Section 3-60A-29 – Revenue bonds; issuance.
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 Redevelopment Code [Chapter 3, Article 60A NMSA 1978]. These bonds […]
Section 3-60A-15 – Exercise of powers in carrying out projects.
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 the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978]. If the local […]
Section 3-60A-30 – Bonds as legal investments.
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 business; and all executors, administrators, curators, trustees and other fiduciaries may legally invest any sinking funds, money or […]
Section 3-60A-16 – Metropolitan redevelopment agency.
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 metropolitan redevelopment agency and has specified the powers and duties of the […]
Section 3-60A-31 – Revenue bonds; issuance; status.
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 local government, the principal and interest of which shall […]
Section 3-60A-6 – Use of private enterprise and public powers.
A local government, to the greatest feasible extent, shall afford maximum opportunity for the rehabilitation or redevelopment of the metropolitan redevelopment areas by private enterprise. A local government shall give consideration to this objective in exercising its powers provided by the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978], including the approval of metropolitan redevelopment plans […]
Section 3-60A-7 – Finding of necessity by local government.
No local government shall exercise any of the powers conferred upon local governments by the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978] until the local government has adopted a resolution finding that: A. one or more slum areas or blighted areas exist in the local government’s jurisdiction; and B. the rehabilitation, conservation, slum clearance, redevelopment […]
Section 3-60A-8 – Designation of a metropolitan redevelopment area.
A. A local government shall not prepare a metropolitan redevelopment plan for an area unless the local government has, by resolution, determined the area to be a slum area or a blighted area or a combination thereof and designated the area as appropriate for a metropolitan redevelopment project, which resolution may be adopted only after […]
Section 3-60A-9 – Preparation of a metropolitan redevelopment plan.
A. When a local government has complied with the provisions of the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978] concerning public hearing and designation of an area as a metropolitan redevelopment area, it may prepare or cause to be prepared a metropolitan redevelopment plan; however, prior to final consideration of the plan by the local […]
Section 3-60A-10 – Powers of local government.
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 undertake and carry out metropolitan redevelopment projects within its area of […]