A. A local government may issue revenue bonds from time to time in its discretion to finance the undertaking of any project authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] or the exercise of any power or authority delegated under the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978]. These bonds shall be made payable as to both principal and interest solely from the income, proceeds, revenues and funds of the project.

B. Bonds issued under this section shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction and shall not be subject to the provisions of any other law or charter relating to the authorization, issuance or sale of bonds. Bonds issued under the provisions of the Metropolitan Redevelopment Code are declared to be issued for an essential public and governmental purpose and, together with interest thereon and income thereon and income therefrom, shall be exempted from all taxes by the state.

C. Bonds issued under this section shall be authorized by resolution of the local government. The bonds may be issued in one or more series and shall bear a date or dates, be payable upon demand or mature at a time or times, bear interest at a rate or rates not exceeding the legally authorized rate, be in a denomination or denominations, be in a form either coupon or registered, carry conversion or registration privileges, have rank or priority, be executed in a manner, be payable in a medium of payment at a place or places, be subject to the terms of redemption with or without premium, be secured in a manner and have the other characteristics as may be provided by the resolution or trust indenture or mortgage issued pursuant to the bonds.

D. The revenue bonds or any portion to the bonds may be sold at not less than par at public sales held after notice published prior to the sale in a newspaper having a general circulation in the area of operation and in any other medium of publication as the local government may determine or may be exchanged for other bonds on the basis of par; provided that the bonds may be sold to the federal government or to the state at private sale at not less than par, and, in the event less than all of the authorized principal amount of the bonds is sold to the federal government or to the state or to political subdivisions thereof, the balance may be sold at private sale at not less than par at an interest cost to the local government of not to exceed the interest cost to the local government of the portion of the bonds sold to the federal government.

E. In case any of the public officials of the local government whose signatures appear on any bonds or coupons issued under the Metropolitan Redevelopment Code cease to be public officials before the delivery of the bonds, the signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the officials had remained in office until delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to the Metropolitan Redevelopment Code shall be fully negotiable.

F. In any suit, action or proceeding involving the validity or enforceability of any bond issued under the Metropolitan Redevelopment Code or the security therefor, any bond reciting in substance that it has been issued by the local government in connection with a metropolitan redevelopment project shall be conclusively deemed to have been issued for such purpose, and the project shall be conclusively deemed to have been planned, located and carried out in accordance with the provisions of the Metropolitan Redevelopment Code.

History: Laws 1979, ch. 391, § 29; 2018, ch. 60, § 27.

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 made technical changes; replaced "municipality" and "governing body" with "local government" throughout the section; and deleted "Redevelopment Law" and added "Metropolitan Redevelopment Code" throughout the section.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations §§ 1907 to 1909.