Terms Used In New Mexico Statutes 3-60A-28
- devise: To gift property by will.
- gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A. In addition to any other powers, each municipality has the following powers:
(1) to acquire, whether by construction, purchase, gift, devise, lease or sublease; to improve and equip; and to finance, sell, lease or otherwise dispose of one or more projects or part thereof. If a municipality issues revenue bonds as provided by the Metropolitan Redevelopment Code [3-60A-1 to 3-60A-13, 3-60A-14 to 3-60A-48 NMSA 1978] to finance or acquire projects, such projects shall be located within the municipality and within a metropolitan redevelopment area;
(2) to enter into financing agreements with others for the purpose of providing revenues to pay the bonds authorized by the Redevelopment Bonding Law [3-60A-26 through 3-60A-46 NMSA 1978]; to lease, sell or otherwise dispose of any or all of its projects to others for such revenues and upon such terms and conditions as the local governing body may deem advisable; and to grant options to renew any lease or other agreement with respect to the project and to grant options to buy any project at such price as the local governing body deems desirable;
(3) to issue revenue bonds for the purpose of defraying the cost of financing, acquiring, improving and equipping any project, including the payment of principal and interest on such bonds for a period not to exceed three years and all other incidental expenses incurred in issuing such bonds; and
(4) to secure payment of such bonds as provided in the Redevelopment Bonding Law.
History: Laws 1979, ch. 391, § 28.