Transportation bonds; exemption from taxation

The construction, operation and maintenance of a transportation project by the state transportation commission shall constitute the performance of an essential governmental function. As such, the income from the transportation bonds issued pursuant to Chapter 67, Article 3 NMSA 1978 shall at all times be free from taxation by the state and by its political subdivisions. History: Laws 1997, ch. 52, § 6; 2003, ch. 142, § 73.