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Section 5-15-20.1 - Debt service reserve account.

NM Stat § 5-15-20.1 (2019) (N/A)
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After the retirement of all bonds issued pursuant to the tax increment development plan, any balance in a debt service reserve account established for the payment of those bonds shall be paid to the governments that have dedicated a tax increment to the district in proportion to the amount of tax increment attributable to their dedication.

History: Laws 2009, ch. 179, § 8.

Effective dates. — Laws 2009, ch. 179 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.

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Section 5-15-20 - General bonding authority of a tax increment development district; other limitations.
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