Sections 3-52-1 through 3-52-13 NMSA 1978, may be cited as the “Municipal Transit Law”. History: 1953 Comp., § 14-53-1, enacted by Laws 1965, ch. 300. ANNOTATIONS Cross references. — For the Tort Claims Act, see 41-4-1 NMSA 1978 et seq. For excavation damage to pipelines and underground utility lines, see 62-14-1 NMSA 1978 et seq. […]
To further the marketability of bonds, the ordinance authorizing their issue may: A. secure their payment by deed of trust or mortgage conveying municipally owned land and improvements acquired for the public transit facility from the proceeds of the bonds to a trustee for the benefit and security of the bondholders; and B. authorize any […]
If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the transit facilities in default. History: 1953 Comp., § 14-53-11, enacted by Laws 1965, ch. […]
Bonds are legal investments for savings banks and insurance companies under the laws of this state. They are bonds, notes or other obligations of a municipal subdivision of this state, issued pursuant to a law of this state, for the purposes of investment or purchase by the state investment officer. History: 1953 Comp., § 14-53-12, […]
Bonds and their income and all mortgages or other instruments executed as security for them are exempt from all taxation by this state or any of its political subdivisions. History: 1953 Comp., § 14-53-13, enacted by Laws 1965, ch. 300.
The legislature in recognition of the provisions of Public Law 88-365, 88th Congress, 1964, and realizing the importance of modern, efficient, economical transportation facilities in a municipality as an assurance of the convenience to the citizenry and the promotion of economic progress and development, desires to bring existing New Mexico laws in accord with the […]
Any municipality desiring to qualify for a grant under the Urban Mass Transportation Act of 1964 (being Public Law 88-365, 88th Congress) may in order to meet the requirements of Section 10, Paragraph (c) of that act, recognize, and enter into collective bargaining with, an appropriate union representing employees of such municipal transit system with […]
This act [3-52-14 to 3-52-16 NMSA 1978] shall not be construed as authorizing or permitting such public employees, associations or groups to carry out such collective bargaining by means of strikes, picketing or any other coercive action. History: 1953 Comp., § 14-53-16, enacted by Laws 1965, ch. 274, § 3. ANNOTATIONS Law reviews. — For […]
The legislature finds that privately operated public transportation has declined in patronage and use and become less attractive to investment capital than formerly. Growth of population in relation to area, the development of improved highways and intersecting structures, the wider use of the private automobile and the scattering of shopping and employment centers have diverted […]
A. A municipality may invoke the authority contained in the Municipal Transit Law on finding all of the following state of facts to exist: (1) general transportation of persons is necessary and convenient; (2) privately owned public transportation facilities in operation are inadequate; (3) it is impossible for existing franchise operators to render necessary service […]
A. Any eligible municipal corporation having elected to invoke the powers set forth in the Municipal Transit Law may engage in the business of transportation of passengers and property within the municipality by whatever means it may decide, and may acquire cars, motor buses and other equipment necessary for carrying on the business. It may […]
All contracts for work, material or labor in connection with a transportation system shall be let in the manner provided by law for the letting of other contracts by the municipality. History: 1953 Comp., § 14-53-5, enacted by Laws 1965, ch. 300; 1999, ch. 74, § 1. ANNOTATIONS The 1999 amendment, effective June 18, 1999, […]
The governing body may adopt an ordinance providing: A. for issuance of bonds to enable the municipality to acquire land, buildings, buses or other equipment required for public transit or for refunding bonds previously issued for such purpose or both such purposes; B. the bonds are payable solely from a pledge of: (1) gross income […]
A. The ordinance authorizing issuance of bonds shall specify: (1) issuance in any number of series; (2) maturity dates; (3) interest not exceeding six percent a year; (4) denominations; (5) form, either coupon or registered; (6) conversion or registration privileges; (7) rank or priority; (8) manner of execution; (9) if desirable, features of redemption, prior […]
A. Bonds may be sold at either public or private sale; provided that no such bonds may be sold at any price which does not result in an actual net interest cost to maturity, computed on the basis of standard tables of bond values, in excess of six percent. B. If any municipal officer whose […]
The Municipal Transit Law is full authority for authorization and issuance of bonds and no election is necessary. In any proceeding involving the validity and enforceability of any bond or its security, any bond reciting in substance that it was issued by the municipality to aid in financing public transit facilities is conclusively presumed to […]
