Section 3-39-27 – Issuance of bonds; purposes.
Subject to the limitation and in accordance with Article 9 of the constitution of New Mexico, any municipality may issue and dispose of negotiable bonds thereof, for the purposes of securing funds for the acquisition or construction of an airport or any part of an airport and the rights and properties used and connected with […]
Section 3-39-9 – Terms of bonds.
A. The ordinance authorizing issuance of bonds pursuant to the Municipal Airport Law shall specify: (1) issuance in any number of series; (2) any maturity date or dates, but the final maturity date shall not exceed fifty years from the date of the bonds; (3) the interest rate or rates the bonds shall bear; (4) […]
Section 3-39-25 – Removal of airport obstructions by municipalities.
Any county, municipality or political subdivision which is authorized by law to establish and maintain an airport or landing field, hereby is authorized and empowered whenever, in the judgment of the legislative body of such county, municipality or other political subdivision, any structure or object located adjacent to such airport or landing field constitutes a […]
Section 3-39-10 – Sale, exchange and details of bonds.
A. Bonds may be sold at public or private sale at, above or below par and at a price which results in a net effective interest rate which does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978] or, in the case of municipalities having a population of one […]
Section 3-39-26 – Acquisition of air rights.
In any case in which: A. it is desired to remove, lower or otherwise terminate a nonconforming use; or B. the approach protection necessary according to the legislative body’s airport approach plan cannot, because of constitutional limitations, be provided by airport zoning regulations under the Municipal Airport Zoning Law [3-39-16 to 3-39-26 NMSA 1978]; or […]
Section 3-39-11 – Construction.
The Municipal Airport Law is full authority for authorization and issuance of bonds and no election is necessary. In any proceeding involving the validity and enforceability of any bond or its security, any bond reciting in substance that it was issued by the municipality to aid in financing an airport facility is conclusively presumed to […]
Section 3-39-12 – Additional security.
To further the marketability of bonds issued pursuant to the Municipal Airport Law, the ordinance authorizing their issue may: A. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the airport facility from the proceeds of the bonds to a trustee for the benefit and security of […]
Section 3-39-13 – Foreclosure.
If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the airport facility in default. History: 1953 Comp., § 14-40-11, enacted by Laws 1965, ch. […]
Section 3-39-14 – Legal investments.
Bonds are legal investments for savings banks and insurance companies under the laws of this state. They are bonds, notes or other obligations of a municipal subdivision of this state, issued pursuant to a law of this state, for the purposes of investment or purchase by the state investment officer. History: 1953 Comp., § 14-40-12, […]
Section 3-39-15 – Tax exemptions.
Bonds and their income and all mortgages or other instruments executed as security for them are exempt from all taxation by this state or any of its political subdivisions. History: 1953 Comp., § 14-40-13, enacted by Laws 1965, ch. 300.