§ 4-60-5 — Bonds issued to finance projects

Bonds issued by a county under authority of the County Pollution Control Revenue Bond Act shall not be the general obligation of such county 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 project or projects or from the sale or lease of the project or projects to finance which the bonds are issued. Bonds and interest coupons issued under authority of the County Pollution Control Revenue Bond Act shall never constitute an indebtedness of the county within the meaning of any state constitutional provision or statutory limitation, and shall never constitute nor give rise to a pecuniary liability of the county or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each such bond. Such bonds may be executed and delivered at any time, and from time to time, may be in such form and denominations, may be of such tenor, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding thirty years from their date, may be payable at such place or places, may bear interest at such rate or rates, payable at such place or places and evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided in the resolution and proceedings of the governing body whereunder the bonds shall be authorized to be issued. Any bonds issued under the authority of the County Pollution Control Revenue Bond Act may be sold at public or private sale in such manner and from time to time as may be determined by the governing body to be most advantageous, and the county may pay all expenses, attorneys', engineering and architects' fees, premiums and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale and issuance thereof. All bonds issued under the authority of the County Pollution Control Revenue Bond Act and all interest coupons applicable thereto shall be construed to be negotiable.

Legislative History

1978 Comp., § 4-60-5, enacted by Laws 1978, ch. 181, § 5.