A. It is hereby determined that the creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of proposed projects or facilities pursuant to the New Mexico Finance Authority Act, and that these purposes are public purposes and the authority will be performing an essential governmental function in the exercise of the powers conferred upon it by the New Mexico Finance Authority Act. The state covenants with the purchasers and all subsequent holders and transferees of bonds issued by the authority, in consideration of the acceptance of and payment for the bonds, that the bonds issued pursuant to that act and the income from the bonds shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
B. The property, income and operations of the authority shall be exempt from taxation of every kind and nature.
History: Laws 1992, ch. 61, ยง 20.
Structure New Mexico Statutes
Article 21 - Finance Authority
Section 6-21-2 - Legislative findings; declaration of purpose.
Section 6-21-5 - Powers of the authority.
Section 6-21-5.1 - Bonds for county correctional facility loans.
Section 6-21-6 - Public project revolving fund; purpose; administration.
Section 6-21-6.1 - Public project revolving fund; appropriations to other funds.
Section 6-21-6.3 - Water and wastewater project grant fund; creation; administration; purposes.
Section 6-21-6.4 - Local government planning fund; creation; administration; purposes.
Section 6-21-6.5 - New Mexico finance authority revenue bonds; purposes.
Section 6-21-6.8 - Local transportation infrastructure fund; creation; purpose; administration.
Section 6-21-6.9 - Local transportation project revenue bonds; issuance.
Section 6-21-6.10 - New Mexico finance authority revenue bonds; purpose; appropriation.
Section 6-21-6.11 - Rural county cancer treatment fund created; purpose; appropriation.
Section 6-21-6.12 - Local government transportation fund; created; distributions.
Section 6-21-6.13 - Metropolitan court bond guarantee fund.
Section 6-21-6.14 - Lease purchase revenue bonds; lease purchase agreements.
Section 6-21-7 - Public project finance program; duties of authority.
Section 6-21-8 - Public project finance program; loans; purchase or sale of securities.
Section 6-21-9 - Public project financing; powers of qualified entities.
Section 6-21-10 - Purchases in name of authority; documentation.
Section 6-21-11 - Bonds of the authority; use; security.
Section 6-21-12 - Bonds; authorization for issuance; terms and conditions.
Section 6-21-13 - Bonds secured by trust indenture.
Section 6-21-14 - Publication of notice; validation; limitation of action.
Section 6-21-15 - Refunding bonds.
Section 6-21-16 - Bond anticipation notes.
Section 6-21-17 - Remedies of bondholders.
Section 6-21-18 - Agreement of the state.
Section 6-21-19 - Bonds; legal investments for public officers and fiduciaries.
Section 6-21-20 - Tax exemption.
Section 6-21-21 - Money of the authority; expenses; audit; annual report.
Section 6-21-22 - Corporate existence.
Section 6-21-23 - Prohibited actions.
Section 6-21-24 - Conflicts of interest; penalty.
Section 6-21-25 - Limitation of liability.
Section 6-21-26 - Court proceedings; preference; venue.
Section 6-21-27 - Cumulative authority.
Section 6-21-28 - Liberal interpretation.
Section 6-21-29 - Severability.
Section 6-21-30 - New Mexico finance authority oversight committee.