A. Property interests of a lessee in project property held under a lease from a county or a municipality under authority of an industrial revenue bond or pollution control revenue bond act, the Statewide Economic Development Finance Act [N.M. Stat. Ann. Chapter 6, Article 25] or the Regional Air Center Special Economic District Act [5- 20-1 to 5-20-10 N.M. Stat. Ann.] are exempt from property taxation for as long as there is an outstanding bonded indebtedness under the terms of the revenue bonds issued for the acquisition of the project property, but in no event for a period of more than thirty years from the date of execution of the first lease of the project to the lessee by the county or municipality.

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B. Property interests of a person, other than a public utility, arising out of the purchase of a project authorized by the Industrial Revenue Bond Act [N.M. Stat. Ann. Chapter 3, Article 32], the County Industrial Revenue Bond Act [N.M. Stat. Ann. Chapter 4, Article 59], the Pollution Control Revenue Bond Act N.M. Stat. Ann. § 3-59-1 to 3-59-14, the Statewide Economic Development Finance Act or the Regional Air Center Special Economic District Act are exempt from property taxation for as long as the project purchaser remains liable to the project seller for any part of the purchase price, but not to exceed thirty years from the date of execution of the sale agreement.

C. Property interests of a participating health facility in health-related equipment purchased, acquired, leased, financed or refinanced with the proceeds of bonds issued under the Hospital Equipment Loan Act [N.M. Stat. Ann. Chapter 58, Article 23] are exempt from property taxation for as long as the participating health facility remains liable for

any amount under any lease, loan or other agreement securing the bonds, but not to exceed thirty years from the date the bonds were issued for the health-related equipment.

D. The exemptions from property taxation under this section are not cumulative; provided, however, that the exemptions may be applied consecutively if subsequent exemptions relate to the financing of a new project or new health-related equipment.