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.
Cross 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.
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