reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 1995 amendment,
effective April 5, 1995, designated the existing language as Subsection A and added Subsection B.
2023 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.
ANNOTATIONS
Cross references.
— For foreclosure of mortgages,
see
39-5-1 NMSA 1978 et seq.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Acquiring 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.
2023 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.
ANNOTATIONS
Cross 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).
2023 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.
ANNOTATIONS
Am. 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.
2023 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.
ANNOTATIONS
The 2003 amendment,
effective June 20, 2003, rewrote this section.
2023 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.
ANNOTATIONS
The 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".
2023 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.
2023 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.
2023 New Mexico Statutes › Chapter 3 - Municipalities › Article 32 - Industrial Revenue Bonds › Section 3-32-10 - Refunding bonds.

A. Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by a municipality by the issuance of its refunding bonds in such amount as the governing body may determine to refund the principal of the bonds so to be refunded, all unpaid accrued and unaccrued interest thereon to the normal maturity date of such bonds or to selected prior redemption dates thereof, any redemption premiums, any commission and all estimated costs incidental to the issuance of such bonds and to such refunding as may be determined by the governing body. The principal amount of any such refunding bonds may be equal to, less than or greater than the principal amount of the bonds to be so refunded. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby, or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of Sections 3-32-1 through 3-32-16 NMSA 1978 shall be payable solely from the revenues out of which other bonds issued under Sections 3-32-1 through 3-32-16 NMSA 1978 may be payable or solely from those amounts derived from an escrow as herein provided, including amounts derived from the investment of refunding bond proceeds and other legally available amounts also as herein provided, or from any combination of the foregoing sources, and shall be subject to the provisions contained in Section 3-32-7 NMSA 1978 and may be secured in accordance with the provisions of Section 3-32-8 NMSA 1978.
B. Proceeds of refunding bonds shall either be applied immediately to the retirement of the bonds being refunded or be placed in escrow in a commercial bank or trust company which possesses and is exercising trust powers. Notwithstanding any provision to the contrary in Section 3-32-11 NMSA 1978 or in any other statute, such escrowed proceeds may be invested in short-term securities, long-term securities or both. Except to the extent inconsistent with the express terms of Sections 3-32-1 through 3-32-16 NMSA 1978, the ordinance and other proceedings under which the bonds to be so refunded were issued, including any mortgage or trust indenture given to secure the same, shall govern the establishment of any escrow in connection therewith and the investment or reinvestment of any escrowed proceeds.
History:
1953 Comp., § 14-31-7, enacted by Laws 1965, ch. 300; 1977, ch. 335, § 4.
ANNOTATIONS
Severability clauses.
— Laws 1977, ch. 335, § 5, provided for the severability of the act if any part or application thereof is held invalid.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
Purchase 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
The 1992 amendment,
effective July 1, 1992, added the Subsection A designation, added Subsection B, and made a related stylistic change.
2023 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.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 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.
2023 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.
2023 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.
2023 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.
ANNOTATIONS
The 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".
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
The 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".
2023 New Mexico Statutes › Chapter 3 - Municipalities › Article 33 - Improvement Districts › Section 3-33-12 - Improvement district; notice of assessment; protests.

A. The notice of the provisional order creating an improvement district shall:
(1) contain the time and place when the governing body shall hold a hearing on the provisional order creating the improvement district;
(2) describe the improvement to be constructed and the general location thereof; and
(3) state that any interested person may ascertain in the office of the municipal clerk:
(a) a description of the property to be assessed; and
(b) the maximum amount of benefit estimated to be conferred on each tract or parcel of land.
B. Not more than thirty days nor less than ten days before the day of the hearing, the municipal clerk, his deputy or the engineer shall mail the notice of the hearing on the provisional order to the owner of the tract or parcel of land being assessed the cost of the improvement at his last-known address. The name and address of the owner of each tract of land shall be obtained from the records of the county assessor or any other source the municipal clerk or engineer deems reliable. Proof of the mailing is to be made by affidavit of the municipal clerk, his deputy or the engineer, which shall be filed in the office of the municipal clerk. Failure to mail any notice shall not invalidate any of the proceedings authorized in Sections 3-33-1 through 3-33-43 NMSA 1978.
C. Notice of the hearing shall also be published once each week for three consecutive weeks and the last publication shall be at least one week prior to the day of the hearing. Such service by publication shall be verified by an affidavit of the publisher which is to be filed in the office of the municipal clerk.
History:
1953 Comp., § 14-32-5, enacted by Laws 1965, ch. 300.
ANNOTATIONS
Cross references.
— For definition of "publish" or "publication,"
see
3-1-2 NMSA 1978.
Purpose of the notice
is to afford property owner opportunity to urge objections, but this is a right merely to be heard.
Ellis v. New Mexico Constr. Co
., 1921-NMSC-068, 27 N.M. 312, 201 P. 487.
Notice held sufficient.
— Where publication was made in each of three consecutive weeks, though not on the same day of the week, and the last insertion of the notice was more than a week before the date set for the hearing, notice was sufficient.
Feldhake v. City of Santa Fe
, 1956-NMSC-079, 61 N.M. 348, 300 P.2d 934.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Power of city under freeholder's charter as to special assessments, 35 A.L.R. 888.
63 C.J.S. Municipal Corporations § 1094.