A. When all principal of, interest on and any prior redemption premium due in connection with the revenue bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has not been exercised as to all of the property contained in the project, the lease shall terminate and the local government shall sell the remaining property or devote the property to local government purposes other than manufacturing, commercial or industrial.
B. Any sale that is not made pursuant to the exercise of an option to purchase by the user of a project shall be conducted in the same manner as is then provided by law governing the issuer's sale of surplus property.
History: Laws 1979, ch. 391, § 45; 2018, ch. 60, § 42.
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 "municipal" and "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.