A. The creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of projects for the exposition center pursuant to the New Mexico Exposition Center Authority Act. These purposes are public purposes and the authority will be performing an essential governmental function in the exercise of its powers with the purchasers and subsequent holders and transferees of bonds issued by the authority, in consideration of the acceptance of and payment for the bonds. Bonds issued pursuant to the New Mexico Exposition Center Authority Act and the income from the bonds shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
B. The property, income and operations of the authority shall be exempt from taxation of every kind and nature.
History: Laws 2005, ch. 342, § 15.
ANNOTATIONSEffective dates. — Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.