reglab/housing_qa huggingface dataset:
NM Stat § 5-5-9 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-9 - Limitations upon incurring debts.

No general obligation bonds or other evidences of indebtedness, the payment of which is secured wholly or in part by a pledge of any proceeds of general ad valorem property taxes or to which the full faith and credit of a municipality are pledged, shall be issued, except as follows:A. a county shall so borrow money only for the purpose of erecting necessary public buildings in connection with any project, and in any such case only after the proposition to create such debt shall have been submitted at a general or special election to the qualified electors of the county and approved by a majority of those voting thereon;B. a city shall so contract any such debt only by an ordinance that shall be irrepealable until the indebtedness therein provided for shall have been fully paid or discharged and that shall specify the purposes to which the funds to be raised shall be applied. No such debt shall be created unless the question of incurring the debt shall, at a regular election for councilmen or other officers of the city, have been submitted to a vote of the qualified electors thereof and a majority of those voting on the question shall have voted in favor of creating the debt; andC. no municipality shall ever become indebted to an amount in the aggregate, including existing indebtedness, exceeding four percent on the value of the taxable property within the municipality as shown by the last preceding assessment for state or county taxes, but excluding debts contracted by a city for the construction or purchase of a system for supplying water or of a sewer system for the city; and all bonds or obligations issued in excess of that amount shall be void.History: 1953 Comp., § 6-9-9, enacted by Laws 1959, ch. 300, § 9; 1977, ch. 28, § 2; 2019, ch. 212, § 191. ANNOTATIONSThe 2019 amendment, effective April 3, 2019, deleted "registered" preceding "qualified elector" throughout the section.
NM Stat § 5-5-11 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-11 - Authorization of bonds.

A board by resolution or a council by ordinance shall authorize the issuance by the municipality, upon the affirmative vote of at least a majority of the members of the governing body present and constituting a quorum, of any general obligation bond series upon being authorized so to do by the electors of the municipality voting thereon, as provided in Chapter 5, Article 5 NMSA 1978 in detail, or the issuance by the municipality or county, upon the affirmative vote of at least two-thirds of the members of its governing body present and constituting a quorum, of any revenue bond series without necessarily being authorized at an election or by any other preliminaries. History: 1953 Comp., § 6-9-11, enacted by Laws 1959, ch. 300, § 11; 1977, ch. 28, § 4; 1983, ch. 198, § 1.
NM Stat § 5-5-12 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-12 - Payment of bonds.

The principal of and interest on general obligation bonds herein authorized to be issued, and any prior redemption premium or premiums, shall be payable from the proceeds of general (ad valorem) property taxes levied without limitation as to rate or amount, except to the extent other revenues are made available therefor. The principal of and interest on revenue bonds herein authorized to be issued and any prior redemption premium or premiums shall be payable solely from the gross or net revenues derived from the operation of any project for the acquisition or improvement of which the bonds are issued, including without limiting the generality of the foregoing, revenues of a prior existing project which is improved by the expenditure of the bond proceeds, and revenues of improvements theretofore or thereafter acquired for such project which are not acquired by the expenditure of such bond proceeds, and from revenues and proceeds of any tolls, rates, charges, fees, license taxes, other excise taxes or quasi-excise taxes which the municipality is empowered to fix, levy and collect (but excluding any general (ad valorem) property taxes), or any combination of such revenues and proceeds. Any such revenues or proceeds pledged directly or as additional security for the payment of bonds of any one issue or series which revenues are not exclusively pledged therefor may subsequently be pledged directly or as additional security for the payment of the bonds of one or more issues or series subsequently authorized. If more than one series of bonds shall be issued hereunder payable from the same revenues or proceeds, priority of lien thereof on such revenues shall depend on the provisions of the proceedings authorizing the issuance of such bonds, it being within the discretion of the governing body at the time it authorizes the first such series to provide that subsequent series of bonds payable from such revenues may not be issued, that subsequent series of bonds shall be subordinate as to lien or that subsequent series of bonds shall enjoy parity of lien if such conditions and restrictions as may be specified in such proceedings can be met. All bonds of the same issue or series shall be equally and ratably secured without priority by reason of number, date of maturity, date of bonds, of sale, of execution or of delivery, by a lien on said revenues and proceeds in accordance with the provisions of this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] and the proceedings authorizing said bonds, except to the extent the proceedings shall otherwise specifically provide. All bonds not issued payable solely from such revenues and proceeds shall be the general obligations of the municipality, and the full faith and credit of the municipality shall be pledged for the payment thereof. History: 1953 Comp., § 6-9-12, enacted by Laws 1959, ch. 300, § 12.
NM Stat § 5-5-13 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-13 - Municipality's limited liability on bonds and recital therein.

Neither the governing body nor any person executing any bond authorized by this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] shall be liable personally thereon by reason of its issuance hereunder. Except for general obligation bonds, bonds issued pursuant to this act shall not be a debt, liability or general obligation of the municipality issuing them, and it shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payment, nor shall the bonds be payable out of any funds other than the revenues and proceeds pledged to the payment thereof; and each such bond shall in substance so state. Such bonds shall not constitute a debt or indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction. The payment of bonds shall not be secured by an encumbrance, mortgage or other pledge of property of the municipality, except for revenues and tax proceeds pledged for their payment. No property of the municipality, subject to said exceptions, shall be liable to be forfeited or taken in payment of the bonds. History: 1953 Comp., § 6-9-13, enacted by Laws 1959, ch. 300, § 13.
NM Stat § 5-5-14 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-14 - Incontestable recital in bonds.

It may be provided in any proceedings authorizing any bonds hereunder that such bond shall recite that it is issued under authority of this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978]. Such recital shall conclusively impart full compliance with all of the provisions of this act, and all bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value. History: 1953 Comp., § 6-9-14, enacted by Laws 1959, ch. 300, § 14.
NM Stat § 5-5-15 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-15 - Form of bonds.

Any general obligations bonds or revenue bonds herein authorized to be issued shall bear such date or dates, shall be in such denomination or denominations, and shall mature serially, commencing not later than three years from the date therefrom, at times not exceeding the estimated life of the improvements acquired with the bond proceeds nor the maximum limitation stated in Section 7 [5-5-7 NMSA 1978] hereof, shall bear interest payable annually or semiannually, except that interest on any bond may be first payable for any period not in excess of one year, at such rate or rates not greater than six per centum per annum, shall be payable in such medium of payment at such place or places within or without the state and at the option of the governing body may be in one or more series, may be made subject to prior redemption in such order or by lot in advance of maturity at such time or times without or with the payment of such premium or premiums not exceeding six per centum of the principal amount of each bond redeemed, may provide for the payment of interest thereon from the proceeds thereof for a period not to exceed three years from the date thereof, may be issued with privileges for registration for payment as to principal and as to both principal and interest, or either, and generally shall be issued in such manner, in such form, either coupon or registered, carrying such conversion or registration privileges, with such recitals, terms, covenants and conditions and with such other details as may be provided by the governing body in the proceedings authorizing the bonds, except as herein otherwise provided. Pending preparations of the definite bonds, interim receipts or certificates in such form and with such provisions as the governing body may determine may be issued. Except for payment provisions herein specifically provided, said bonds and any interest coupons thereto attached shall be fully negotiable and constitute negotiable instruments within the meaning of and for all the purposes of the Negotiable Instruments Law [repealed] as that law is now or may hereafter be in force in the state of New Mexico. If lost or completely destroyed, any bond may be reissued in the form and tenor of the lost or destroyed bond upon the owner furnishing to the satisfaction of the governing body: A. proof of ownership; B. proof of loss or destruction; C. a surety bond in twice the face amount of the bond and coupons; and D. payment of the cost of preparing and issuing the new bond. History: 1953 Comp., § 6-9-15, enacted by Laws 1959, ch. 300, § 15. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. The Negotiable Instruments Law was repealed by Laws 1961, ch. 96, § 10-102. For provisions relating to negotiable instruments under the Uniform Commercial Code, see 55-3-101 to 55-3-605 NMSA 1978.
NM Stat § 5-5-16 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-16 - Alternate bond form.

Notwithstanding any other provision of law, the governing body may in any proceedings authorizing bonds hereunder provide for the initial issuance of one or more bonds (in this section called "bond") aggregating the amount of the entire issue and may make such provision for installment payments of the principal amount of any such bond as it may consider desirable and may provide for the making of any such bond payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and where interest accruing thereon is not represented by interest coupons, for the endorsing of payments of interest on such bond. The governing body may further make provisions in any such resolution for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into bonds of smaller denominations, which bonds of smaller denominations may in turn be either coupon bonds or bonds registrable as to principal or principal and interest. History: 1953 Comp., § 6-9-16, enacted by Laws 1959, ch. 300, § 16.
NM Stat § 5-5-17 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-17 - Execution of bonds.

Any such general obligation bonds or revenue bonds shall be executed in the name of and on behalf of the municipality and signed by the chairman of the board, mayor of the city or other titular head of the municipality with its seal affixed thereto and attested by its clerk. Except for such bonds which are registrable for payment of interest, interest coupons payable to bearer shall be attached to the bonds and shall bear the original or facsimile signature of said two officials. The bonds and coupons bearing the signatures of the officers in office at the time of the signing thereof shall be the valid and binding obligations of the municipality, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. History: 1953 Comp., § 6-9-17, enacted by Laws 1959, ch. 300, § 17. ANNOTATIONSCross references. — For facsimile signatures of public officers, see 6-9-1 to 6-9-6 NMSA 1978.
NM Stat § 5-5-18 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-18 - Sale of bonds.

Any general obligation bonds or revenue bonds shall be sold at public or private sale for not less than the principal amount thereof and accrued interest at a price which will not result in a net interest cost to the municipality of more than six per centum per annum computed to maturity according to standard tables of bond values. Nothing herein contained shall be construed as permitting the sale of bonds for other than lawful money of the United States of America. History: 1953 Comp., § 6-9-18, enacted by Laws 1959, ch. 300, § 18.
NM Stat § 5-5-19 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-19 - Application of proceeds.

All moneys received from the issuance of any bonds herein authorized shall be used solely for the purpose (or purposes) for which issued, including without limiting the generality of the foregoing, the payment of preliminary expenses; provided, however, that any unexpended balance of such bond proceeds remaining after the completion of the acquisition of [or] improvement of the project or part thereof for which such bonds were issued shall be paid immediately into the fund created for the payment of the principal of said bonds and shall be used therefor. The validity of said bonds shall not be dependent on or affected by the validity or regularity of any proceedings relating to the acquisition or improvement of the project for which the bonds are issued; and the purchaser or purchasers of the bonds shall in no manner be responsible for the application of the proceeds of the bonds by the municipality or any of its officers, agents and employees. History: 1953 Comp., § 6-9-19, enacted by Laws 1959, ch. 300, § 19. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 5-5-21 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-21 - Remedies of bondholders.

Subject to any contractual limitations binding upon the holders of any issue or series of bonds, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, any holder of bonds or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of bonds similarly situated: A. by mandamus or other suit, action or proceeding at law or in equity to enforce his rights against the municipality and its governing body and any of its officers, agents and employees and to require and compel the municipality or its governing body or any such officers, agents or employees to perform and carry out its and their duties, obligations or other commitments under this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] and its and their covenants and agreements with the bondholders; B. by action or suit in equity to require the municipality and its governing body to account as if they were the trustee of an express trust; C. by action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any project revenues from which are pledged for the payment of the bonds, prescribe sufficient tolls, fees, rates, rentals, charges and excise taxes or quasi-excise taxes, and collect, receive and apply all revenues or other moneys pledged for the payment of the bonds in the same manner as the municipality itself might do; D. by action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders; and E. bring suit upon the bonds. No right or remedy conferred by this act upon any holder of bonds or any trustee therefor is intended to be exclusive of other right or remedy but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this act or by any other law. The failure of any bondholder so to proceed as herein provided shall not relieve the municipality, its governing body or any of its officers, agents and employees of any liability for failure to perform or carry out any duty, obligation or other commitment. History: 1953 Comp., § 6-9-21, enacted by Laws 1959, ch. 300, § 21.
NM Stat § 5-5-22 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-22 - Publication of authorizing proceedings; effect; right to contest legality; time limitation.

The governing body may provide for the publication once in a newspaper of general circulation in the municipality of any proceedings adopted by the governing body ordering the issuance of any bonds. For a period of thirty days after the date of such publication, any person in interest shall have the right to contest the legality of any bond which may be authorized thereby (except for any bond delivered for value, containing a recital therein that it is issued under authority of this act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] and thus being incontestable for any cause whatsoever, as herein provided), and of the provisions made for the security and payment of any such bonds and of any other provisions in such proceedings; and after the expiration of such thirty-day period no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. History: 1953 Comp., § 6-9-22, enacted by Laws 1959, ch. 300, § 22.
NM Stat § 5-5-23 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-23 - Revenue bond charges.

Whenever revenue bonds are issued hereunder, it shall be the duty of the governing body to impose, in connection with the revenues and proceeds pledged for their payment, tolls, rates, charges, fees, license taxes, other excise taxes or quasi-excise taxes fully sufficient to pay the principal of and interest on the bonds, and to carry out all commitments made in the proceedings authorizing their issuance. History: 1953 Comp., § 6-9-23, enacted by Laws 1959, ch. 300, § 23.
NM Stat § 5-5-24 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-24 - Pledging of occupation taxes.

Occupation taxes authorized by Section 3-38-3 NMSA 1978 may be pledged for the retirement of revenue bonds issued pursuant to the Joint City-County Building Law. History: 1953 Comp., § 6-9-23.1, enacted by Laws 1965, ch. 90, § 1.
NM Stat § 5-5-25 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-25 - Exemption from taxation.

Bonds issued by any municipality pursuant hereto and the income therefrom shall at all times be free from taxation by the state of New Mexico and any subdivision thereof, except for any estate, inheritance and transfer taxes. History: 1953 Comp., § 6-9-24, enacted by Laws 1959, ch. 300, § 24.
NM Stat § 5-5-26 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-26 - Sufficiency of act.

This act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978], without reference to other statutes of the state except as herein otherwise specifically provided or necessarily implied, shall constitute full authority for the acquisition, improvement, operation and maintenance of any project and the borrowing of money and the authorization and issuance of bonds hereunder. No other act or law with regard to said purposes that provides for an election, requires an approval or in any way impedes or restricts the carrying out of the acts herein authorized to be done, shall be construed as applying to any proceedings taken hereunder or acts done pursuant hereto, it being intended that this act shall provide a separate method of accomplishing its objectives and not an exclusive one; and this act shall not be construed as repealing, amending or changing any such other act or law. History: 1953 Comp., § 6-9-25, enacted by Laws 1959, ch. 300, § 25.
NM Stat § 5-5-27 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 5 - Joint City-County Building|Section 5-5-27 - Liberal construction.

This act [5-5-1 to 5-5-23, 5-5-25 to 5-5-27 NMSA 1978] being necessary to secure the public health, safety, convenience and welfare, it shall be liberally construed to effect its purposes. History: 1953 Comp., § 6-9-26, enacted by Laws 1959, ch. 300, § 26.
NM Stat § 5-6-1 to 5-6-5 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 6 - Dances (Repealed.)|Section 5-6-1 to 5-6-5 - Repealed.

ANNOTATIONSRepeals. — Laws 1993, ch. 181, § 1 repealed 5-6-1 through 5-6-5 NMSA 1978, as enacted by Laws 1861, p. 30, §§ 1 and 2, Laws 1869, ch. 32, §§ 14 and 15, and Laws 1963, ch. 142, § 1, regulating dances, effective June 18, 1993. For provisions of former sections, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 5-7-1 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 7 - Fire District Bonds|Section 5-7-1 - Short title.

This act [5-7-1 to 5-7-7 NMSA 1978] may be cited as the "Fire District Bond Act". History: Laws 1983, ch. 162, § 1.
NM Stat § 5-7-2 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 7 - Fire District Bonds|Section 5-7-2 - Definitions.

As used in the Fire District Bond Act: A. "fire district bonds" means the bonds authorized in the Fire District Bond Act; B. "governing body" means the board of county commissioners of a county or the city council, city commission or board of trustees of a municipality; C. "pledged revenues" means the revenues, net income or net revenues authorized to be pledged to the payment of particular bonds as specifically provided in Section 3 [5-7-3 NMSA 1978] of the Fire District Bond Act; and D. "project revenues" means the net revenues of the fire district as well as revenues received by the fire district from the fire protection fund as provided in Sections 59-15-1 through 59-15-18 NMSA 1978 [repealed], which may be pledged to fire district bonds pursuant to Subsection B of Section 3 of the Fire District Bond Act. History: Laws 1983, ch. 162, § 2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Sections 59-15-1 through 59-15-18 NMSA 1978, relating to the fire protection fund, were repealed by Laws 1984, ch. 127, § 997. For present comparable provisions, see Chapter 59A, Article 53 NMSA 1978.