reglab/housing_qa huggingface dataset:
NM Stat § 3-31-1.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-1.1 - Definitions.

As used in Chapter 3, Article 31 NMSA 1978:A. "bond" means any obligation of a municipality issued under Chapter 3, Article 31 NMSA 1978, whether designated as a bond, note, loan, warrant, debenture, lease-purchase agreement or other instrument evidencing an obligation of a municipality to make payments;B. "gasoline tax revenue" means all or portions of the amounts of tax revenues distributed to municipalities pursuant to Sections 7-1-6.9 and 7-1-6.27 NMSA 1978;C. "gasoline tax revenue bonds" means the bonds authorized by Subsection E of Section 3-31-1 NMSA 1978;D. "gross receipts tax revenue" means the amount of money distributed to a municipality pursuant to Section 7-1-6.4 NMSA and transferred to a municipality pursuant to Section 7-1-6.12 NMSA 1978 for any municipal gross receipts tax imposed pursuant to the Municipal Local Option Gross Receipts Taxes Act [Chapter 7, Article 19D NMSA 1978];E. "gross receipts tax revenue bonds" means the bonds authorized by Subsection D of Section 3-31-1 NMSA 1978; F. "joint utility revenue bonds" or "joint utility bonds" means the bonds authorized by Subsection C of Section 3-31-1 NMSA 1978;G. "pledged revenues" means the revenues, net income or net revenues authorized to be pledged to the payment of revenue bonds as specifically provided in Chapter 3, Article 31 NMSA 1978;H. "project revenue bonds" means the bonds authorized by Subsection F of Section 3-31-1 NMSA 1978; andI. "utility revenue bonds" or "utility bonds" means the bonds authorized by Subsection B of Section 3-31-1 NMSA 1978.History: 1978 Comp., § 3-31-1.1, enacted by Laws 2019, ch. 274, § 2. ANNOTATIONSEffective dates. — Laws 2019, ch. 274, § 17 made Laws 2019, ch. 274, § 2 effective July 1, 2019.
NM Stat § 3-31-2 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-2 - Use of proceeds of bond issue.

It is unlawful to divert, use or expend any money received from the issuance of bonds for any purpose other than the purpose for which the bonds were issued. History: 1953 Comp., § 14-30-2, enacted by Laws 1965, ch. 300. ANNOTATIONSCross references. — For use of municipal utility revenue, see 3-23-4 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1934.
NM Stat § 3-31-3 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-3 - Revenue bonds; terms.

Municipal revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body; B. may be subject to a prior redemption at the municipality's option at such time or times and upon such terms and conditions with or without the payment of such premium or premiums as may be determined by the governing body; C. may mature at any time or times not exceeding fifty years after the date of issuance, except municipal revenue bonds issued for reconstructing, resurfacing or repairing existing streets, which may mature at any time or times not exceeding twenty years after the date of issuance; D. may be serial in form and maturity or may consist of one bond payable at one time or in installments or may be in such other form as may be determined by the governing body; E. shall be sold for cash at above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and F. may be sold at public or negotiated sale. History: 1953 Comp., § 14-30-3, enacted by Laws 1965, ch. 300; 1969, ch. 217, § 2; 1972, ch. 81, § 4; 1979, ch. 311, § 2; 1983, ch. 108, § 1; 1985, ch. 86, § 2; 1989, ch. 355, § 1; 1995, ch. 141, § 2. ANNOTATIONSThe 1995 amendment, effective April 5, 1995, deleted "in the ordinance" at the end of Subsection A, substituted "determined by the governing body" for "provided by ordinance" in Subsection B, and made minor stylistic changes in Subsection E.
NM Stat § 3-31-3.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-3.1 - Exemption from taxation.

The bonds authorized by Chapter 3, Article 31 NMSA 1978 and the income from the bonds or any mortgages or other instruments executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state. History: Laws 2001, ch. 126, § 1. ANNOTATIONSEffective dates. — Laws 2001, ch. 126 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 15, 2001, 90 days after adjournment of the legislature.
NM Stat § 3-31-5 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-5 - Revenue bonds not general municipal obligations; authentication.

A. Revenue bonds or refunding revenue bonds issued as authorized in Chapter 3, Article 31 NMSA 1978 are: (1) not general obligations of the municipality; and (2) collectible only from the proper pledged revenues, and each bond shall state that it is payable solely from the proper pledged revenues and that the bondholders may not look to any other municipal fund for the payment of the interest and principal of the bond. B. The bonds shall be executed by the mayor and treasurer or the clerk and may be authenticated by any public or private transfer agent or registrar, or its successor, named or otherwise designated by the governing body. The bonds may be executed as provided under the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978], and the coupons, if any, shall bear the facsimile signature of the treasurer of the municipality. History: 1953 Comp., § 14-30-5, enacted by Laws 1965, ch. 300; 1967, ch. 244, § 2; 1985, ch. 86, § 3.
NM Stat § 3-31-6 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-6 - Revenue bonds; mandatory rates for utility, joint utility or revenue-producing project; mandamus; impairment of payment.

A. The governing body of any municipality issuing utility revenue bonds, joint utility revenue bonds or project revenue bonds as authorized in Sections 3-31-1 through 3-31-7 NMSA 1978 shall establish rates for services rendered by the municipal utility, joint utility or the applicable revenue-producing project to provide revenue sufficient to meet the following requirements or, where applicable to a revenue-producing project, to enter into such leases or other agreements sufficient to provide revenues which are sufficient to meet the following requirements: (1) pay all reasonable expenses of operation; (2) pay all interest on the revenue bonds as it comes due; and (3) provide a sinking fund adequate to discharge the revenue bonds as they mature. Such rates shall remain in effect until the bond issue is liquidated. B. In the event the governing body fails or refuses to establish rates for the utility, joint utility or the applicable revenue-producing project, or to enter into a lease or other agreement where applicable to a revenue-producing project, as required in this section, any bondholder may apply to the district court for a mandatory order requiring the governing body to establish rates or to enter into such applicable leases or agreements which will provide revenues adequate to meet the requirements of this section. The provisions of Section 3-23-6 NMSA 1978 shall apply to any rates or charges which may be imposed for services rendered by any applicable revenue-producing project. C. Any law which authorizes the pledge of any or all of the pledged revenues to the payment of any revenue bonds issued pursuant to Sections 3-31-1 through 3-31-12 NMSA 1978 or which affects the pledged revenues, or any law supplemental thereto or otherwise appertaining thereto, shall not be repealed or amended or otherwise directly or indirectly modified in such a manner as to impair adversely any such outstanding revenue bonds, unless such outstanding revenue bonds have been discharged in full or provision has been fully made therefor. History: 1953 Comp., § 14-30-6, enacted by Laws 1965, ch. 300; 1967, ch. 244, § 3; 1972, ch. 81, § 5.
NM Stat § 3-31-7 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-7 - Revenue bonds; mortgaging water utility property.

If revenue bonds are issued for the acquisition or improvement, betterment or extension of a municipal water utility, the municipality may further assure payment of the revenue bonds by mortgaging and conveying the water utility to a trustee for the benefit and security of the bondholders. History: 1953 Comp., § 14-30-7, enacted by Laws 1965, ch. 300.
NM Stat § 3-31-10 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-10 - Refunding revenue bonds; terms.

Municipal refunding revenue bonds: A. may have interest, appreciated principal value or any part thereof payable at intervals or at maturity as may be determined by the governing body; B. may be subject to prior redemption at the municipality's option at such time or times and upon such terms and conditions with or without the payment of premium or premiums as may be determined by the governing body; C. may be serial in form and maturity or may consist of a single bond payable in one or more installments or may be in such other form as may be determined by the governing body; and D. shall be exchanged for the bonds and any matured unpaid interest being refunded at not less than par or sold at public or negotiated sale at, above or below par and at a price that results in a net effective interest rate that does not exceed the maximum permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]. History: 1953 Comp., § 14-30-9, enacted by Laws 1965, ch. 300; 1969, ch. 179, § 2; 1972, ch. 81, § 6; 1974, ch. 2, § 2; 1983, ch. 108, § 3; 1984, ch. 42, § 1; 1985, ch. 86, § 6; 1989, ch. 355, § 2; 1995, ch. 141, § 6. ANNOTATIONSThe 1995 amendment, effective April 5, 1995, deleted "in the ordinance" at the end of Subsection A, substituted "determined by the governing body" for "provided by ordinance" in Subsection B, and made minor stylistic changes in Subsection D.
NM Stat § 3-31-11 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-11 - Refunding revenue bonds; ordinance; resolution.

A. At any regular or special meeting called for the purpose of issuing refunding revenue bonds, the governing body by a majority vote of all the members of the governing body may adopt an ordinance authorizing the issuance of the refunding revenue bonds. B. At any regular or special meeting called for the purpose of issuing and selling refunding revenue bonds to the New Mexico finance authority, the governing body by an affirmative vote of a majority of all members of the governing body may adopt a resolution authorizing issuance and sale of the refunding revenue bonds to the New Mexico finance authority pursuant to Subsection C of Section 3-31-4 NMSA 1978. History: 1953 Comp., § 14-30-10, enacted by Laws 1965, ch. 300; 1995, ch. 141, § 7. ANNOTATIONSThe 1995 amendment, effective April 5, 1995, designated the existing language as Subsection A and added Subsection B.
NM Stat § 3-31-12 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 31 - Revenue Bonds|Section 3-31-12 - Refunding revenue bonds; foreclosure of mortgage.

A. If any municipality which has granted a mortgage of the municipal utility to a trustee or the holder of the refunding bonds as further assurance of paying the refunding revenue bonds, defaults in payment of the interest or serial maturity of the refunding revenue bonds, the holder of the refunding revenue bonds or trustee to whom the municipal utility has been conveyed by mortgage may foreclose the mortgage against the municipality in the same manner a real estate mortgage is foreclosed. The district court may appoint a receiver to operate the municipal utility during the default period. B. In the event the mortgage is foreclosed, the governing body shall grant a franchise to the receiver or to the subsequent purchaser upon sale by foreclosure. The franchise shall: (1) be upon reasonable terms and conditions under which the public utility shall be privately operated; (2) be for a period of twenty-five years or a less number of years if satisfactory to the trustee or holder of the revenue bonds; and (3) be subject to the approval of the district court or any other state agency which has jurisdiction. History: 1953 Comp., § 14-30-11, enacted by Laws 1965, ch. 300. ANNOTATIONSCross references. — For foreclosure of mortgages, see 39-5-1 NMSA 1978 et seq.
NM Stat § 3-32-2 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-2 - Short title.

Chapter 3, Article 32 NMSA 1978 may be cited as the "Industrial Revenue Bond Act". History: 1953 Comp., § 14-31-1.1, enacted by Laws 1967, ch. 84, § 1; 1997, ch. 216, § 1; 1997, ch. 226, § 1. ANNOTATIONSThe 1997 amendment, effective June 20, 1997, made stylistic changes to the compilation reference at the beginning of the section. Laws 1997, ch. 216, § 1 enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 226, § 1. See 12-1-8 NMSA 1978.
NM Stat § 3-32-3 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-3 - Addition to definitions.

As used in the Industrial Revenue Bond Act, "project" also means: A. any land and buildings or other improvements thereon and all real and personal property deemed necessary in connection therewith whether or not now in existence which shall be suitable for use by any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes, and, for any small municipality only, office facilities for physicians, any mass transit or other transportation activity involving the movement of passengers, any industrial park, any office headquarters and any research and development facility; or B. urban transit buses, whether or not already in existence, that are: (1) manufactured or assembled in New Mexico; (2) equipped to hold at least thirty passengers; and (3) suitable for use by a commercial enterprise for leasing. History: 1953 Comp., § 14-31-1.2, enacted by Laws 1967, ch. 84, § 2; 1974, ch. 50, § 2; 1975, ch. 222, § 1; 1981, ch. 45, § 2; 2005, ch. 9, § 1. ANNOTATIONSThe 2005 amendment, effective March 11, 2005, added urban transit buses that are made in New Mexico, hold at least thirty passengers and are suitable for use by a commercial enterprise for leasing to the definition of a project.
NM Stat § 3-32-4 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-4 - Legislative intent.

It is the intent of the legislature by the passage of Sections 3-32-1 through 3-32-16 NMSA 1978 to authorize municipalities to acquire, own, lease or sell projects for the purpose of promoting industry and trade other than retail trade, by inducing manufacturing, industrial and commercial enterprises to locate or expand in this state, promoting the use of the agricultural products and natural resources of this state, and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is intended that each project be self-liquidating. It is not intended hereby to authorize any municipality itself to operate any manufacturing, industrial or commercial enterprise. Sections 3-32-1 through 3-32-16 NMSA 1978 shall be liberally construed in conformity with the said intent. History: 1953 Comp., § 14-31-2, enacted by Laws 1965, ch. 300; 1977, ch. 267, § 2. ANNOTATIONSAcquiring assets, stock, etc., of state agency or commission. — The section does not authorize the issuance of industrial revenue bonds for the purpose of acquiring any assets, stock, etc., of a state agency or commission. 1968 Op. Att'y Gen. No. 68-11. Relocation of the inter-tribal Indian ceremonial association property or creation of an Indian memorial park cannot be accomplished by the issuance of industrial revenue bonds. 1968 Op. Att'y Gen. No. 68-11. Law reviews. — For article, "Ad Valorem Tax Status of a Private Lessee's Interest in Publicly Owned Property: Taxability of Possessory Interests in Industrial Projects under the New Mexico Industrial Revenue Bond Act," see 3 N.M.L. Rev. 136 (1973). Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1909.
NM Stat § 3-32-5 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-5 - Additional legislative intent.

It is further the legislative intent that the Industrial Revenue Bond Act authorize municipalities to refinance hospital or 501(c)(3) corporation projects and projects of any independent, nonprofit, nonsectarian four-year college or university accredited by the north central association of colleges and schools, to acquire, own, lease or sell projects for the purpose of promoting the local economy and improving local health and the general welfare by inducing private institutions of higher education, nonprofit corporations engaged in health care services, including nursing homes, 501(c)(3) corporations and, for any small municipality only, office facilities for physicians, to provide more adequate facilities of higher education and to provide more adequate health care services in this state and by inducing mass transit or other transportation activities, industrial parks, office headquarters and research and development activities to locate or expand in this state. It is not intended to authorize any municipality to own or lease projects for retail business or by itself to operate any private institution of higher education; nonprofit corporation engaged in health care services, including nursing homes; 501(c)(3) corporation; industrial parks; office headquarters; or research and development facilities. History: 1953 Comp., § 14-31-2.1, enacted by Laws 1967, ch. 84, § 3; 1974, ch. 50, § 3; 1975, ch. 222, § 2; 1977, ch. 267, § 3; 1977, ch. 335, § 2; 1981, ch. 45, § 3; 1994, ch. 134, § 1; 2002, ch. 25, § 2; 2002, ch. 37, § 2. ANNOTATIONSCross references. — For definition of 501(c)(3) corporation, see 3-32-1 NMSA 1978. The 2002 amendment, effective May 15, 2002, inserted "or 501(c)(3) corporation" and "501(c)(3) corporations" in the first sentence and inserted "501(c)(3) corporation" in the last sentence. Laws 2002, ch. 25, § 2 enacted identical amendments to this section. The section was set out as amended by Laws 2002, ch. 37, § 2. See 12-1-8 NMSA 1978. The 1994 amendment, effective May 18, 1994, substituted "projects and projects of any independent, nonprofit, nonsectarian four-year college or university accredited by the north central association of colleges and schools" for "project" and made stylistic changes throughout the section. Law reviews. — For article, "Ad Valorem Tax Status of a Private Lessee's Interest in Publicly Owned Property: Taxability of Possessory Interests in Industrial Projects under the New Mexico Industrial Revenue Bond Act," see 3 N.M.L. Rev. 136 (1973).
NM Stat § 3-32-5.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-5.1 - Small communities; definition; attracting physicians.

It is the legislative intent that small communities have the power to issue municipal revenue bonds for the purpose of constructing office facilities for physicians as a method of attracting physicians. Therefore, for the purposes of Sections 3-32-3, 3-32-5 and Subsection F of Section 3-32-1 NMSA 1978, "small municipality" means an incorporated municipality having a population of less than fifteen thousand as shown by the last preceding official United States census. For limited purposes stated in this section, physicians offices are allowed even though the physicians operate as a profit-making enterprise. History: 1978 Comp., § 3-32-5.1, enacted by Laws 1981, ch. 45, § 4. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations, Counties, and Other Political Subdivisions § 588. 64 C.J.S. Municipal Corporations § 1909.
NM Stat § 3-32-6.1 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-6.1 - Notice to county.

A. Prior to adopting an ordinance issuing industrial revenue bonds, the municipality shall give notice to the board of county commissioners and the county assessor of its intent to consider the matter. The board and the county assessor shall be notified at least thirty days prior to the meeting at which final action is to be taken so that comments can be transmitted to the municipality. B. The board of county commissioners and the county assessor shall be able to forward their comments and any concerns to the city council, but there is no approval required from the board or the county assessor and they do not have veto over the proposed industrial revenue bond issuance. C. The municipality and county shall jointly develop criteria for issuance of industrial revenue bonds by either government; provided, however, that industrial revenue bonds may be authorized and issued before development of the criteria is completed. D. The municipality shall notify the board of county commissioners and the county assessor when an industrial revenue bond has matured, expired or been replaced by a refunding bond. History: Laws 1997, ch. 216, § 2 and Laws 1997, ch. 226, § 2; 2003, ch. 221, § 1. ANNOTATIONSThe 2003 amendment, effective June 20, 2003, rewrote this section.
NM Stat § 3-32-6.2 (2021)
2021 New Mexico Statutes|Chapter 3 - Municipalities|Article 32 - Industrial Revenue Bonds|Section 3-32-6.2 - Electric transmission projects; payments to the state.

A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 3-32-6 NMSA 1978 shall pay to the state annual payments equal to five percent of the total amount of in-lieu tax payments to be made in that calendar year by such person to counties, municipalities and other local entities authorized to levy taxes on property, including in-lieu tax payments made to school districts pursuant to Paragraph (2) of Subsection A of Section 3-32-6 NMSA 1978, and five percent of the value of any other consideration related to the project paid to local entities authorized to levy taxes on property by a person proposing an electric transmission project. A copy of any agreement providing for such in-lieu tax payments shall be provided to the secretary of finance and administration within thirty days of written approval of such agreement by all of the parties. Each annual payment to the state shall be made no later than the end of each fiscal year in which in-lieu tax payments are made to local taxing entities. Each annual payment shall be made to the department of finance and administration for deposit to the general fund.History: Laws 2020, ch. 14, § 3; 2021, ch. 91, § 2. ANNOTATIONSThe 2021 amendment, effective June 18, 2021, clarified that certain payments to the state for an electric transmission project shall be made by the person proposing the electric transmission project; and deleted "The state shall receive" and added "A person proposing an electric transmission facility project pursuant to Paragraph (2) of Subsection A of Section 3-32-6 NMSA 1978 shall pay to the state", after "total amount of in-lieu tax payments", deleted "made by a person proposing an electric transmission project" and added "to be made in that calendar year by such person", and after "any other consideration", added "related to the project".