reglab/housing_qa huggingface dataset:
NM Stat § 3-32-8 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-8 - Security for bonds.

The principal of and interest on any bonds issued under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from which the revenues so pledged may be derived, and may be secured by a pledge of the lease of such project. The ordinance and proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreement and provisions customarily contained in instruments securing bonds, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of all revenues from any project covered by such proceedings or mortgage, the terms to be incorporated in the lease of such project, the maintenance and insurance of such project, the creation and maintenance of special funds from the revenues from such project, and the rights and remedies available in event of default to the bondholders or to the trustee under a mortgage, all as the governing body shall deem advisable and as shall not be in conflict with the provisions of Sections 3-32-1 through 3-32-16 NMSA 1978; provided, however, that in making any such agreements or provisions a municipality shall not have the power to obligate itself except with respect to the project and the application of the revenues therefrom, and shall not have the power to incur a pecuniary liability or a charge upon its general credit or against its taxing powers. The proceedings authorizing any bonds hereunder and any mortgage securing such bonds may provide the procedure and remedies in the event of default in payment of the principal of or the interest on such bonds or in the performance of any agreement. No breach of any such agreement shall impose any pecuniary liability upon a municipality or any charge upon its general credit or against its taxing powers. History: 1953 Comp., § 14-31-5, enacted by Laws 1965, ch. 300.
NM Stat § 3-32-9 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-9 - Requirements respecting lease.

Prior to the leasing of any project, the governing body 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 which the governing body may deem it advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the governing body required to be made in the preceding sentence shall be set forth in the proceedings under which the proposed bonds are to be issued; and prior to the issuance of such bonds, the municipality shall lease or sell the project to a lessee or purchaser under an agreement conditioned upon completion of the project and providing for payment to the municipality of such rentals or payments as, upon the basis of such determinations and findings, will be sufficient: (1) to pay the principal of and interest on the bonds issued to finance the project; (2) to build up and maintain any reserve deemed by the governing body to be advisable in connection therewith; and (3) to pay the costs of maintaining the project in good repair and keeping it properly insured, unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project. History: 1953 Comp., § 14-31-6, enacted by Laws 1965, ch. 300.
NM Stat § 3-32-11 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-11 - Use of proceeds from sale of bonds.

The proceeds from the sale of any bonds issued under authority of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided, further, that if for any reason any portion of such proceeds shall not be needed for the purpose for which the bonds were issued, then such balance of said proceeds shall be applied to the payment of the principal of or the interest on said bonds, and provided, further, that any portion of the proceeds from the sale of said bonds or any accrued interest and premium received in any such sale, may, in the event the money will not be needed, or cannot be effectively used to the advantage of the municipality for the purposes herein provided, be invested in short term, interest-bearing securities if such investment will not interfere with the use of such funds for the primary purpose as herein provided. The cost of acquiring any project shall be deemed to include the following: A. the actual cost of the construction of any part of a project which may be constructed, including architect's, attorney's and engineer's fee; B. the purchase price of any part of a project that may be acquired by purchase; C. the actual cost of the extension of any utility to the project site, all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and D. the interest on such bonds for a reasonable time prior to construction, during construction and for not exceeding six months after completion of construction. History: 1953 Comp., § 14-31-8, enacted by Laws 1965, ch. 300.
NM Stat § 3-32-12 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-12 - No contribution by municipality.

No municipality shall have the power to pay out of its general funds or otherwise contribute any part of the costs of acquiring a project, and shall not have the power to use land already owned by the municipality, or in which the municipality has an equity, for construction thereon of a project or any part thereof, unless the municipality is fully reimbursed for the value of the land as may be determined by a current appraisal, or unless the city leases the land at an annual rental fee of not less than five percent of the appraised value. The entire cost of acquiring any project must be paid out of the proceeds from the sale of bonds issued under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978; provided, however, that this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project. History: 1953 Comp., § 14-31-9, enacted by Laws 1965, ch. 300; 1968, ch. 21, § 1.
NM Stat § 3-32-13 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-13 - Bonds made legal investments.

Bonds issued under the provisions of Sections 3-32-1 through 3-32-16 NMSA 1978, shall be legal investments for savings banks and insurance companies organized under the laws of this state. History: 1953 Comp., § 14-31-10, enacted by Laws 1965, ch. 300. ANNOTATIONSPurchase by state investment council. — There is no authority for the state investment council to purchase municipal industrial revenue bonds as such. 1960 Op. Att'y Gen. No. 60-219.
NM Stat § 3-32-14 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-14 - Exemption from taxation.

The bonds authorized by Sections 3-32-1 through 3-32-16 NMSA 1978, and the income from said bonds, all mortgages or other security instrument executed as security for said bonds, all lease agreements made pursuant to the provisions hereof, and revenue derived from any lease or sale by the municipality thereof shall be exempt from all taxation by the state of New Mexico, or any subdivision thereof. History: 1953 Comp., § 14-31-11, enacted by Laws 1965, ch. 300. ANNOTATIONSCross references. — For property tax exemption, see 7-36-3 NMSA 1978. Constitutionality of exemption. — Statute authorizing issuance of revenue bonds by municipality for industrial development and providing that bonds so authorized, the income therefrom, etc., shall be exempt from all taxation by state or any subdivision, was not violation of constitutional provision requiring that taxes be equal and uniform insofar as the exemption was confined to municipal property. Village of Deming v. Hosdreg Co., 1956-NMSC-111, 62 N.M. 18, 303 P.2d 920. Insertion of a corporate guarantee into the bonds is inconsistent with the provisions of the Industrial Revenue Bond Act that allow a tax exemption for the bonds. 1960 Op. Att'y Gen. No. 60-219.
NM Stat § 3-32-15 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-15 - Construction of act.

Neither Sections 3-32-1 through 3-32-16 NMSA 1978, nor anything herein contained shall be construed as a restriction or limitation upon any powers which a municipality might otherwise have under any laws of this state, but shall be construed as cumulative; and Sections 3-32-1 through 3-32-16 NMSA 1978, shall not be construed as requiring an election by the voters of a municipality prior to the issuance of bonds hereunder by such municipality. History: 1953 Comp., § 14-31-12, enacted by Laws 1965, ch. 300.
NM Stat § 3-32-16 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-16 - No notice or publication required.

No notice, consent or approval by any governmental body or public officer shall be required as a prerequisite to the sale or issuance of any bonds or the making of a mortgage under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978, except as provided in these sections. History: 1953 Comp., § 14-31-13, enacted by Laws 1965, ch. 300.
NM Stat § 3-33-1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-1 - Improvement district; authorization.

A. Whenever a governing body determines that the creation of an improvement district is necessary for the public safety, health or welfare, the governing body may create an improvement district for any one or any combination of projects authorized in Chapter 3, Article 33 NMSA 1978 by the: (1) provisional order method; or (2) petition method. B. The governing body may adopt any ordinance or resolution necessary or proper to accomplish the purposes of Chapter 3, Article 33 NMSA 1978. C. The improvement district shall include, for the purpose of assessment or imposition of an improvement district property tax, all the property that the governing body determines is benefitted by the improvement, including property lying without the municipality creating the improvement district if such property abuts or is served by improvements authorized by Chapter 3, Article 33 NMSA 1978 and including property utilized for public, governmental, charitable or religious purposes, except that of the United States or any agency, instrumentality or corporation thereof, in the absence of a consent of congress. History: 1953 Comp., § 14-32-1, enacted by Laws 1965, ch. 300; 1977, ch. 325, § 1; 1991, ch. 199, § 1; 2001, ch. 312, § 1. ANNOTATIONSCross references. — For excavation damage to pipelines and underground utility lines, see 62-14-1 NMSA 1978 et seq. The 2001 amendment, effective June 15, 2001, inserted "or imposition of an improvement district property tax" in Subsection C. The 1991 amendment, effective April 4, 1991, substituted "Chapter 3, Article 33 NMSA 1978" for "Section 14-32-3 NMSA 1953" in Subsection A and for "Sections 14-32-1 through 14-32-38 NMSA 1953" in Subsection B and, in Subsection C, substituted "property abuts or is served by improvements authorized by Chapter 3, Article 33 NMSA 1978" for "property abuts any right-of-way or street on which or through which benefits from construction of improvements authorized by Sections 14-32-1 through 14-32-28 NMSA 1953 are being constructed". Nature of special assessments. — Municipal special assessments are quasi-taxes laid to enable the discharge of some of the functions of government, and the power to impose them is related to the taxing power. Waltom v. City of Portales, 1938-NMSC-022, 42 N.M. 433, 81 P.2d 58. Only limitations on the exercise of the power of special assessment are that the improvements must be public and must confer special benefits on the property assessed, and the cost to be borne by each tract must not exceed the estimated benefits thereto. Bowdich v. City of Albuquerque, 1966-NMSC-133, 76 N.M. 511, 416 P.2d 523. Am. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations, Counties, and Other Political Subdivisions § 226. 63 C.J.S. Municipal Corporations §§ 1067, 1092, 1103.
NM Stat § 3-33-4 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-4 - Improvement district; additional purpose.

An improvement district may also be created as authorized in Chapter 3, Article 33 NMSA 1978 in order to construct, repair and maintain in one or more locations facilities for the parking of motor vehicles off the public streets or to construct or acquire, repair, operate and maintain one or more of the following inadequacies necessary to bring a premature subdivision into compliance within an improvement district within a municipality: A. street right-of-way or street access control; B. drainage easements or right-of-way; C. park, recreation or open space areas; D. overall grading and drainage plan; and E. adequate subdivision grading both on or off the public right-of-way. History: 1953 Comp., § 14-32-3.1, enacted by Laws 1967, ch. 217, § 2; 1991, ch. 199, § 4. ANNOTATIONSCross references. — For the Municipal Parking Law, see 3-50-1 NMSA 1978 et seq. For the Greater Municipality Parking Law, see 3-51-1 NMSA 1978 et seq. The 1991 amendment, effective April 4, 1991, substituted "Chapter 3, Article 33 NMSA 1978" for "Sections 14-32-1 through 14-32-28 New Mexico Statutes Annotated, 1953 Compilation" and added the language beginning "or to construct" and Subsections A to E at the end of the section. Am. Jur. 2d, A.L.R. and C.J.S. references. — Municipal off-street public parking facilities, 8 A.L.R.2d 373.
NM Stat § 3-33-4.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-4.1 - Improvement district; additional purpose.

An improvement district may also be created as authorized in Chapter 3, Article 33 NMSA 1978: A. in order to construct, repair or maintain improvements in one or more locations as a means to stimulate manufacturing, industrial, commercial or business development; or B. by any municipality with a boundary contiguous to an international boundary to construct, repair or maintain international port of entry facilities in one or more locations as a means to stimulate manufacturing, industrial, commercial or business development. History: 1978 Comp., § 3-33-4.1, enacted by Laws 1991, ch. 199, § 5; 1992, ch. 98, § 1. ANNOTATIONSThe 1992 amendment, effective July 1, 1992, added the Subsection A designation, added Subsection B, and made a related stylistic change.
NM Stat § 3-33-5 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-5 - Improvement district; powers of municipality.

In addition to other powers granted by Sections 3-33-1 through 3-33-43 NMSA 1978, every municipality shall have all powers necessary or convenient to carry out the purposes of Section 3-33-4 NMSA 1978, including the following: A. to construct, repair, maintain and operate facilities for the parking of motor vehicles off the public streets, together with public rights of way necessary or convenient therefor; B. to purchase or acquire by gift, bequest, devise or otherwise, any real or personal property or any interest therein, together with the improvement thereon, to be used as parking facilities or incidental thereto; C. to insure [and] to provide for the insurance of any parking facility established by the municipality against risks and hazards as the municipality deems desirable; and D. to receive, control, invest and order the expenditure of all money pertaining to parking facilities. E. The provisions of this act shall not authorize any municipality to exercise the power of eminent domain for the purposes enumerated in Section 3-33-4 or 3-33-5 NMSA 1978. History: 1953 Comp., § 14-32-3.2, enacted by Laws 1967, ch. 217, § 3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 3-33-6 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-6 - Improvement district; additional purpose.

An improvement district may also be created as authorized in Sections 3-33-1 through 3-33-43 NMSA 1978 in order to construct or acquire, operate and maintain a municipally owned electric or gas utility in an H class county or an incorporated county. History: 1953 Comp., § 14-32-3.3, enacted by Laws 1975, ch. 81, § 2.
NM Stat § 3-33-6.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-6.1 - Improvement district; additional purpose.

An improvement district may also be created as authorized in Section 3-33-1 NMSA 1978 in order to construct or acquire, repair, operate and maintain one or more of the following inadequacies necessary to bring a premature subdivision into compliance within an improvement district within a municipality: A. street right-of-way or street access control; B. drainage easements or right-of-way; C. park, recreation, or open space areas; D. overall grading and drainage plan; or E. adequate subdivision grading both on or off the public right-of-way. History: Laws 1991, ch. 17, § 2.
NM Stat § 3-33-7 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-7 - Improvement district; powers of and restrictions upon a county.

A. An H class county or incorporated county which constructs, acquires, operates or maintains a utility pursuant to Section 3-33-6 NMSA 1978 may exercise all of the powers exercised by a municipality which constructs, acquires, operates or maintains a utility pursuant to Section 3-24-1 or 3-25-2 NMSA 1978. B. An H class county or incorporated county which constructs, acquires, operates or maintains a utility pursuant to Section 3-33-6 NMSA 1978 shall be subject to all of the restrictions and limitations as a municipality which constructs, acquires, operates or maintains a utility pursuant to Section 3-24-1 or 3-25-2 NMSA 1978 except: (1) the H class county or incorporated county need not hold an election prior to the construction of the utility; and (2) the H class county or incorporated county need not finance the utility by revenue bonds. C. If an H class county or incorporated county seeks to acquire an existing utility through the creation of indebtedness, the question shall be submitted to a vote pursuant to the procedures established in Section 3-23-2 NMSA 1978. History: 1953 Comp., § 14-32-3.4, enacted by Laws 1975, ch. 81, § 3.
NM Stat § 3-33-8 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-8 - Improvement district; powers of a municipality outside its boundaries.

Every municipality shall have the power to construct improvements authorized by Chapter 3, Article 33 NMSA 1978 on any location within the boundaries of the county in which the municipality is located. History: 1953 Comp., § 14-32-3.5, enacted by Laws 1977, ch. 325, § 2; 1991, ch. 199, § 6. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, rewrote this section which read "Every municipality shall have the power to construct improvements authorized by Section 14-32-3 NMSA 1953 on or through any street or right-of-way, one side of which lies within the boundaries of the municipality and one side of which lies outside the boundaries of such municipalities".
NM Stat § 3-33-9 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-9 - Improvement district; limitations on powers of a municipality outside its boundaries.

Improvements shall be constructed pursuant to the powers granted in Section 3-33-8 NMSA 1978 and assessments shall be levied against property lying without the municipality only if the board of county commissioners of the county in which such improvements are to be made has, by resolution, submitted to the governing body of the municipality, determined: A. that the construction of such improvements is in the best interests of the county; B. that the maximum amount of benefit estimated to be conferred on the tracts or parcels of land lying within the county but without the municipality constructing the improvements is determined in the same manner as the maximum amount of benefit estimated to be conferred on the tracts or parcels of land lying within the municipality; and C. that the owners of real property representing at least fifty-one percent of the total assessed valuation of the property benefited which lies within the county but outside the municipal boundary have not objected in writing to the construction of such improvements within thirty days after having received written notice of the adoption of the provisional order described in Subsection E of Section 3-33-11 NMSA 1978 by the governing body of the municipality. The governing body of the municipality may enter into a joint powers agreement with the board of county commissioners to provide for joint administration of any such improvement district. History: 1953 Comp., § 14-32-3.6, enacted by Laws 1977, ch. 325, § 3; 1991, ch. 199, § 7. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, deleted the former first sentence which read "Assessments shall be levied against property lying without the municipality only where the improvements conferring the benefit are located on or through a street or right-of-way which is described in Section 14-32-3.5 NMSA 1953"; substituted "3-33-8 NMSA 1978 and assessments shall be levied against property lying without the municipality" for "14-32-3.5 NMSA 1953" in the second sentence; in Subsection C substituted "adoption of the provisional order described in Subsection E of Section 3-33-11 NMSA 1978" for "passage of the approving resolution adopted" and added the final sentence.
NM Stat § 3-33-10 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-10 - Improvement district; limitations on powers of municipality with respect to street or right of way under jurisdiction of state transportation commission.

The municipality shall not construct improvements authorized by Section 3-33-3 NMSA 1978 on or through any street or right of way under the jurisdiction of the state transportation commission unless it receives prior written approval from the state transportation commission to undertake such improvements. History: 1953 Comp., § 14-32-3.7, enacted by Laws 1977, ch. 325, § 4; 2003, ch. 142, § 1. ANNOTATIONSThe 2003 amendment, effective July 1, 2003, substituted "transportation commission" for "highway commission" in the section heading and throughout the section, and substituted "Section 3-33-3 NMSA 1978" for "Section 14-32-3 NMSA 1953".