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 […]
Section 3-60A-43 – Revenue bonds; application of proceeds.
A. The proceeds from the sale of any revenue bonds shall be applied only for the purpose for which the bonds were issued, and, if for any reason any portion of the proceeds are not needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall be applied to […]
Section 3-60A-34 – Revenue bonds; terms of proceedings and instruments.
The proceedings under which the revenue bonds are authorized to be issued and any mortgage or trust indenture given to secure the bonds may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including: A. provisions respecting custody of the proceeds from the sale of the bonds, including […]
Section 3-60A-35 – Revenue bonds; investments and bank deposits.
A. The local government may provide that proceeds from the sale of revenue bonds and special funds from the revenues of the project shall be invested and reinvested in securities and other investments, whether or not any investment or reinvestment is authorized under any other law of this state, as may be provided in the […]
Section 3-60A-21 – Tax increment procedures.
The procedures to be used in the tax increment method are: A. the local government shall, at the time after approval of a metropolitan redevelopment project, notify the county assessor and the taxation and revenue department of the taxable parcels of property within the project; B. upon receipt of notification pursuant to Subsection A of […]
Section 3-60A-22 – Metropolitan redevelopment fund; creation; disbursement.
There is created a “metropolitan redevelopment fund” for purposes of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978]. Money in the metropolitan redevelopment fund shall be disbursed to the local government to be used as other money is authorized to be used in the Metropolitan Redevelopment Code. History: Laws 1979, ch. 391, § […]
Section 3-60A-23 – Tax increment financing method approval.
A. The property tax increment method shall be applicable only to the units of government participating in property tax revenue derived from the properties within the district. B. A local government shall request an approval for up to a twenty-year period for property included in the tax increment funding. The governor or the governor’s authorized […]
Section 3-60A-23.1 – Tax increment bonds.
A. For the purpose of financing metropolitan redevelopment projects, in whole or in part, a local government may issue tax increment bonds or tax increment bond anticipation notes that are payable from and secured by real property taxes, in whole or in part, allocated to the metropolitan redevelopment fund pursuant to the provisions of Sections […]
Section 3-60A-24 – Tax increment method; base value for distribution.
If the tax increment method of financing metropolitan redevelopment projects is used, the base value for distribution of property tax revenues shall be the value used in calculating the limit of general obligation indebtedness imposed by the constitution of New Mexico and the statutes of New Mexico. History: Laws 1979, ch. 391, § 24. ANNOTATIONS […]