A. The board of trustees may issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of the bonds as provided in Section 14 [6-19-14 N.M. Stat. Ann.] of the Economic Advancement District Act.

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Terms Used In New Mexico Statutes 6-19-13

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

B. Revenue bonds issued by a district shall not be the general obligation of the district within the meaning of Article 9, Sections 12 and 13 of  the constitution of New Mexico. The bonds shall be payable solely out of the revenue derived from the projects for which the bonds are issued. Revenue bonds and interest coupons, if any, issued under authority of the Economic Advancement District Act shall never constitute an indebtedness of the district within the meaning of any state constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the district or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each bond.

C. The board of trustees may, in respect to such revenue bonds, determine: (1)     the time for execution and delivery of the bonds;

(2)     the form and denomination of the bonds;

(3)     the place or places where they are to be payable;

(4)     the manner in which they should be evidenced;

(5)     what provisions they shall contain, provided the provisions are not inconsistent with the Economic Advancement District Act; and

(6)     whether they shall be sold at public or private sale.

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