The bonds authorized by Sections 3-32-1 through 3-32-16 NMSA 1978, and the income from said bonds, all mortgages or other security instrument executed as security for said bonds, all lease agreements made pursuant to the provisions hereof, and revenue derived from any lease or sale by the municipality thereof shall be exempt from all taxation by the state of New Mexico, or any subdivision thereof.
History: 1953 Comp., § 14-31-11, enacted by Laws 1965, ch. 300.
ANNOTATIONSCross references. — For property tax exemption, see 7-36-3 NMSA 1978.
Constitutionality of exemption. — Statute authorizing issuance of revenue bonds by municipality for industrial development and providing that bonds so authorized, the income therefrom, etc., shall be exempt from all taxation by state or any subdivision, was not violation of constitutional provision requiring that taxes be equal and uniform insofar as the exemption was confined to municipal property. Village of Deming v. Hosdreg Co., 1956-NMSC-111, 62 N.M. 18, 303 P.2d 920.
Insertion of a corporate guarantee into the bonds is inconsistent with the provisions of the Industrial Revenue Bond Act that allow a tax exemption for the bonds. 1960 Op. Att'y Gen. No. 60-219.