The construction, operation and maintenance of a transportation project by the state transportation commission shall constitute the performance of an essential governmental function. As such, the income from the transportation bonds issued pursuant to Chapter 67, Article 3 NMSA 1978 shall at all times be free from taxation by the state and by its political subdivisions.
History: Laws 1997, ch. 52, § 6; 2003, ch. 142, § 73.
ANNOTATIONSThe 2003 amendment, effective July 1, 2003, substituted "state transportation commission" for "state highway commission".
Effective dates. — Laws 1997, ch. 52, § 10 makes the act effective July 1, 1997.