A. The governing body of any municipality or the board of county commissioners of any county may issue recreational revenue bonds, payable solely from the net income derived from the tax on cigarettes authorized by the Cigarette Tax Act [Chapter 7, Article 12 NMSA 1978] and distributed to the municipality or county from the county and municipality recreational fund, and may pledge irrevocably the payment of these revenue bonds from the net income distributed from the county and municipality recreational fund.
B. The proceeds received from the sale of revenue bonds authorized in this section shall be used solely for the purpose of acquiring, constructing, repairing, extending or improving recreational facilities within or without the municipality or county or for refunding recreational bonds payable from the tax on cigarettes as further provided in Section 5-4-11 NMSA 1978. Bonds for such recreational facilities purpose and for refunding may be combined as a single issue.
History: 1953 Comp., § 6-4-10, enacted by Laws 1965, ch. 88, § 1; 1969, ch. 23, § 1; 1975, ch. 226, § 1.
Cross references. — For county and municipality recreational fund, see 7-12-15 NMSA 1978.
Structure New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 4 - Playgrounds and Recreational Equipment
Section 5-4-1 - [Governmental unit subject to act.]
Section 5-4-2 - Dedication of lands and buildings as playgrounds and recreation centers.
Section 5-4-3 - Establishing system of supervised recreation; powers of managing boards.
Section 5-4-4 - [Petition for establishment of a supervised recreational system; election.]
Section 5-4-5 - Establishment of joint recreational systems.
Section 5-4-6 - Acceptance of grants and donations by supervisory boards; limitation.
Section 5-4-7 - [Disposition of funds received by gift or bequest.]
Section 5-4-8 - Power to issue bonds.
Section 5-4-10 - Revenue bonds.
Section 5-4-11 - Revenue bonds; refunding authorization; escrow; detail.
Section 5-4-12 - Terms of bonds.
Section 5-4-13 - Ordinance or resolution issuing bonds; validation.
Section 5-4-14 - Retirement of bonds only from cigarette tax proceeds; tax levy irrevocable.
Section 5-4-15 - Proceeds not to be divested [diverted]; exclusions of this act.
Section 5-4-16 - School districts; community recreational facilities.