Section 4-58-6 – Conditions of grants-in-aid.
A. Whenever funds are appropriated to be used for making grants-in-aid authorized in the Planning District Act, the secretary of the department of finance and administration shall notify the respective boards of directors of the regional councils of the amount allocated to the district and shall notify the regional council that applications for grants-in-aid may […]
Section 4-59-1 – Short title.
Chapter 4, Article 59 NMSA 1978 may be cited as the “County Industrial Revenue Bond Act”. History: 1953 Comp., § 15-60-1, enacted by Laws 1975, ch. 286, § 1; 1997, ch. 216, § 3; 1997, ch. 226, § 3. ANNOTATIONS Cross references. — For Industrial Revenue Bond Act, see 3-32-1 NMSA 1978 et seq. For […]
Section 4-59-2 – Definitions.
As used in the County Industrial Revenue Bond Act, unless the context clearly indicates otherwise: A. “commission” means the governing body of a county; B. “county” means a county organized or incorporated in New Mexico; C. “501(c)(3) corporation” means a corporation that demonstrates to the taxation and revenue department that it has been granted exemption […]
Section 4-59-3 – Legislative intent.
It is the intent of the legislature by the passage of the County Industrial Revenue Bond Act to authorize counties to acquire, own, lease or sell projects for the purpose of promoting industry and trade by inducing manufacturing, industrial and commercial enterprises to locate or expand in this state, promoting the use of the agricultural […]
Section 4-59-4 – Additional powers conferred on counties.
In addition to any other powers that it may now have, each county shall have the following powers: A. to acquire, whether by construction, purchase, gift or lease, one or more projects, which shall be located within this state and shall be located within the county outside the boundaries of any incorporated municipality; provided, however, […]
Section 4-59-4.1 – Notice.
A. Prior to adopting an ordinance issuing county industrial revenue bonds, a county shall give notice to the county assessor and any entity located within the county authorized to levy taxes on property in the county of its intent to consider the matter. The county assessor and entities authorized to levy taxes shall be notified […]
Section 4-59-4.2 – Electric transmission projects; payments to the state.
A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 4-59-4 NMSA 1978 shall pay to the state annual payments equal to five percent of the total amount of in-lieu tax payments to be made in that calendar year by such person to counties, municipalities and other local […]
Section 4-59-5 – Bonds issued to finance projects.
A. Bonds issued by a county under authority of the County Industrial Revenue Bond Act shall not be the general obligation of the county within the meaning of Article 9, Sections 10 and 13 of the constitution of New Mexico. The bonds shall be payable solely out of the revenue derived from the projects for […]
Section 4-59-6 – Security for bonds.
A. The principal of and interest on any bonds issued under the authority of the County Industrial Revenue Bond Act: (1) shall be secured by a pledge of the revenues out of which such bonds shall be made payable; (2) may be secured by a mortgage covering all or any part of the project from […]
Section 4-59-7 – Requirements respecting lease.
Prior to the leasing of any project, the commission must determine and find the following: A. the amount necessary in each year to pay the principal of and the interest on the bonds proposed to be issued to finance such project; and B. the amount necessary to be paid each year into any reserve funds […]