Section 5-15A-3 - Certain capital projects prohibited. - New Mexico Statutes

5-15A-3. Certain capital projects prohibited.

A.     The legislature shall not approve or authorize any capital outlay projects within a Mesa del Sol tax increment development district during the period that any bonds issued pursuant to Section 1 of this act are outstanding for that specific district, except for those buildings or facilities that are owned by the state or one of its agencies, institutions or political subdivisions and that are: 

(1)     public school buildings or facilities; 

(2)     higher education buildings or facilities; 

(3)     cultural buildings or facilities; 

(4)     buildings or facilities used for public safety; or 

(5)     buildings used for other public purposes. 

B.     Nothing in this section prohibits the legislature from authorizing expenditures, pursuant to law, for economic development projects within a specific Mesa del Sol tax increment development district for which any tax increment development bonds are outstanding.