Section 3-38-23 - Revenue bonds. - New Mexico Statutes

3-38-23. Revenue bonds.

A.     Revenue bonds may be issued at any time or from time to time by a municipality or county to defray wholly or in part the costs of any one, all or any combination of purposes authorized in Subsections B through E of Section 3-38-21 NMSA 1978.   

B.     The revenue bonds may be payable from and such payment may be secured by a pledge of and lien on the revenues derived from:   

(1)     the proceeds of the occupancy tax of the municipality or county after the deduction of those amounts required to be expended pursuant to Subsections D and E of Section 3-38-15 NMSA 1978 and the administration costs pertaining to the tax in an amount not to exceed ten percent of the occupancy tax receipts collected by the municipality or county in any fiscal year, excluding from the computation of such costs the administration costs ultimately recovered from delinquent vendors by civil action as penalties, costs of collection and attorneys' fees but not as interest on unpaid principal;   

(2)     the tourist-related facilities, attractions or transportation systems to which the bonds pertain, after provision is made for the payment of the operation and maintenance expenses of such facilities, attractions or transportation systems; or   

(3)     a combination of such net revenues from both sources designated in Paragraphs (1) and (2) of this subsection.   

C.     The bonds shall bear interest at a rate or rates as authorized in the Public Securities Act [6-14-1 NMSA 1978], and the first interest payment may be for any period authorized in the Public Securities Act.   

D.     Except as otherwise provided in the Lodgers' Tax Act, revenue bonds authorized in the Lodgers' Tax Act shall be issued in accordance with the provisions of Sections 3-31-2 through 3-31-6 NMSA 1978.