Section 3-60A-31 - Revenue bonds; issuance; status. - New Mexico Statutes

3-60A-31. Revenue bonds; issuance; status.

A.     A municipality may issue revenue bonds in connection with a financing agreement for the purposes of financing a project authorized by the provisions of the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978].   

B.     A revenue bond shall be a limited obligation of the municipality, the principal and interest of which shall be payable, subject to the mortgage provisions of the Redevelopment Bonding Law, solely out of the revenues derived from the financing, sale or leasing of the project with respect to which the bonds are issued.   

C.     The revenue bond and interest coupons, if any, appurtenant thereto shall never constitute a debt or indebtedness of the municipality within the meaning of any provision or limitation of the state constitution, statutes of the state or a home rule charter of the municipality, and such bond shall not constitute nor give rise to a pecuniary liability of the municipality or a charge against its general credit or taxing powers. Such limitations shall be plainly stated on the face of each such bond.