Except as otherwise provided in the Regional Air Center Special Economic District Act, all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the district that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability of the state or any other of its political subdivisions. No breach of any pledge, obligation or agreement or a district shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any other of its political subdivisions.
History: Laws 2019, ch. 13, § 9.
Effective dates. — Laws 2019, ch. 13 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 20 - Regional Air Center Special Economic District
Section 5-20-3 - Creation of a district.
Section 5-20-4 - Creation of an authority; members; terms; qualifications.
Section 5-20-5 - Authority; powers; duties.
Section 5-20-6 - Revenue bonds; exemption from taxation.
Section 5-20-7 - Bonding authority.
Section 5-20-8 - Refunding bonds.