New Mexico § 3-60A-45 No local government operation

New Mexico Statutes

§ 3-60A-45 — No local government operation

New Mexico § 3-60A-45

Ch. 3Municipalities

Art. 60AMetropolitan Redevelopment

This text of New Mexico § 3-60A-45 (No local government operation) 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-45 (2026).

Text

A.When all principal of, interest on and any prior redemption premium due in connection with the revenue bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has not been exercised as to all of the property contained in the project, the lease shall terminate and the local government shall sell the remaining property or devote the property to local government purposes other than manufacturing, commercial or industrial.

B.Any sale that is not made pursuant to the exercise of an option to purchase by the user of a project shall be conducted in the same manner as is then provided by law governing the issuer's sale of surplus property.

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A. When all principal of, interest on and any prior redemption premium due in connection with the revenue bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has not been exercised as to all of the property contained in the project, the lease shall terminate and the local government shall sell the remaining property or devote the property to local government purposes other than manufacturing, commercial or industrial. B. Any sale that is not made pursuant to the exercise of an option to purchase by the user of a project shall be conducted in the same manner as is then provided by law governing the issuer's sale of surplus property.