A. No local government or public body shall pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] or unless the land is determined by the governing body to be no longer necessary for other municipal purposes or purposes of a public body, shall not use land already owned by the local government or public body or in which the local government or public body has an equity for the construction thereon of a project or any part thereof.
B. The entire cost of acquiring any project shall be paid out of the proceeds from the sale of the revenue bonds, but this provision shall not be construed to prevent a local government or public body from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.
History: Laws 1979, ch. 391, § 44; 2018, ch. 60, § 41.
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; 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.