Section 3-32-6.1 – Notice to county.
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 to the meeting at which final action is to […]
Section 3-32-6.2 – Electric transmission projects; payments to the state.
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 person to counties, municipalities and other local […]
Section 3-32-7 – Bonds issued to finance projects.
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 derived from the projects for which […]
Section 3-32-8 – Security for bonds.
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 from which the revenues […]
Section 3-32-9 – Requirements respecting lease.
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 year into any reserve […]
Section 3-32-10 – Refunding bonds.
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 unpaid accrued and […]
Section 3-32-11 – Use of proceeds from sale of bonds.
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 to the payment of the principal of or […]
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 3-32-1 – Industrial Revenue Bond Act; definitions.
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 Mexico; B. “project” means any land and building or other improvements […]