Chapter 3 — Chapter 3

History: 1953 Comp., § 14-62-4, enacted by Laws 1975, ch. 341, § 4; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

History: 1953 Comp., § 14-62-5, enacted by Laws 1975, ch. 341, § 5; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

History: 1953 Comp., § 14-62-6, enacted by Laws 1975, ch. 341, § 6; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

History: 1953 Comp., § 14-62-7, enacted by Laws 1975, ch. 341, § 7; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

History: 1953 Comp., § 14-62-8, enacted by Laws 1975, ch. 341, § 8; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

History: 1953 Comp., § 14-62-8, enacted by Laws 1975, ch. 341, § 9; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

Chapter 3, Article 60A NMSA 1978 may be cited as the "Metropolitan Redevelopment Code". History: Laws 1979, ch. 391, § 1; 2018, ch. 60, § 1.

A local government shall have all the powers, other than the power of eminent domain, necessary or convenient to carry out and effectuate the purposes and provisions of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978], including the following powers: A. to u…

History: Laws 1979, ch. 391, § 11; 1981, ch. 125, § 42; repealed by Laws 2007, ch. 329, § 7 and Laws 2007, ch. 330, § 7.

A. A local government may sell, lease or otherwise transfer real property or any interest in real property acquired by it in a metropolitan redevelopment area and may enter into contracts with respect to the real property for residential, commercial, industrial or other uses or f…

virtue of an execution. A. All property of a local government, including funds, owned or held in fee simple by it for the purposes of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] shall be exempt from levy and sale by virtue of an execution, and no execut…

A. If interests in project property are exempt from property taxation and assessments under Subsection B of Section 3-60A-13 NMSA 1978 or Section 7-36-3.1 NMSA 1978, then during the period extending from the date of acquisition of the property by the local government through Dece…

A. For the purpose of aiding in the planning, undertaking or carrying out of a metropolitan redevelopment project located within the area in which it is authorized to act, any public body upon terms with or without consideration may: (1) dedicate, sell, convey or lease any of its…

A. A local government may directly exercise its metropolitan redevelopment project powers or it may, by ordinance if it determines such action to be in the public interest, elect to delegate the exercise of such powers to the metropolitan redevelopment agency created pursuant to …

A. There may be created in each local government a public body to be known as the "metropolitan redevelopment agency". The metropolitan redevelopment agency shall not transact any business or exercise any powers until the local government has adopted an ordinance creating a metro…

No public official or employee of a local government or member of any board or commission of a local government and no commissioner or employee of a metropolitan redevelopment agency that has been vested by a local government with metropolitan redevelopment project powers by the …

A. Except as otherwise specifically set forth in Section 3-60A-15 NMSA 1978, the local government may delegate its metropolitan redevelopment powers in the manner provided for delegation of powers in the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978] to a metropolitan redevelo…

Sections 3-60A-19 through 3-60A-24 NMSA 1978 may be cited as the "Tax Increment Law". History: Laws 1979, ch. 391, § 19; 2018, ch. 60, § 18.

A. It is found and declared that there exist in the state slum areas and blighted areas that constitute a serious and growing menace, injurious to the public health, safety, morals and welfare of the residents of the state; that the existence of these areas contributes substantia…

A local government may elect by resolution to use the procedures set forth in the Tax Increment Law [3-60A-19 through 3-60A-24 NMSA 1978] for funding metropolitan redevelopment projects. Such procedures may be used in addition to or in conjunction with other methods provided by l…

A. The procedures to be used in determining a property tax increment are: (1) the local government shall, after approval of a metropolitan redevelopment plan, notify the county assessor of the taxable parcels of property within the metropolitan redevelopment area; (2) upon receip…

disbursement. There is created a "metropolitan redevelopment fund" for purposes of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978]. Money in the metropolitan redevelopment fund shall be disbursed to the local government to be used as other money is authoriz…

A. A metropolitan redevelopment plan, as originally approved or as later modified, may contain a provision that a portion of a property tax increment or gross receipts tax increment may be dedicated for the purpose of funding a metropolitan redevelopment project for a period of u…

A. For the purpose of financing metropolitan redevelopment projects, in whole or in part, a local government may issue tax increment bonds or tax increment bond anticipation notes that are payable from and secured by revenue from a gross receipts tax increment allocated to the me…

History: Laws 1979, ch. 391, § 24; repealed by Laws 2023, ch. 112, § 14.

ANNOTATIONS Repeals. — Laws 1987, ch. 316, § 3 repealed 3-60A-25 NMSA 1978, as enacted by Laws 1979, ch. 391, § 25, relating to a method for approval of an additional tax increment period, effective June 19, 1987. For present comparable provisions, see 3- 60A-23 NMSA 1978.

Sections 3-60A-26 through 3-60A-46 NMSA 1978 may be cited as the "Redevelopment Bonding Law". History: Laws 1979, ch. 391, § 26; 2018, ch. 60, § 24.

As used in the Redevelopment Bonding Law: A. "finance" or "financing" means the issuing of bonds by a local government and the use of substantially all of the proceeds from the bonds pursuant to a financing agreement with the user to pay or to reimburse the user or its designee f…

In addition to any other powers, each local government has the following powers: A. to acquire, whether by construction, purchase, gift, devise, lease or sublease; to improve and equip; and to finance, sell, lease or otherwise dispose of one or more projects or part thereof. If a…

A. A local government may issue revenue bonds from time to time in its discretion to finance the undertaking of any project authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] or the exercise of any power or authority delegated under the Metropolitan Rede…

A. It is the intent of the legislature by the passage of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] to authorize local governments to acquire, own, lease, improve and dispose of properties in a designated metropolitan redevelopment area to the end that…

All banks, trust companies, bankers, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business; all insurance companies, insurance associations and other persons carrying on an insurance busi…

A. A local government may issue revenue bonds in connection with a financing agreement for the purposes of financing a project authorized by the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978]. B. A revenue bond shall be a limited obligation of the lo…

A. Revenue bonds shall be authorized by ordinance of the local government, shall be subject to a maximum net effective interest rate and shall be in denominations, bear a date, mature at a time not exceeding forty years from their respective dates, bear an interest at a rate, be …

The principal of, the interest on and any prior redemption premiums due in connection with the revenue bonds shall be payable from, secured by a pledge of and constitute a lien on the revenues out of which the bonds shall be made payable. In addition, they may be secured by a mor…

The proceedings under which the revenue bonds are authorized to be issued and any mortgage or trust indenture given to secure the bonds may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including: A. p…

A. The local government may provide that proceeds from the sale of revenue bonds and special funds from the revenues of the project shall be invested and reinvested in securities and other investments, whether or not any investment or reinvestment is authorized under any other la…

A. The local government may also provide that: (1) the project and improvements to be constructed, if any, shall be constructed by the local government, the user, the user's designee or any one or more of them on real estate owned by the local government, the user or the user's d…

In making agreements or provisions, a local government shall not obligate itself except with respect to the project and the application of the revenues and revenue bond proceeds from the project. History: Laws 1979, ch. 391, § 37; 2018, ch. 60, § 35.

A. The proceedings authorizing any revenue bonds, or any mortgage securing such bonds, may provide that if there is a default in the payment of the principal of, the interest on, or any prior redemption premiums due in connection with the bonds or in the performance of any agreem…

A. Prior to entering into a financing agreement for the project and the issuance of revenue bonds in connection with the project, the local government shall determine: (1) the amount necessary in each year to pay the principal of and the interest on the first bonds proposed to be…

As used in the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978]: A. "public body" means a local government, board, commission, authority, district or other political subdivision or public body of the state; B. "local government" means an incorporated city, town …

Prior to the issuance of any revenue bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978], the local government shall enter into a financing agreement with respect to the project with a user providing for payment to the local government of revenue up…

A. A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease. B. The option may be exercised at a time as the lease may provide. C. The local …

A. Any revenue bonds issued under the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] and at any time outstanding may at any time and from time to time be refunded by a local government by the issuance of its refunding bonds in such amount as the loca…

A. The proceeds from the sale of any revenue bonds shall be applied only for the purpose for which the bonds were issued, and, if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall …

A. No local government or public body shall pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in the Redevelopment Bonding Law [3-60A-26 to 3- 60A-46 NMSA 1978] or…

A. When all principal of, interest on and any prior redemption premium due in connection with the revenue bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has no…

No action shall be brought questioning the legality of any contract, financing agreement, mortgage, trust indenture, proceeding or bonds executed in connection with any project or improvements authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] on and aft…

A. The Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3- 60A-48 NMSA 1978], without reference to other statutes of the state, constitutes full authority for the exercise of powers granted herein, including but not limited to the authorization and issuance of bo…