2023 New Mexico Statutes › Chapter 3 - Municipalities › Article 38 - Licenses and Taxes › Section 3-38-23 - Revenue bonds.

A. Revenue bonds may be issued at any time or from time to time by a municipality or county to defray wholly or in part the costs of any one, all or any combination of purposes authorized in Paragraphs (2) through (5) of Subsection A of Section 3-38-21 NMSA 1978.
B. The revenue bonds may be payable from and such payment may be secured by a pledge of and lien on the revenues derived from:
(1) the proceeds of the occupancy tax of the municipality or county after the deduction of those amounts required to be expended pursuant to Subsection D of Section 3-38-15 NMSA 1978 and the administration costs pertaining to the occupancy tax in an amount not to exceed ten percent of the occupancy tax receipts collected by the municipality or county in any fiscal year, excluding from the computation of such costs the administration costs ultimately recovered from delinquent vendors by civil action as penalties, costs of collection and attorney fees but not as interest on unpaid principal;
(2) the tourist-related facilities and attractions or tourist-related transportation systems to which the bonds pertain, after provision is made for the payment of the operation and maintenance expenses of the tourist-related facilities and attractions or tourist-related transportation systems; or
(3) a combination of such net revenues from both sources designated in Paragraphs (1) and (2) of this subsection.
C. The bonds shall bear interest at a rate as authorized in the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978], and the first interest payment may be for any period authorized in the Public Securities Act.
D. Except as otherwise provided in the Lodgers' Tax Act [3-38-13 to 3-38-25 NMSA 1978], revenue bonds authorized in the Lodgers' Tax Act shall be issued in accordance with the provisions of Sections 3-31-2 through 3-31-6 NMSA 1978.
History:
1953 Comp., § 14-37-23, enacted by Laws 1969, ch. 199, § 10; 1976 (S.S.), ch. 34, § 7; 1987, ch. 9, § 3; 1996, ch. 58, § 10; 2016, ch. 30, § 2.
ANNOTATIONS
The 2016 amendment,
effective May 18, 2016, amended the section to reflect amendments to Section 3-38-21 NMSA 1978; in Subsection A, after "authorized in", deleted "Subsections B through F" and added "Paragraphs (2) through (5) of Subsection A", in Subsection B, Paragraph (1) , after "pursuant to", deleted "Subsections" and added "Subsection", after "D", deleted "and E", after "pertaining to the", added "occupancy", and after "costs of collection and", deleted "attorneys'" and added "attorney", in Paragraph (2), after the first occurrence of "facilities", added "and", after the first occurrence of "attractions or", added "tourist-related", after "maintenance expenses of", deleted "such" and added "the tourist-related", after the second occurrence of "facilities", added "and", after the second occurrence of "attractions or", added "tourist-related"; and in Subsection C, after "at a rate", deleted "or rates".
The 1996 amendment,
effective July 1, 1996, inserted "those amounts required to be expended pursuant to Subsections D and E of Section 3-38-15 NMSA 1978 and" near the beginning of Paragraph B(1), substituted "occupancy tax receipts" for "gross taxable rent" following "ten percent of the" in Paragraph B(1), substituted "the tourist-related facilities, attractions or transportation systems" for "the recreational facilities" at the beginning of Paragraph B(2), and inserted "attractions or transportation systems" at the end of Paragraph B(2).
The 1987 amendment,
effective June 19, 1987, substituted "of Section 3-38-21 NMSA 1978" for "Section 14-37-22 NMSA 1953" in Subsection A; deleted "or" at the end in Subsection B(1); substituted the references to the Public Securities Act for "not exceeding seven percent a year payable annually or semiannually, but" and "not exceeding one year" in Subsection C; substituted "authorized in the Lodgers' Tax Act" for "therein authorized" in Subsection D; and substituted "3-31-2 through 3-31-6 NMSA 1978" for "14-30-2 through 14-30-6 NMSA 1953" in Subsection D.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 64 C.J.S. Municipal Corporations § 1957.