Section 3-32-12 – No contribution by municipality.
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 thereon of a project or any […]
Section 3-32-13 – Bonds made legal investments.
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. ANNOTATIONS Purchase by state investment council. — There is no authority for the state investment […]
Section 3-32-14 – Exemption from taxation.
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 sale by the municipality thereof shall be exempt from all taxation […]
Section 3-32-2 – Short title.
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. ANNOTATIONS The 1997 amendment, effective June 20, 1997, made stylistic changes to the compilation reference at the […]
Section 3-32-15 – Construction of act.
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 through 3-32-16 NMSA 1978, shall not be construed as requiring an election […]
Section 3-32-3 – Addition to definitions.
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 institution of higher education or any nonprofit corporation engaged […]
Section 3-32-16 – No notice or publication required.
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. History: 1953 Comp., § 14-31-13, enacted by […]
Section 3-32-4 – Legislative intent.
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 commercial enterprises to locate or expand in this state, promoting the […]
Section 3-32-5 – Additional legislative intent.
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 association of colleges and schools, to acquire, own, lease or sell projects for the purpose of promoting the […]
Section 3-32-5.1 – Small communities; definition; attracting physicians.
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 Section 3-32-1 NMSA 1978, “small municipality” means an incorporated municipality having a […]