New Mexico § 3-60A-40 Revenue bonds; financing of project

New Mexico Statutes

§ 3-60A-40 — Revenue bonds; financing of project

New Mexico § 3-60A-40

Ch. 3Municipalities

Art. 60AMetropolitan Redevelopment

This text of New Mexico § 3-60A-40 (Revenue bonds; financing of project) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 3-60A-40 (2026).

Text

Prior to the issuance of any revenue bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978], the local government shall enter into a financing agreement with respect to the project with a user providing for payment to the local government of revenue upon the basis of determinations and findings that the revenue will be sufficient to pay the principal of and interest on the bonds issued to finance the project, to build up and maintain any reserves deemed advisable by the local government in connection with the project and to pay the costs of maintaining the project in good repair and keeping it properly insured unless the financing agreement obligates the user to pay for the maintenance of and insurance on the project.

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Prior to the issuance of any revenue bonds authorized by the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978], the local government shall enter into a financing agreement with respect to the project with a user providing for payment to the local government of revenue upon the basis of determinations and findings that the revenue will be sufficient to pay the principal of and interest on the bonds issued to finance the project, to build up and maintain any reserves deemed advisable by the local government in connection with the project and to pay the costs of maintaining the project in good repair and keeping it properly insured unless the financing agreement obligates the user to pay for the maintenance of and insurance on the project.