In addition to any other powers, each local government has the following powers:
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 [Chapter 3, Article 60A NMSA 1978] 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 [3-60A-26 to 3-60A-46 NMSA 1978]; 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.
History: Laws 1979, ch. 391, § 28; 2018, ch. 60, § 26.
ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, and made technical changes; replaced "municipality" and "governing body" with "local government" throughout the section; and deleted former subsection designation "A" and redesignated former Paragraphs A(1) through A(4) as Subsections A through D, respectively.