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Section 5-20-6 - Revenue bonds; exemption from taxation.

NM Stat § 5-20-6 (2019) (N/A)
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A. To effectuate the purposes of the district it governs, an authority may issue revenue bonds to:

(1) encourage the location of commercial, research or industrial or other enterprises to a district; or

(2) acquire, purchase, lease, construct or improve commercial, research or industrial sites or buildings or make other capital improvements, including the construction or maintenance of energy or pollution abatement or control facilities, as necessary.

B. An authority may issue special facility revenue bonds backed by a long-term lease of the facility to finance a specific tenant facility.

C. The bonds authorized by the Regional Air Center Special Economic District Act, the income from those bonds, mortgages or other security instruments executed as security for those bonds, lease agreements authorized by the Regional Air Center Special Economic District Act and revenue derived from a lease or sale by an authority are exempt from taxation by the state and its subdivisions.

History: Laws 2019, ch. 13, § 6.

Effective dates. — Laws 2019, ch. 13 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after the adjournment of the legislature.

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Section 5-20-5 - Authority; powers; duties.
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Section 5-20-7 - Bonding authority.