Section 72-16-98 – Securities and income therefrom exempt.
Securities issued hereunder 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: 1953 Comp., § 75-36-98, enacted by Laws 1963, ch. 311, § 98.
Section 72-16-99 – Freedom from judicial process.
Execution or other judicial process shall not issue against any property herein authorized of the authority, nor shall any judgment against the authority be a charge or lien upon its property. History: 1953 Comp., § 75-36-99, enacted by Laws 1963, ch. 311, § 99.
Section 72-16-100 – Resort to judicial process.
Section 99 [72-16-99 NMSA 1978] hereof does not apply to or limit the right of the holder of any security, his trustee, or any assignee of all or part of his interest, the federal government when it is a party to any contract with the authority, and any other obligee hereunder to foreclose, otherwise to […]
Section 72-16-101 – 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 72-16-102 – Civil rights.
The authority damaged by any such act may also bring a civil action for damages sustained by any such act, and in such proceeding the prevailing party shall also be entitled to reasonable attorneys’ fees and costs of court. History: 1953 Comp., § 75-36-102, enacted by Laws 1963, ch. 311, § 102.
Section 72-16-103 – Liberal construction.
This act [Chapter 72, Article 16 NMSA 1978] being necessary to secure and preserve the public health, safety and general welfare, the rule of strict construction shall have no application hereto, but it shall be liberally construed to effect the purposes and objects for which this act is intended. History: 1953 Comp., § 75-36-103, enacted […]
Section 72-16-96 – Purpose of tax exemptions.
The effectuation of the powers herein authorized 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 hereunder, for the improvement of their health and living conditions and for the increase of their commerce and […]
Section 72-16-97 – Property exempt from general taxes.
Thus, the authority shall not be required to pay any general (ad valorem) taxes upon any property appertaining to any project herein authorized and acquired within the state, nor the authority’s interest therein. History: 1953 Comp., § 75-36-97, enacted by Laws 1963, ch. 311, § 97.
Section 72-16-88 – Board’s determination final.
The determination of the board that the limitations hereunder imposed upon the issuance of refunding bonds have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion. History: 1953 Comp., § 75-36-88, enacted by Laws 1963, ch. 311, § 88.
Section 72-16-89 – Issuance of interim debentures and pledge of bonds as collateral security.
Notwithstanding any limitation or other provision herein, 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 herein authorized, the authority is authorized to borrow money without any other election in anticipation of taxes, the proceeds of the […]