NM Stat § 5-3-2 (2021)
2021 New Mexico Statutes|Chapter 5 - Municipalities and Counties|Article 3 - Auditoriums|Section 5-3-2 - [Authority of municipality to acquire auditorium; necessity of elections waived; bonds not general obligations.]

That any municipality shall have power to purchase, improve, erect and maintain public auditoriums, or to authorize the improvement or erection of same by agreement with the officers of the county in which the municipality is located, and shall have power to issue and sell bonds for the purposes herein mentioned. Bonds issued hereunder may be sold by such municipality for cash at one time or from time to time at public or private sale at not less than par. That notwithstanding the provisions of any general, special or local law it shall not be necessary for any governing body of such municipality to submit to the people of such municipality in which said auditorium is proposed to be erected the question as to whether such auditorium shall be erected, nor shall it be necessary to submit to the people of such municipality in which said auditorium is to be erected the issuance of any bonds authorized hereunder to pay for or finance the erection of any such auditorium. Provided, however, that any bonds issued hereunder shall not constitute general obligations of any such municipality, but the payment thereof shall be secured only by a lien against the auditorium and real estate upon which the same is erected and a pledge of the net revenues of said auditorium as hereinafter provided; and provided further that any bonds issued hereunder shall be payable solely and only out of the income derived from the operation of such auditorium and by the property upon which the lien aforesaid is provided. History: Laws 1935, ch. 51, art. 1, § 2; 1941 Comp., § 6-302; 1953 Comp., § 6-3-2. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Section contemplates special fund arising solely from sources separate and apart from general taxation and that the site upon which the auditorium would rest should not be acquired by purchase or otherwise with funds arising in whole or in part from general taxation. Wiggs v. City of Albuquerque, 1952-NMSC-013, 56 N.M. 214, 242 P.2d 865. Statutory lien to be read into bonds. — In view of provision that bonds issued for municipal auditoriums not be general obligation bonds, but that payment be secured only by lien against the auditorium premises, as well as a pledge of the net revenues to arise from operating the auditorium, the statutory lien thus created is to be read into the bonds. Wiggs v. City of Albuquerque, 1952-NMSC-013, 56 N.M. 214, 242 P.2d 865. Suit to enjoin plan held timely. — Since this section itself declares that bonds issued shall be secured by a lien upon the site and the property built and pledges net revenues to arise from its operation to secure the bond issues, a suit to enjoin city from enacting an ordinance in pursuance of a plan held not premature. Wiggs v. City of Albuquerque, 1952-NMSC-013, 56 N.M. 214, 242 P.2d 865. Effect on municipalities under 5,000 population. — Considering the fifth subsection of 14-21-3, 1953 Comp., (repealed) in the light of this subsection, and in view of the decision in Varney v. City of Albuquerque, 1936-NMSC-010, 40 N.M. 90, 55 P.2d 40, 106 A.L.R. 222 (1936), no municipality of less than 5,000 could issue bonds and construct a municipal auditorium. 1939 Op. Att'y Gen. No. 39-3027. Am. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations, Counties, and Other Political Subdivisions § 501, 546 et seq.; 64 Am. Jur. 2d Public Securities and Obligations § 105. Auditorium or stadium as public purpose for which public funds may be expended or taxing power exercised, 173 A.L.R. 415. 20 C.J.S. Counties §§ 143, 144, 218 to 226; 64 C.J.S. Municipal Corporations § 1708, 1709.