Section 3-60A-20 – Alternative method of financing.
A. Effective for tax years beginning on or after January 1, 1980, the local government may elect by resolution to use the procedures set forth in the Tax Increment Law [3-60A-19 to 3-60A-24 NMSA 1978] for financing metropolitan redevelopment projects. Such procedures may be used in addition to or in conjunction with other methods provided […]
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 […]
Section 3-60A-25 – Repealed.
ANNOTATIONS Repeals. — Laws 1987, ch. 316, § 3 repealed 3-60A-25 NMSA 1978, as enacted by Laws 1979, ch. 391, § 25, relating to a method for approval of an additional tax increment period, effective June 19, 1987. For present comparable provisions, see 3-60A-23 NMSA 1978.
Section 3-60A-26 – Redevelopment Bonding Law; short title.
Sections 3-60A-26 through 3-60A-46 NMSA 1978 may be cited as the “Redevelopment Bonding Law”. History: Laws 1979, ch. 391, § 26; 2018, ch. 60, § 24. ANNOTATIONS The 2018 amendment, effective May 16, 2018, after “Sections”, deleted “26 through 46 of the Municipal Redevelopment Code” and added “3-60A-26 through 3-60A-46 NMSA 1978”. Am. Jur. 2d, […]
Section 3-60A-27 – Definitions.
As used in the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978]: A. “finance” or “financing” means the issuing of bonds by a local government and the use of substantially all of the proceeds from the bonds pursuant to a financing agreement with the user to pay or to reimburse the user or its designee […]
Section 3-60A-28 – General powers.
In addition to any other powers, each local government has the following powers: A. to acquire, whether by construction, purchase, gift, devise, lease or sublease; to improve and equip; and to finance, sell, lease or otherwise dispose of one or more projects or part thereof. If a local government issues revenue bonds as provided by […]