a profit-making enterprise.
History: 1978 Comp., § 3-32-5.1, enacted by Laws 1981, ch. 45, § 4.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations, Counties, and Other Political Subdivisions § 588.
64 C.J.S. Municipal Corporations § 1909.
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.