reglab/housing_qa huggingface dataset:
NM Stat § 3-33-31 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-31 - Improvement district; assessment funds; expenditures; misuse; penalties.

A. All money received by the municipality from any special assessment or assessment within an improvement district shall be held in a special fund and used to: (1) pay the cost of the improvement for which the assessment was made; (2) reimburse the municipality for any work performed by the municipality in constructing the improvement and for administrative costs associated with the improvement district; or (3) pay the interest and principal due on any outstanding bonds or assignable certificates. B. Any person who uses money in an improvement district fund other than as provided in this section is guilty of a felony and shall be punished by a fine not exceeding one thousand dollars ($1,000) or by imprisonment in the state penitentiary for not more than two years or by both such fine and imprisonment in the discretion of the court. History: 1953 Comp., § 14-32-24, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 21. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, in Subsection A, added "and for administrative costs associated with the improvement district" at the end of Paragraph (2), deleted "negotiable coupon" preceding "bonds" in Paragraph (3), and made a minor stylistic change. Municipality must act as fiduciary. — In dealing with the special fund, the municipality must act with all the care of a fiduciary. 1957 Op. Att'y Gen. No. 57-289. Moneys collected may not be transferred for other uses until and unless all bonds have been paid in full. 1955 Op. Att'y Gen. No. 55-6232. Appropriate investment of the proceeds of special assessments, held awaiting the time when they can be applied on account of the obligation of bonds thereby secured, violates neither the letter nor the spirit of this section. 1957 Op. Att'y Gen. No. 57-289. Interest earned by invested proceeds. — In the event that proper investment of the proceeds of special assessments should be made, the interest earned by such funds is to be viewed as belonging to the special fund in question, as an increment thereto, in the absence of a dispositive statutory provision. 1957 Op. Att'y Gen. No. 57-289. Am. Jur. 2d, A.L.R. and C.J.S. references. — Diversion, misappropriation or withholding of funds collected by and paid to municipality, on account of special assessments against property for improvements, liability of municipality because of, 107 A.L.R. 1354. 64 C.J.S. Municipal Corporations § 1884.
NM Stat § 3-33-32 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-32 - Transfer of improvement district funds.

The governing body may transfer to the general fund of the municipality any money obtained from the levy of an assessment for an improvement district if: A. bonds or assignable certificates were issued to finance the improvement; B. the proceeds of the bonds or assignable certificates were spent for the improvement; C. the assessments were levied and collected for the payment of the bonds or assignable certificates; and D. either the bondholders or assignable certificate holders are barred by the statute of limitations or a court judgment or decree from collecting the indebtedness; or E. the bonded indebtedness or assignable certificates have been paid. History: 1953 Comp., § 14-32-25, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 22. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, deleted "and" at the end of Subsections A and B and substituted "proceeds of" for "funds obtained by" in Subsection B.
NM Stat § 3-33-34 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-34 - Improvement district; reassessment; defects waived; credit for previous payment.

A. The fact that: (1) the contract has been let; (2) an improvement has been wholly or partially constructed; (3) an omission, failure or neglect of the governing body or municipal officer to comply with the requirements of Sections 3-33-1 through 3-33-23 NMSA 1978; or (4) any other matter whatsoever connected with the improvement or initial assessment is invalid, shall not invalidate or in any way effect the making of a reassessment as authorized in Section 3-33-33 NMSA 1978, and charging the benefited tract or parcel of land the cost of the improvement. B. When the reassessment is complete, any money paid on the former attempted assessment against a tract or parcel of land shall be credited to the tract or parcel of land in partial or whole payment of the reassessment. History: 1953 Comp., § 14-32-29, enacted by Laws 1965, ch. 300.
NM Stat § 3-33-35 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-35 - Improvement district; notice of appeal; appeal to district court.

After an owner has filed a written objection with the municipal clerk to a reassessment as provided in Section 3-33-22 NMSA 1978 and the governing body has determined the reassessment, an owner of a tract or parcel of land that is reassessed may file a notice of appeal to the district court. The appeal shall be filed pursuant to the provisions of Section 39-3-1.1 NMSA 1978. History: 1953 Comp., § 14-32-30, enacted by Laws 1965, ch. 300; 1998, ch. 55, § 11; 1999, ch. 265, § 11. ANNOTATIONSCross references. — For exclusive procedure for appeal of reassessment, see 3-33-37 NMSA 1978. For appeal of final decisions by agencies to district court, see 39-3-1.1 NMSA 1978. For procedures governing administrative appeals to the district court, see Rule 1-074 NMRA. The 1999 amendment, effective July 1, 1999, substituted "Section 39-3-1.1" for "Section 12-8A-1" in the last sentence. The 1998 amendment, effective September 1, 1998, rewrote this section. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63 C.J.S. Municipal Corporations § 1558.
NM Stat § 3-33-36 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-36 - Improvement district; payment of reassessment; continuing proceedings to collect assessment.

A. The governing body shall enforce payment of the reassessment of the tract or parcel of land benefiting from an improvement in the manner provided in Chapter 3, Article 33 NMSA 1978 for the enforcement of the original assessment. B. If for any reason a reassessment is held to be invalid or uncollectible, the governing body shall continue to reassess the tract or parcel of land as provided in Sections 3-33-33 through 3-33-37 NMSA 1978 until the benefited tract or parcel of land has paid the cost of any improvement chargeable to the benefited tract or parcel of land. History: 1953 Comp., § 14-32-31, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 24. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, substituted "Chapter 3, Article 33 NMSA 1978" for "Section 14-32-16 New Mexico Statutes Annotated, 1953 Compilation" in Subsection A and "3-33-33 through 3-33-37 NMSA 1978" for "14-32-28 through 14-32-32 New Mexico Statutes Annotated, 1953 Compilation" in Subsection B.
NM Stat § 3-33-37 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-37 - Improvement district; appeal of reassessment; procedure exclusive.

A. The rights and remedies granted in Section 3-33-22 NMSA 1978, to any owner who objects, contests or appeals the amount, correctness, regularity or validity of the reassessment: (1) are declared to exclude any other right, remedy, suit or action either at law or in equity which might otherwise be available; and (2) do afford the owner a sufficient day in court for the redressing of all rights and grievances that he may have in connection with the reassessment. B. Any person who fails to file an objection to a reassessment in the manner provided in Section 3-33-22 NMSA 1978, or fails to appeal to the district court in the manner provided in Section 3-33-35 NMSA 1978, is forever absolutely barred from objecting to or contesting the amount, correctness, regularity or validity of the reassessment. History: 1953 Comp., § 14-32-32, enacted by Laws 1965, ch. 300.
NM Stat § 3-33-38 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-38 - Improvement district; application of reassessment fund to outstanding indebtedness.

A. Whenever a municipality has: (1) issued bonds or assignable certificates to obtain money to pay for an improvement that has been constructed; and (2) reassessed the tract or parcel of land benefiting from the improvement as provided in Sections 3-33-32 through 3-33-35 NMSA 1978, the municipality shall apply all money received from the payment of the reassessment to the payment of the bonds or assignable certificates. B. Bonds or assignable certificates that have been issued to obtain money to pay for any improvement that has been constructed are: (1) valid and binding obligations of the municipality; and (2) payable from the payments received from any reassessment that shall be levied until all obligations of indebtedness of the improvement have been paid in full. History: 1953 Comp., § 14-32-33, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 25. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, deleted "negotiable coupon" preceding "bonds" in three places; substituted "3-33-32 through 3-33-35 NMSA 1978" for "14-32-25 through 14-32-30 New Mexico Statutes Annotated, 1953 Compilation" in Paragraph (2) of Subsection A; and made minor stylistic changes in Subsection B.
NM Stat § 3-33-39 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-39 - Improvement district; definition of "bonds"; refunding improvement bonds; authority.

A. As used in this section and in Sections 3-33-40 through 3-33-42 NMSA 1978, "bonds", when not modified by the word "refunding", includes assignable certificates. B. The governing body may issue refunding improvement district bonds to refund all or any part of outstanding improvement district bonds. Refunding bonds may be issued: (1) to change the payment schedule for the bonds; (2) to fund principal and interest due on bonds that are in default, or for which there is not and, in the opinion of the governing body, will not be sufficient money available to pay the principal and interest when due; (3) to reduce interest costs on the bonds or on the assessments providing security for the bonds or to provide other savings; (4) to modify or eliminate restrictive or burdensome contractural [contractual] limitations concerning the bonds; (5) to provide enhanced or substitute security for the bonds; or (6) to provide for any other reasonable and necessary purpose or any combination of the foregoing purposes. History: 1953 Comp., § 14-32-34, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 26. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. The 1991 amendment, effective April 4, 1991, inserted "definition of 'bonds" in the catchline and rewrote the section which read "Whenever there is not, and it is certain there will not be, sufficient money in an improvement district fund to pay the principal and interest due on the improvement district bonds, the governing body may issue refunding improvement district bonds. If there is not sufficient money in an improvement district fund to pay in full the improvement district bonds that have matured, the governing body shall issue refunding improvement district bonds to pay the interest and principal on the improvement district bonds". Am. Jur. 2d, A.L.R. and C.J.S. references. — Special assessment bonds, power of municipality to refund, 102 A.L.R. 202. 64 C.J.S. Municipal Corporations § 1910.
NM Stat § 3-33-41 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-41 - Improvement district; ordinance for refunding bonds; conditions; sale or exchange.

A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the: (1) details of the issue; (2) form of the refunding bonds and interest coupons, if any; (3) fund from which the principal and interest of the refunding bonds will be paid; and (4) manner in which the bonds are to be issued. B. The refunding bonds may: (1) be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded; (2) not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments; (3) become due and payable in regular numerical order; (4) not be issued for a period of more than twenty years from the date of issuance; and (5) be payable from substitute security or from the same funds that were applicable to the payment of the bonds being refunded. C. The refunding bonds may be: (1) sold at a public or private sale at a discount; or (2) exchanged, dollar for dollar, for the improvement district bonds being refunded. History: 1953 Comp., § 14-32-36, enacted by Laws 1965, ch. 300; 1983, ch. 265, § 9; 1991, ch. 199, § 28. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, in Subsection B, substituted "may" for "shall" at the end of the introductory phrase, "be issued in an amount less than, equal to or greater than the principal amount of" for "not be issued in an amount greater than the principal and accrued interest due on the" in Paragraph (1), and "assessments providing security for the refunding bonds if secured by assessments" for "bonds being refunded" in Paragraph (2), and inserted "substitute security or from" in Paragraph (5) and, in Subsection C, substituted "a public or private sale at a discount" for "not less than par" in Paragraph (1) and deleted a sentence at the end of Paragraph (2) which read "If the refunding bonds are exchanged for the bonds being refunded, the lower numbered refunding bonds shall be exchanged for the lower numbered bonds being refunded so that the bondholder shall have relatively the same position in the refunding issue as he had in the outstanding bonds prior to the refunding".
NM Stat § 3-33-42 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-42 - Improvement district; payment of assessment for refunding bond; maximum term; interest; prepayment; liens.

A. In connection with issuance of refunding bonds as provided in Sections 3-33-39 through 3-33-42 NMSA 1978, the governing body may, by ordinance, provide that any unpaid assessment and accrued interest on the assessment shall be paid in not more than twenty years with interest at a rate of interest not less than the rate borne by the refunding bonds and with the penalties as lawfully attached to the original assessment. The owner of a tract or parcel of land that is assessed may at any time pay the assessment in full with interest to the time of payment. B. The assessment may be collected as provided in Section 3-33-23 NMSA 1978, and the refunding bonds may be secured and enforced as the original lien was established as provided in Section 3-33-23 NMSA 1978. History: 1953 Comp., § 14-32-37, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 29. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, substituted "may" for "shall" in three places; in the first sentence in Subsection A, substituted "3-33-39 through 3-33-42 NMSA 1978" for 14-32-35 through 14-32-37 New Mexico Statutes Annotated, 1953 Compilation" and "twenty years with interest at a rate of interest not less than the rate borne" for "twenty equal annual or forty semiannual installments with interest at the rate of interest borne"; substituted "3-33-23 NMSA 1978" for "14-32-16 New Mexico Statutes Annotated, 1953 Compilation" in two places in Subsection B; and made minor stylistic changes in Subsection A.
NM Stat § 3-33-43 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 33 - Improvement Districts|Section 3-33-43 - Improvement district; construction of Sections 3-33-39 through 3-33-42 NMSA 1978.

Nothing contained in Sections 3-33-39 through 3-33-42 NMSA 1978 shall be construed as: A. increasing the burden or liability of any tract or parcel of land or the owner of any tract or parcel of land; or B. except for issuance of the refunding bonds, creating any additional liability of the municipality. History: 1953 Comp., § 14-32-38, enacted by Laws 1965, ch. 300; 1991, ch. 199, § 30. ANNOTATIONSThe 1991 amendment, effective April 4, 1991, substituted "3-33-39 through 3-33-42 NMSA 1978" for "14-32-35 through 14-32-37 New Mexico Statutes Annotated, 1953 Compilation" in the catchline and in the introductory paragraph; redesignated former Paragraphs (1) and (2) of former Subsection A as Subsections A and B; added "except for issuance of the refunding bonds" at the beginning of Subsection B; deleted former Subsection B which read "The issuance of the refunding bonds shall not give any bondholder any greater right than he had prior to the refunding. The owners and holders of refunding bonds shall be subrogated to all the rights and remedies possessed by the owner and holders of the bonds refunded"; and made a related stylistic change.
NM Stat § 3-34-1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 34 - Street Improvement Fund|Section 3-34-1 - Street improvement fund authorization.

The governing body of any municipality may, by ordinance, establish a "street improvement fund" into which may be placed all or any part of the distributions of the amounts of tax revenues distributed to the municipality under the provisions of Section 7-1-6.9 NMSA 1978 as the governing body has, in any ordinance, determined necessary for use as a fund in the financing of street improvement projects within the municipality. History: 1953 Comp., § 14-33-1, enacted by Laws 1965, ch. 300; 1967, ch. 170, § 1; 1977, ch. 342, § 1; 1983, ch. 211, § 1. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 63 C.J.S. Municipal Corporations §§ 1042 to 1047.
NM Stat § 3-34-2 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 34 - Street Improvement Fund|Section 3-34-2 - Street improvement fund; use.

Bonds or assignable certificates authorized in Section 3-33-24 NMSA 1978 for the construction of a street, alley, curb, gutter or sidewalk project may be purchased by the street improvement fund; provided that the bonds or assignable certificates shall be held in trust by the municipal treasurer, and any receipts from the sale of the bonds or assignable certificates or from the payment of the assessment made to pay the interest and principal of the bonds or assignable certificates shall be credited to the street improvement fund. History: 1953 Comp., § 14-33-2, enacted by Laws 1965, ch. 300; 1983, ch. 265, § 10.
NM Stat § 3-34-3 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 34 - Street Improvement Fund|Section 3-34-3 - Street improvement fund; repurchasing bonds or certificates; pledging income.

A. The governing body may, by ordinance approved by three-fourths of all the members of the governing body and irrepealable during the term of the contract and for a period not exceeding twenty-one years, contract: (1) to repurchase bonds or assignable certificates authorized in Section 3-33-24 NMSA 1978 for the construction of a street, alley, curb, gutter or sidewalk project with the money in the street improvement fund; or (2) to pledge the income of the street improvement fund to pay the interest and principal of bonds or assignable certificates when default in payment may occur by reason of nonpayment of any assessment levied for the payment of a street, alley, curb, gutter or sidewalk project authorized in Section 3-33-3 NMSA 1978. B. The municipality may anticipate the annual income to be received by the street improvement fund. The amount contracted or pledged to be expended each year as authorized in this section shall not exceed the amount that is accumulated in the street improvement fund. C. The ordinance authorized in this section shall state that: (1) all disbursements made pursuant to the contract shall be paid solely from the street improvement fund and from no other source; (2) the obligations created by the contract are not general obligations of the municipality; and (3) the contracting parties may not look to any other fund for the performance of the contractual obligation. D. In the event of disbursement from the street improvement fund pursuant to the obligations created by the contract, the municipality shall be subrogated for the benefit of the street improvement fund to all the rights and remedies of the holders of the securities upon which payment is made. History: 1953 Comp., § 14-33-3, enacted by Laws 1965, ch. 300; 1977, ch. 247, § 140; 1979, ch. 108, § 3; 1983, ch. 265, § 11; 1987, ch. 220, § 1. ANNOTATIONSConsideration of proposal by state board of finance. — When the state board of finance considers a proposal for pledge of the proceeds of the gasoline tax to secure street improvement bonds, the board is not required to consider the entire proposal to which the pledge relates. 1958 Op. Att'y Gen. No. 58-178. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1899.
NM Stat § 3-34-4 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 34 - Street Improvement Fund|Section 3-34-4 - Street improvement fund; diverting proceeds from tax.

After the adoption of the ordinance creating a contract as authorized in Section 3-34-3 NMSA 1978, and so long as the contract is effective, it is unlawful: A. to, directly or indirectly, divert any such amounts of tax revenue directed to be credited to the street improvement fund; and B. without the written approval of the secretary of finance and administration, for the governing body or any municipal employee to expend any money from the street improvement fund for any purpose other than the performance of the contract. History: 1953 Comp., § 14-33-4, enacted by Laws 1978, ch. 51, § 1. ANNOTATIONSRepeals and reenactments. — Laws 1978, ch. 51, § 1, repealed 14-33-4, 1953 Comp. (former 3-34-4 NMSA 1978), relating to diverting proceeds of tax from street improvement fund, and enacted a new section.
NM Stat § 3-34-5 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 34 - Street Improvement Fund|Section 3-34-5 - Saving clause.

The provisions of Sections 3-34-1 through 3-34-4 NMSA 1978 remain in force and apply to obligations issued pursuant thereto prior to July 1, 1967. Distributions of motor fuel excise tax and special fuels use tax revenues to municipalities under the provisions of Section 7-13-9 NMSA 1978 [repealed] replace all gasoline and motor fuel license taxes formerly authorized to be imposed by Sections 14-38-1 through 14-38-4 NMSA 1953 (being Laws 1965, Chapter 300, Sections 14-38-1 through 14-38-4, repealed by Laws 1967, Chapter 170, Section 13). Any irrevocable pledge of municipal revenues effected prior to July 1, 1967, by any municipality under the provisions of Section 3-34-4 NMSA 1978 or Sections 14-38-1 through 14-38-4 NMSA 1953 (being Laws 1965, Chapter 300, Sections 14-38-1 through 14-38-4, repealed by Laws 1967, Chapter 170, Section 13) apply to the aforesaid distributions of motor fuel excise tax and special fuels use tax revenues to the municipality. History: 1953 Comp., § 14-33-5, enacted by Laws 1967, ch. 170, § 2; 1977, ch. 342, § 3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not a part of the law. Laws 1983, ch. 211, § 42 repealed 7-13-9 NMSA 1978, effective July 1, 1983. For present comparable provisions, see 7-1-6.9 NMSA 1978.