New Mexico Statutes 3-38-23. Revenue bonds
A. Revenue bonds may be issued at any time or from time to time by a municipality or county to defray wholly or in part the costs of any one, all or any combination of purposes authorized in Paragraphs (2) through (5) of Subsection A of Section 3-38-21 N.M. Stat. Ann..
Terms Used In New Mexico Statutes 3-38-23
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lien: A claim against real or personal property in satisfaction of a debt.
B. The revenue bonds may be payable from and such payment may be secured by a pledge of and lien on the revenues derived from:
(1) the proceeds of the occupancy tax of the municipality or county after the deduction of those amounts required to be expended pursuant to Subsection D of Section 3-38-15 N.M. Stat. Ann. and the administration costs pertaining to the occupancy tax in an amount not to exceed ten percent of the occupancy tax receipts collected by the municipality or county in any fiscal year, excluding from the computation of such costs the administration costs ultimately recovered from delinquent vendors by civil action as penalties, costs of collection and attorney fees but not as interest on unpaid principal;
(2) the tourist-related facilities and attractions or tourist-related transportation systems to which the bonds pertain, after provision is made for the payment of the operation and maintenance expenses of the tourist-related facilities and attractions or tourist-related transportation systems; or
(3) a combination of such net revenues from both sources designated in Paragraphs (1) and (2) of this subsection.
C. The bonds shall bear interest at a rate as authorized in the Public Securities Act N.M. Stat. Ann. § 6-14-1 to 6-14-3, and the first interest payment may be for any period authorized in the Public Securities Act.
D. Except as otherwise provided in the Lodgers’ Tax Act N.M. Stat. Ann. § 3-38-13 to 3-38-25, revenue bonds authorized in the Lodgers’ Tax Act shall be issued in accordance with the provisions of Sections 3-31-2 through 3-31-6 N.M. Stat. Ann..