State Codes and Statutes

State Codes and Statutes

Statutes > New-mexico > Chapter-3 > Article-60a > Section-3-60a-44

3-60A-44. No payment by municipality.

A.     No municipality or public body shall pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in the Redevelopment Bonding Law [3-60A-26 to 3-60A-46 NMSA 1978] or unless the land is determined by the governing body to be no longer necessary for other municipal purposes or purposes of a public body, shall not use land already owned by the municipality or public body, or in which the municipality or public body has an equity, for the construction thereon of a project or any part thereof.   

B.     The entire cost of acquiring any project shall be paid out of the proceeds from the sale of the revenue bonds, but this provision shall not be construed to prevent a municipality or public body from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.