Section 72-20-96 – Purpose of tax exemptions.
The effectuation of the powers authorized in the Eastern Sandoval County Arroyo Flood Control Act shall and will be in all respects for the benefit of the people of the state, including but not necessarily limited to those residing in the authority exercising any power under that act, for the improvement of their health and […]
Section 72-20-97 – Property exempt from general taxes.
The authority shall not be required to pay any general (ad valorem) taxes upon any property appertaining to any project authorized in the Eastern Sandoval County Arroyo Flood Control Act and acquired within the state nor the authority’s interest therein. History: Laws 2007, ch. 99, § 97. ANNOTATIONS Emergency clauses. — Laws 2007, ch. 99, […]
Section 72-20-98 – Securities and income therefrom exempt.
Securities issued under the Eastern Sandoval County Arroyo Flood Control Act and the income therefrom shall forever be and remain free and exempt from taxation by the state, the authority and any other public body, except transfer, inheritance and estate taxes. History: Laws 2007, ch. 99, § 98. ANNOTATIONS Emergency clauses. — Laws 2007, ch. […]
Section 72-20-99 – Freedom from judicial process.
Execution or other judicial process shall not issue against any property of the authority authorized in the Eastern Sandoval County Arroyo Flood Control Act, nor shall any judgment against the authority be a charge or lien upon its property. History: Laws 2007, ch. 99, § 99. ANNOTATIONS Emergency clauses. — Laws 2007, ch. 99, § […]
Section 72-20-100 – Resort to judicial process.
Section 99 [72-20-99 NMSA 1978] of the Eastern Sandoval County Arroyo Flood Control Act does not apply to or limit the right of the holder of any security, the holder’s trustee or any assignee of all or part of the holder’s interest, the federal government when it is a party to any contract with the […]
Section 72-20-101 – Legal investments in securities.
It shall be legal for the state and any of its agencies, departments, instrumentalities, corporations or political subdivisions or any political or public corporation, any bank, trust company, banker, savings bank or institution, any building and loan association, savings and loan association, investment company and any other person carrying on a banking or investment business, […]
Section 72-20-102 – Open Meetings Act.
All actions and business of the board, including the first board appointed by the governor, shall be conducted pursuant to the Open Meetings Act [Chapter 10, Article 15 NMSA 1978]. History: Laws 2007, ch. 99, § 102. ANNOTATIONS Emergency clauses. — Laws 2007, ch. 99, § 104 contained an emergency clause and was approved March […]
Section 72-20-103 – Liberal construction.
The Eastern Sandoval County Arroyo Flood Control Act, being necessary to secure and preserve the public health, safety and general welfare, the rule of strict consideration shall have no application to that act, but it shall be liberally construed to effect the purposes and objects for which that act is intended. History: Laws 2007, ch. […]
Section 72-20-89 – Issuance of interim debentures and pledge of bonds as collateral security.
Notwithstanding any limitation or other provision in the Eastern Sandoval County Arroyo Flood Control Act, whenever a majority of the qualified electors of the authority voting on a proposal to issue bonds has authorized the authority to issue bonds for any purpose authorized in that act, the authority is authorized to borrow money without any […]
Section 72-20-90 – Interim debentures not to be extended.
No interim debenture issued pursuant to the provisions of Section 89 [72-20-89 NMSA 1978] of the Eastern Sandoval County Arroyo Flood Control Act shall be extended or funded except by the issuance or reissuance of a bond or bonds in compliance with Section 91 [72-20-91 NMSA 1978] of that act. History: Laws 2007, ch. 99, […]