Section 3-38A-11 - Revenue bonds. (Repealed effective July 1, 2028.) - New Mexico Statutes

3-38A-11. Revenue bonds. (Repealed effective July 1, 2028.)

A.     Revenue bonds may be issued at any time by a municipality to defray wholly or in part the costs of equipping or furnishing a municipal convention center.   

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

(1)     the proceeds of the hospitality fee of the municipality after the deduction of the administrative costs pertaining to the fee in an amount not to exceed ten percent of the gross rent fees collected by the municipality in a fiscal year and excluding from the computation of such costs the administrative costs ultimately recovered from delinquent proprietors by civil action as penalties, costs of collection and attorney fees, but not as interest on unpaid principal;   

(2)     any convention center facility, after provision is made for the payment of the operation and maintenance expenses of the convention center; and   

(3)     a combination of such net revenues from both sources 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 that act.   

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