reglab/housing_qa huggingface dataset:
NM Stat § 3-60A-20 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-20 - Alternative method of financing.

A. Effective for tax years beginning on or after January 1, 1980, the local government may elect by resolution to use the procedures set forth in the Tax Increment Law [3-60A-19 to 3-60A-24 NMSA 1978] for financing metropolitan redevelopment projects. Such procedures may be used in addition to or in conjunction with other methods provided by law for financing such projects. B. The tax increment method, for the purpose of financing metropolitan redevelopment projects, is the dedication for further use in metropolitan redevelopment projects of that increase in property tax revenue directly resulting from the increased net taxable value of a parcel of property attributable to its rehabilitation, redevelopment or other improvement because of its inclusion within an urban renewal, community development or metropolitan redevelopment project. History: Laws 1979, ch. 391, § 20; 2018, ch. 60, § 19. ANNOTATIONSCross references. — For the Redevelopment Bonding Law, see 3-60A-26 NMSA 1978 et seq. The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties; and after "the local", deleted "governing body of a municipality" and added "government".
NM Stat § 3-60A-22 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-22 - Metropolitan redevelopment fund; creation; disbursement.

There is created a "metropolitan redevelopment fund" for purposes of the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978]. Money in the metropolitan redevelopment fund shall be disbursed to the local government to be used as other money is authorized to be used in the Metropolitan Redevelopment Code. History: Laws 1979, ch. 391, § 22; 2018, ch. 60, § 21. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties; after "shall be disbursed to the", deleted "municipality" and added "local government".
NM Stat § 3-60A-24 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-24 - Tax increment method; base value for distribution.

If the tax increment method of financing metropolitan redevelopment projects is used, the base value for distribution of property tax revenues shall be the value used in calculating the limit of general obligation indebtedness imposed by the constitution of New Mexico and the statutes of New Mexico. History: Laws 1979, ch. 391, § 24. ANNOTATIONSCross references. — For constitutional restrictions on municipal indebtedness, see N.M. Const., art. IX, §§ 12, 13.
NM Stat § 3-60A-25 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-25 - Repealed.

ANNOTATIONSRepeals. — Laws 1987, ch. 316, § 3 repealed 3-60A-25 NMSA 1978, as enacted by Laws 1979, ch. 391, § 25, relating to a method for approval of an additional tax increment period, effective June 19, 1987. For present comparable provisions, see 3-60A-23 NMSA 1978.
NM Stat § 3-60A-26 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-26 - Redevelopment Bonding Law; short title.

Sections 3-60A-26 through 3-60A-46 NMSA 1978 may be cited as the "Redevelopment Bonding Law". History: Laws 1979, ch. 391, § 26; 2018, ch. 60, § 24. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, after "Sections", deleted "26 through 46 of the Municipal Redevelopment Code" and added "3-60A-26 through 3-60A-46 NMSA 1978". Am. Jur. 2d, A.L.R. and C.J.S. references. — 40 Am. Jur. 2d Housing Laws and Urban Redevelopment § 32; 64 Am. Jur. 2d Public Securities and Obligations § 98. 64 Am. Jur. 2d Municipal Corporations § 1902 et seq.
NM Stat § 3-60A-28 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-28 - General powers.

In addition to any other powers, each local government has the following powers: A. to acquire, whether by construction, purchase, gift, devise, lease or sublease; to improve and equip; and to finance, sell, lease or otherwise dispose of one or more projects or part thereof. If a local government issues revenue bonds as provided by the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] to finance or acquire projects, the projects shall be located within the jurisdiction of the local government and within a metropolitan redevelopment area; B. to enter into financing agreements with others for the purpose of providing revenues to pay the bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978]; to lease, sell or otherwise dispose of any or all of its projects to others for revenue and upon terms and conditions the local government may deem advisable; and to grant options to renew any lease or other agreement with respect to the project and to grant options to buy any project at a price the local government deems desirable; C. to issue revenue bonds for the purpose of defraying the cost of financing, acquiring, improving and equipping any project, including the payment of principal and interest on the bonds for a period not to exceed three years and all other incidental expenses incurred in issuing the bonds; and D. to secure payment of revenue bonds as provided in the Redevelopment Bonding Law. History: Laws 1979, ch. 391, § 28; 2018, ch. 60, § 26. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; replaced "municipality" and "governing body" with "local government" throughout the section; and deleted former subsection designation "A" and redesignated former Paragraphs A(1) through A(4) as Subsections A through D, respectively.
NM Stat § 3-60A-30 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-30 - Bonds as legal investments.

All banks, trust companies, bankers, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking or investment business; all insurance companies, insurance associations and other persons carrying on an insurance business; and all executors, administrators, curators, trustees and other fiduciaries may legally invest any sinking funds, money or other funds belonging to them or within their control in any bonds or other obligations issued by a local government pursuant to the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] or by any agency vested with metropolitan redevelopment project powers under the Redevelopment Law [3-60A-5 to 3-60A-18 NMSA 1978]; provided that the bonds and other obligations shall be secured by a pledge of property or revenues or combinations thereof that is of sufficient value to equal the principal and interest of the bonds at maturity. The bonds and other obligations shall be authorized security for all public deposits. Nothing contained in this section with regard to legal investments shall be construed as relieving any person of any duty of exercising reasonable care in selecting securities. History: Laws 1979, ch. 391, § 30; 2018, ch. 60, § 28. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties; and after "obligations issued by a", deleted "municipality" and added "local government".
NM Stat § 3-60A-31 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-31 - Revenue bonds; issuance; status.

A. A local government may issue revenue bonds in connection with a financing agreement for the purposes of financing a project authorized by the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978]. B. A revenue bond shall be a limited obligation of the local government, the principal and interest of which shall be payable, subject to the mortgage provisions of the Redevelopment Bonding Law, solely out of the revenues derived from the financing, sale or leasing of the project with respect to which the bonds are issued. C. The revenue bond and interest coupons, if any, appurtenant thereto shall never constitute a debt or indebtedness of the local government within the meaning of any provision or limitation of the constitution of New Mexico, statutes of the state or a home rule charter of the local government, and the bond shall not constitute or give rise to a pecuniary liability of the local government or a charge against its general credit or taxing powers. These limitations shall be plainly stated on the face of each bond. History: Laws 1979, ch. 391, § 31; 2018, ch. 60, § 29. ANNOTATIONSCross references. — For constitutional restrictions on municipal indebtedness, see N.M. Const., art. IX, §§ 12, 13. The 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipality" with "local government" throughout the section.
NM Stat § 3-60A-32 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-32 - Revenue bonds; form and terms.

A. Revenue bonds shall be authorized by ordinance of the local government, shall be subject to a maximum net effective interest rate and shall be in denominations, bear a date, mature at a time not exceeding forty years from their respective dates, bear an interest at a rate, be in a form, carry registration privileges, be executed in a manner, be payable at a place within or without the state and be subject to terms of redemption as the authorizing ordinance or supplemental resolution of the local government may provide. B. The revenue bonds may be sold in one or more series at par or below or above par at public or private sale in a manner and for a price as the local government in its discretion shall determine; but the local government shall not sell revenue bonds at a price such that the net effective interest rate of the issue of bonds exceeds the maximum net effective interest rate authorized. As an incidental expense of the project, the local government in its discretion may employ financial and legal consultants in regard to the financing of the project. History: Laws 1979, ch. 391, § 32; 2018, ch. 60, § 30. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes and replaced "municipality" with "local government" throughout the section.
NM Stat § 3-60A-33 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-33 - Revenue bonds; bond security.

The principal of, the interest on and any prior redemption premiums due in connection with the revenue bonds shall be payable from, secured by a pledge of and constitute a lien on the revenues out of which the bonds shall be made payable. In addition, they may be secured by a mortgage covering all or any part of the project or upon any other property of the user or both by a pledge of the revenues from or a financing agreement for the project or both as the local government in its discretion may determine; but no local government shall be authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] to pledge any of its property or to otherwise secure the payment of any bonds with its property, except that the local government may pledge the property of the project or revenues from the project. History: Laws 1979, ch. 391, § 33; 2018, ch. 60, § 31. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; replaced "municipality" and "governing body" with "local government" throughout the section; and after "shall be authorized by", added "the Redevelopment Bonding Law", and after "except that the", deleted "county or municipality" and added "local government".
NM Stat § 3-60A-34 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-34 - Revenue bonds; terms of proceedings and instruments.

The proceedings under which the revenue bonds are authorized to be issued and any mortgage or trust indenture given to secure the bonds may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including: A. provisions respecting custody of the proceeds from the sale of the bonds, including their investment and reinvestment until used to defray the cost of the project; B. provisions respecting the fixing and collection of revenues from the project; C. the terms to be incorporated in the financing agreement and any mortgage or trust indenture for the project, including without limitation provision for subleasing; D. the maintenance and insurance of the project; E. the creation of funds and accounts into which any bond proceeds, revenues and income may be deposited or credited; F. limitation on the purpose to which the proceeds of any bonds then or thereafter to be issued may be applied; G. limitation on the issuance of additional bonds, the terms upon which additional bonds are issued and secured, the refunding of bonds and the replacement of bonds; H. the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated; I. vesting in a trustee properties, rights, powers and duties in trust as the local government determines and limiting the rights, duties and powers of the trustees; and J. the rights and remedies available in case of a default to the bondholders or to any trustee under the financing agreement, a mortgage or a trust indenture for the project. History: Laws 1979, ch. 391, § 34; 2018, ch. 60, § 32. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; deleted subsection designation "A." and redesignated former Paragraphs A(1) through A(10) as Subsections A through J, respectively; and in Subsection I, after "duties in trust as the", deleted "municipality" and added "local government".
NM Stat § 3-60A-35 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-35 - Revenue bonds; investments and bank deposits.

A. The local government may provide that proceeds from the sale of revenue bonds and special funds from the revenues of the project shall be invested and reinvested in securities and other investments, whether or not any investment or reinvestment is authorized under any other law of this state, as may be provided in the proceedings under which the bonds are authorized to be issued, including: (1) bonds or other obligations of the United States; (2) bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States; (3) obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the congress of the United States; (4) obligations issued or guaranteed by any state of the United States or any political subdivision of any such state; (5) prime commercial paper; (6) prime finance company paper; (7) bankers' acceptances drawn on and accepted by commercial banks; (8) repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the congress of the United States; and (9) certificates of deposit issued by commercial banks. B. The local government may also provide that the proceeds, funds or investments and the revenues payable under the financing agreement shall be received, held and disbursed by one or more banks or trust companies located within or without this state. History: Laws 1979, ch. 391, § 35; 2018, ch. 60, § 33. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipality" with "local government" throughout the section.
NM Stat § 3-60A-36 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-36 - Revenue bonds; acquisition of project.

A. The local government may also provide that: (1) the project and improvements to be constructed, if any, shall be constructed by the local government, the user, the user's designee or any one or more of them on real estate owned by the local government, the user or the user's designee, as the case may be; and (2) the bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order or certificate of the user or the user's designee. B. The project, if and to the extent constructed on real estate not owned by the local government, may be conveyed or leased or an easement in the real estate granted to the local government at any time. History: Laws 1979, ch. 391, § 36; 2018, ch. 60, § 34. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipality" with "local government" throughout the section.
NM Stat § 3-60A-37 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-37 - Revenue bonds; limited obligation.

In making agreements or provisions, a local government shall not obligate itself except with respect to the project and the application of the revenues and revenue bond proceeds from the project. History: Laws 1979, ch. 391, § 37; 2018, ch. 60, § 35. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; and after "agreement or provisions, a", deleted "municipality" and added "local government".
NM Stat § 3-60A-38 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-38 - Revenue bonds; rights upon default.

A. The proceedings authorizing any revenue bonds, or any mortgage securing such bonds, may provide that if there is a default in the payment of the principal of, the interest on, or any prior redemption premiums due in connection with the bonds or in the performance of any agreement contained in such proceedings or mortgage, the payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents and to apply the revenues from the project in accordance with the proceedings or the provisions of the mortgage. B. Any mortgage to secure bonds issued thereunder may also provide that if there is a default in the payment thereof or a violation of any agreement contained in the mortgage it may be foreclosed and there may be a sale under proceedings in equity or in any other manner permitted by law. Such mortgage may also provide that any trustee under such mortgage or the holder of any bonds secured thereby may become the purchaser at any foreclosure sale if he is the highest bidder and may apply toward the purchase price unpaid bonds at the face value thereof. History: Laws 1979, ch. 391, § 38.
NM Stat § 3-60A-39 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-39 - Revenue bonds; determination of revenue.

A. Prior to entering into a financing agreement for the project and the issuance of revenue bonds in connection with the project, the local government shall determine: (1) the amount necessary in each year to pay the principal of and the interest on the first bonds proposed to be issued to finance the project; (2) the amount necessary to be paid each year into any reserve funds that the local government may deem advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and (3) the estimated cost of maintaining the project in good repair and keeping it properly insured unless the terms under which the project is to be financed provide that the user shall maintain the project and carry all proper insurance with respect to the project. B. The determination and findings of the local government required to be made by Subsection A of this section shall be set forth in the proceedings under which the proposed revenue bonds are to be issued; but the foregoing amounts need not be expressed in dollars and cents in the financing agreement and proceedings under which the bonds are authorized to be issued. History: Laws 1979, ch. 391, § 39; 2018, ch. 60, § 36. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "governing body" with "local government" throughout the section.
NM Stat § 3-60A-40 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 60A - Metropolitan Redevelopment|Section 3-60A-40 - Revenue bonds; financing of project.

Prior to the issuance of any revenue bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978], the local government shall enter into a financing agreement with respect to the project with a user providing for payment to the local government of revenue upon the basis of determinations and findings that the revenue will be sufficient to pay the principal of and interest on the bonds issued to finance the project, to build up and maintain any reserves deemed advisable by the local government in connection with the project and to pay the costs of maintaining the project in good repair and keeping it properly insured unless the financing agreement obligates the user to pay for the maintenance of and insurance on the project. History: Laws 1979, ch. 391, § 40; 2018, ch. 60, § 37. ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes, and replaced "municipality" and "governing body" with "local government" throughout the section.