Section 3-51-32 - Power to issue bonds. - New Mexico Statutes

3-51-32. Power to issue bonds.

A.     A city shall have power to issue bonds from time to time, in its discretion for the purpose of financing, in whole or in part, the cost of any project.   

B.     A city shall also have the power to issue refunding bonds from time to time for the purpose of refunding, paying and retiring:   

(1)     any bonds issued by it pursuant to the Greater Municipality Parking Law [3-51-1 to 3-51-45 NMSA 1978] or pursuant to Laws 1963, Chapter 313, as amended and supplemented;   

(2)     any bonds authorized for parking facilities and payable from the revenues of any parking facilities;   

(3)     any bonds authorized for parking facilities and payable from any parking meter revenues;   

(4)     any sales tax revenue bonds authorized for the purpose of any public building to be used for parking facilities and pursuant to Section 3-31-1C NMSA 1978;   

(5)     any gasoline tax revenue bonds authorized for the purpose of any public building to be used for parking facilities and pursuant to Section 3-31-1D NMSA 1978 [3-31-1E NMSA 1978];   

(6)     any bonds authorized for parking facilities and payable from any combination of the income and revenue pledged to the bonds described in Paragraphs (1) through (5) of this Subsection B; or   

(7)     any bonds which have refunded the bonds described in Paragraphs (1) through (6) of this Subsection B.   

C.     A city shall also have the power to issue bonds for any combination of the purposes described in this section.