Chapter 3 — Chapter 3

History: 1953, Comp., § 14-29-2, enacted by Laws 1965, ch. 300; repealed by Laws 2019, ch. 212, § 284.

History: 1953 Comp., § 14-29-3, enacted by Laws 1965, ch. 300; repealed by Laws 2019, ch. 212, § 284.

History: 1953, Comp., § 14-29-4, enacted by Laws 1965, ch. 300; repealed by Laws 2019, ch. 212, § 284.

Subject to the limitations and in accordance with Article 9 of the constitution of New Mexico and Sections 6-15-1 and 6-15-2 NMSA 1978, a municipality may issue and dispose of negotiable bonds for the purpose of securing funds for: A. erecting and operating natural or artificial …

time; publication or posting; ballots. A. Before bonds are issued, the governing body of the municipality shall submit to a vote of the qualified electors of the municipality the question of issuing the bonds. The election may be held at the same time as the regular local electio…

A. The vote upon each question proposing to issue negotiable bonds shall be canvassed as provided in the Local Election Act [Chapter 1, Article 22 NMSA 1978], and the municipal clerk shall file the certificate of canvass in the official minute book of the municipality. B. If a ma…

A. The bonds shall be issued and sold in the manner authorized under Sections 6- 15-3 through 6-15-10 NMSA 1978. B. The bonds shall be of such denomination or denominations and shall be payable at such place or places within or without the state or both, shall be in such form, an…

The full faith and credit of the municipality shall be pledged to the payment of the negotiable bonds. The governing body shall levy and collect, upon all the taxable property within the municipality subject to taxation, such taxes as are necessary to pay the interest on and the …

limitation on time of issuance. A. In addition to any other law and constitutional home rule powers authorizing a municipality to issue revenue bonds, a municipality may issue revenue bonds pursuant to Chapter 3, Article 31 NMSA 1978 for the purposes specified in this section. B.…

As used in Chapter 3, Article 31 NMSA 1978: A. "bond" means any obligation of a municipality issued under Chapter 3, Article 31 NMSA 1978, whether designated as a bond, note, loan, warrant, debenture, lease- purchase agreement or other instrument evidencing an obligation of a mun…

Municipal refunding revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body; B. may be subject to prior redemption at the municipality's option at such time or times and up…

A. At any regular or special meeting called for the purpose of issuing refunding revenue bonds, the governing body by a majority vote of all the members of the governing body may adopt an ordinance authorizing the issuance of the refunding revenue bonds. B. At any regular or spec…

A. If any municipality which has granted a mortgage of the municipal utility to a trustee or the holder of the refunding bonds as further assurance of paying the refunding revenue bonds, defaults in payment of the interest or serial maturity of the refunding revenue bonds, the ho…

It is unlawful to divert, use or expend any money received from the issuance of bonds for any purpose other than the purpose for which the bonds were issued. History: 1953 Comp., § 14-30-2, enacted by Laws 1965, ch. 300.

Municipal revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body; B. may be subject to a prior redemption at the municipality's option at such time or times and upon such …

The bonds authorized by Chapter 3, Article 31 NMSA 1978 and the income from the bonds or any mortgages or other instruments executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2001, ch. 126, § …

majority required; resolution authorizing revenue bonds to be issued and sold to the New Mexico finance authority. A. At a regular or special meeting called for the purpose of issuing revenue bonds as authorized in Section 3-31-1 NMSA 1978, the governing body may adopt an ordinan…

authentication. A. Revenue bonds or refunding revenue bonds issued as authorized in Chapter 3, Article 31 NMSA 1978 are: (1) not general obligations of the municipality; and (2) collectible only from the proper pledged revenues, and each bond shall state that it is payable solely…

revenue-producing project; mandamus; impairment of payment. A. The governing body of any municipality issuing utility revenue bonds, joint utility revenue bonds or project revenue bonds as authorized in Sections 3-31-1 through 3-31- 7 NMSA 1978 shall establish rates for services …

If revenue bonds are issued for the acquisition or improvement, betterment or extension of a municipal water utility, the municipality may further assure payment of the revenue bonds by mortgaging and conveying the water utility to a trustee for the benefit and security of the bo…

mortgage municipal utility. A. Any municipality having issued revenue bonds as authorized in Sections 3-31-1 through 3-31-7 NMSA 1978 or pursuant to any other laws enabling the governing body of any municipality having issued such revenue bonds payable only out of the pledged rev…

A. Refunding bonds issued pursuant to Sections 3-31-1 through 3-31-12 NMSA 1978 shall be authorized by ordinance or by resolution if the refunding bonds are to be issued and sold to the New Mexico finance authority pursuant to Subsection C of Section 3-31-4 NMSA 1978. Any bonds t…

Wherever used in the Industrial Revenue Bond Act unless a different meaning clearly appears in the context, the following terms whether used in the singular or plural shall be given the following respective interpretations: A. "municipality" means a city, town or village in New M…

A. Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may determine to refund the principal of the bonds so to be refunded, all unpa…

The proceeds from the sale of any bonds issued under authority of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied…

No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, and shall not have the power to use land already owned by the municipality, or in which the municipality has an equity, for construction ther…

Bonds issued under the provisions of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be legal investments for savings banks and insurance companies organized under the laws of this state. History: 1953 Comp., § 14-31-10, enacted by Laws 1965, ch. 300.

The bonds authorized by Sections 3-32-1 through 3-32-16 NMSA 1978, and the income from said bonds, all mortgages or other security instrument executed as security for said bonds, all lease agreements made pursuant to the provisions hereof, and revenue derived from any lease or sa…

Neither Sections 3-32-1 through 3-32-16 NMSA 1978, nor anything herein contained shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative; and Sections 3-32-1 thr…

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978, except as provided in these sections. H…

Chapter 3, Article 32 NMSA 1978 may be cited as the "Industrial Revenue Bond Act". History: 1953 Comp., § 14-31-1.1, enacted by Laws 1967, ch. 84, § 1; 1997, ch. 216, § 1; 1997, ch. 226, § 1.

As used in the Industrial Revenue Bond Act, “project” also means: A. any land and buildings or other improvements thereon and all real and personal property deemed necessary in connection therewith whether or not now in existence which shall be suitable for use by any private ins…

It is the intent of the legislature by the passage of Sections 3-32-1 through 3-32-16 NMSA 1978 to authorize municipalities to acquire, own, lease or sell projects for the purpose of promoting industry and trade other than retail trade, by inducing manufacturing, industrial and c…

It is further the legislative intent that the Industrial Revenue Bond Act authorize municipalities to refinance hospital or 501(c)(3) corporation projects and projects of any independent, nonprofit, nonsectarian four-year college or university accredited by the north central asso…

It is the legislative intent that small communities have the power to issue municipal revenue bonds for the purpose of constructing office facilities for physicians as a method of attracting physicians. Therefore, for the purposes of Sections 3-32-3, 3-32-5 and Subsection F of Se…

In addition to any other powers that it may now have, a municipality shall have the following powers: A. to acquire, whether by construction, purchase, gift or lease, one or more projects that shall be located within this state and may be located within or without the municipalit…

A. Prior to adopting an ordinance issuing industrial revenue bonds, the municipality shall give notice to the board of county commissioners and the county assessor of its intent to consider the matter. The board and the county assessor shall be notified at least thirty days prior…

A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 3-32-6 NMSA 1978 shall pay to the state annual payments equal to five percent of the total amount of in-lieu tax payments to be made in that calendar year by such per…

A. Bonds issued by a municipality under authority of the Industrial Revenue Bond Act shall not be the general obligation of the municipality within the meaning of Article 9, Sections 12 and 13 of the constitution of New Mexico. The bonds shall be payable solely out of the revenue…

The principal of and interest on any bonds issued under the authority of Sections 3- 32-1 through 3-32-16 NMSA 1978, shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project fr…

Prior to the leasing of any project, the governing body must determine and find the following: A. the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; and B. the amount necessary to be paid each yea…

A. Whenever a governing body determines that the creation of an improvement district is necessary for the public safety, health or welfare, the governing body may create an improvement district for any one or any combination of projects authorized in Chapter 3, Article 33 NMSA 19…

with respect to street or right of way under jurisdiction of state transportation commission. The municipality shall not construct improvements authorized by Section 3-33-3 NMSA 1978 on or through any street or right of way under the jurisdiction of the state transportation commi…

procedure; preliminary lien; notice of pendency of district; effect. A. Whenever the governing body determines that the creation of an improvement district is necessary by the provisional order method, the governing body shall by resolution direct the engineer to prepare prelimin…

A. The notice of the provisional order creating an improvement district shall: (1) contain the time and place when the governing body shall hold a hearing on the provisional order creating the improvement district; (2) describe the improvement to be constructed and the general lo…

district court. A. At the hearing of the governing body on the provisional order creating an improvement district, an interested person or owner of property to be assessed for the improvement may file a written protest or objection questioning the: (1) propriety and advisability …

distribution of costs; notice of hearing. A. Whenever the owners of sixty-six and two-thirds percent or more of the total assessed valuation of the property to be benefited, exclusive of any land owned by the United States or the state of New Mexico, petition in writing the gover…

limitations. A. If in connection with the creation of the improvement district the governing body determines that it is in the best interest of the municipality to finance the district improvements by the imposition of an improvement district property tax and the issuance of impr…

A. The notice of the preliminary hearing required in Section 3-33-14 NMSA 1978 shall contain: (1) the time and place when the governing body will hold a preliminary hearing on the proposed improvement; (2) the estimated cost of the improvement; (3) the boundary of the improvement…

of the governing body; appeal to district court. A. At the preliminary hearing of the governing body on the question of creating an improvement district as authorized in Section 3-33-14 NMSA 1978, an owner of a tract or parcel of land to be assessed or upon which it is proposed t…