A. A local government may issue revenue bonds in connection with a financing agreement for the purposes of financing a project authorized by the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978].
B. A revenue bond shall be a limited obligation of the local government, the principal and interest of which shall be payable, subject to the mortgage provisions of the Redevelopment Bonding Law, solely out of the revenues derived from the financing, sale or leasing of the project with respect to which the bonds are issued.
C. The revenue bond and interest coupons, if any, appurtenant thereto shall never constitute a debt or indebtedness of the local government within the meaning of any provision or limitation of the constitution of New Mexico, statutes of the state or a home rule charter of the local government, and the bond shall not constitute or give rise to a pecuniary liability of the local government or a charge against its general credit or taxing powers. These limitations shall be plainly stated on the face of each bond.
History: Laws 1979, ch. 391, § 31; 2018, ch. 60, § 29.
Cross references. — For constitutional restrictions on municipal indebtedness, see N.M. Const., art. IX, §§ 12, 13.
The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipality" with "local government" throughout the section.
Structure New Mexico Statutes
Article 60A - Metropolitan Redevelopment
Section 3-60A-1 - Short title.
Section 3-60A-2 - Findings and declarations of necessity.
Section 3-60A-3 - Legislative intent.
Section 3-60A-4 - Definitions.
Section 3-60A-5 - Redevelopment Law; short title.
Section 3-60A-6 - Use of private enterprise and public powers.
Section 3-60A-7 - Finding of necessity by local government.
Section 3-60A-8 - Designation of a metropolitan redevelopment area.
Section 3-60A-9 - Preparation of a metropolitan redevelopment plan.
Section 3-60A-10 - Powers of local government.
Section 3-60A-12 - Disposal of property.
Section 3-60A-13 - Property exempt from taxes and from levy and sale by virtue of an execution.
Section 3-60A-13.1 - Payments in lieu of property taxes and assessments.
Section 3-60A-14 - Cooperation by public bodies.
Section 3-60A-15 - Exercise of powers in carrying out projects.
Section 3-60A-16 - Metropolitan redevelopment agency.
Section 3-60A-17 - Conflict of interest; misconduct.
Section 3-60A-18 - Other powers.
Section 3-60A-19 - Tax Increment Law; short title.
Section 3-60A-20 - Alternative method of financing.
Section 3-60A-21 - Tax increment procedures.
Section 3-60A-22 - Metropolitan redevelopment fund; creation; disbursement.
Section 3-60A-23 - Tax increment financing method approval.
Section 3-60A-23.1 - Tax increment bonds.
Section 3-60A-24 - Tax increment method; base value for distribution.
Section 3-60A-26 - Redevelopment Bonding Law; short title.
Section 3-60A-27 - Definitions.
Section 3-60A-28 - General powers.
Section 3-60A-29 - Revenue bonds; issuance.
Section 3-60A-30 - Bonds as legal investments.
Section 3-60A-31 - Revenue bonds; issuance; status.
Section 3-60A-32 - Revenue bonds; form and terms.
Section 3-60A-33 - Revenue bonds; bond security.
Section 3-60A-34 - Revenue bonds; terms of proceedings and instruments.
Section 3-60A-35 - Revenue bonds; investments and bank deposits.
Section 3-60A-36 - Revenue bonds; acquisition of project.
Section 3-60A-37 - Revenue bonds; limited obligation.
Section 3-60A-38 - Revenue bonds; rights upon default.
Section 3-60A-39 - Revenue bonds; determination of revenue.
Section 3-60A-40 - Revenue bonds; financing of project.
Section 3-60A-41 - Option to purchase.
Section 3-60A-42 - Revenue bonds; refunding.
Section 3-60A-43 - Revenue bonds; application of proceeds.
Section 3-60A-44 - No payment by local government.
Section 3-60A-45 - No local government operation.
Section 3-60A-46 - Limitation of actions.