§ 3-60A-44 — No payment by local government

New Mexico § 3-60A-44

• Jurisdiction: New Mexico
• Ch. 3: Municipalities
• Art. 60A: Metropolitan Redevelopment

Text

A. No local government or public body shall pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in the Redevelopment Bonding Law [3-60A-26 to 3- 60A-46 NMSA 1978] or unless the land is determined by the governing body to be no longer necessary for other municipal purposes or purposes of a public body, shall not use land already owned by the local government or public body or in which the local government or public body has an equity for the construction thereon of a project or any part thereof. B. The entire cost of acquiring any project shall be paid out of the proceeds from the sale of the revenue bonds, but this provision shall not be construed to prevent a local government or public body from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.

Legislative History

Laws 1979, ch. 391, § 44; 2018, ch. 60, § 41.