It is the intent of the legislature by the passage of Sections 3-32-1 through 3-32-16 NMSA 1978 to authorize municipalities to acquire, own, lease or sell projects for the purpose of promoting industry and trade other than retail trade, by inducing manufacturing, industrial and commercial enterprises to locate or expand in this state, promoting the use of the agricultural products and natural resources of this state, and promoting a sound and proper balance in this state between agriculture, commerce and industry. It is intended that each project be self-liquidating. It is not intended hereby to authorize any municipality itself to operate any manufacturing, industrial or commercial enterprise. Sections 3-32-1 through 3-32-16 NMSA 1978 shall be liberally construed in conformity with the said intent.
History: 1953 Comp., § 14-31-2, enacted by Laws 1965, ch. 300; 1977, ch. 267, § 2.
ANNOTATIONSAcquiring assets, stock, etc., of state agency or commission. — The section does not authorize the issuance of industrial revenue bonds for the purpose of acquiring any assets, stock, etc., of a state agency or commission. 1968 Op. Att'y Gen. No. 68-11.
Relocation of the inter-tribal Indian ceremonial association property or creation of an Indian memorial park cannot be accomplished by the issuance of industrial revenue bonds. 1968 Op. Att'y Gen. No. 68-11.
Law reviews. — For article, "Ad Valorem Tax Status of a Private Lessee's Interest in Publicly Owned Property: Taxability of Possessory Interests in Industrial Projects under the New Mexico Industrial Revenue Bond Act," see 3 N.M.L. Rev. 136 (1973).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 C.J.S. Municipal Corporations § 1909.