Section 3-60A-44 – No payment by local government.
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 unless the land is determined by the governing […]
Section 3-60A-45 – No local government operation.
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 not been […]
Section 3-60A-46 – Limitation of actions.
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 after thirty days from the effective date of the resolution or ordinance authorizing the issuance […]
Section 3-60A-47 – Sufficiency of code.
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 bonds under that code. B. No other act or law with regard to the […]
Section 3-60A-48 – Liberal interpretation.
The Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978] shall be liberally construed to carry out its purposes. History: Laws 1979, ch. 391, § 48. ANNOTATIONS Severability. — Laws 1979, ch. 391, § 49, provided for the severability of the act if any part or application thereof is held invalid.
Section 3-60A-38 – Revenue bonds; rights upon default.
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 agreement contained in such proceedings or mortgage, […]
Section 3-60A-39 – Revenue bonds; determination of revenue.
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 issued to finance the project; (2) […]
Section 3-60A-40 – Revenue bonds; financing of project.
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 upon the basis of determinations and findings that the revenue […]
Section 3-60A-41 – Option to purchase.
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. […]
Section 3-60A-42 – Revenue bonds; refunding.
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 local government may deem necessary […]