New Mexico Statutes 3-60A-28. General powers
In addition to any other powers, each local government has the following powers:
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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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. 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 local government issues revenue bonds as provided by the Metropolitan Redevelopment Code [N.M. Stat. Ann. Chapter 3, Article 60A] to finance or acquire projects, the projects shall be located within the jurisdiction of the local government and within a metropolitan redevelopment area;
B. to enter into financing agreements with others for the purpose of providing revenues to pay the bonds authorized by the Redevelopment Bonding Law N.M. Stat. Ann. § 3-60A-26 to 3-60A-46; to lease, sell or otherwise dispose of any or all of its projects to others for revenue and upon terms and conditions the local government 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 a price the local government deems desirable;
C. 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 the bonds for a period not to exceed three years and all other incidental expenses incurred in issuing the bonds; and
D. to secure payment of revenue bonds as provided in the Redevelopment Bonding Law.