It is the intent of the legislature by the passage of the County Industrial Revenue Bond Act to authorize counties to acquire, own, lease or sell projects for the purpose of promoting industry and 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. Further, it is the intent of the legislature that counties may be able to promote the local health and general welfare by inducing nonprofit corporations engaged in health care services and 501(c)(3) corporations to locate, relocate, modernize or expand 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 intended that each project be self-liquidating. It is not intended that any county itself be authorized to operate any manufacturing, industrial or commercial enterprise or any nonprofit corporation engaged in health care services or any 501(c)(3) corporation or industrial parks, office headquarters or research and development facilities.

History: 1953 Comp., § 15-60-3, enacted by Laws 1975, ch. 286, § 3; 2002, ch. 25, § 5; 2002, ch. 37, § 5.

Cross references. — For definition of "501(c)(3) corporations", see 4-59-2 NMSA 1978.

2002 amendments. — Identical amendments to this section were enacted by Laws 2002, ch. 25, § 5 and Laws 2002, ch. 37, § 5, effective May 15, 2002, inserting "and 501(c)(3) corporations" in the second sentence, and inserting "or any 501(c)(3) corporation" in the last sentence. This section was set out as amended by Laws 2002, ch. 37, § 5. See 12-1-8 NMSA 1978.

County to pay bonds from sale or lease of projects. — No provision of this article would indicate that a county may generate revenues to pay bonds from any source other than the sale or lease of "projects." 1981 Op. Att'y Gen. No. 81-19.

County not authorized to make loans to farmers and ranchers. — Although the promotion of agriculture and ranching may well be within the intended purpose of this section, it is not intended that a county be authorized to issue agricultural development revenue bonds to provide funds to make loans to farmers and ranchers, regardless of how such a bond program may be structured. 1981 Op. Att'y Gen. No. 81-19.