Section 5-15-23 - Protection from impairment. - New-mexico Statutes

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5-15-23. Protection from impairment.

If the provisions set forth in the Tax Increment for Development Act [5-15-1 NMSA 1978] impair the ability of a municipality, county or other public body to meet its principal or interest payment obligations for revenue bonds or general obligation bonds outstanding prior to the effective date of the Tax Increment for Development Act that are secured by the pledge of all or part of the municipality, county or other public body's revenue gross receipts tax or property tax, then the amount otherwise payable to the district pursuant to the Tax Increment for Development Act shall be paid instead to the municipality, county or public body in an amount sufficient to meet any required payment.

State Codes and Statutes

Statutes > New-mexico > Chapter-5 > Article-15 > Section-5-15-23

5-15-23. Protection from impairment.

If the provisions set forth in the Tax Increment for Development Act [5-15-1 NMSA 1978] impair the ability of a municipality, county or other public body to meet its principal or interest payment obligations for revenue bonds or general obligation bonds outstanding prior to the effective date of the Tax Increment for Development Act that are secured by the pledge of all or part of the municipality, county or other public body's revenue gross receipts tax or property tax, then the amount otherwise payable to the district pursuant to the Tax Increment for Development Act shall be paid instead to the municipality, county or public body in an amount sufficient to meet any required payment.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-5 > Article-15 > Section-5-15-23

5-15-23. Protection from impairment.

If the provisions set forth in the Tax Increment for Development Act [5-15-1 NMSA 1978] impair the ability of a municipality, county or other public body to meet its principal or interest payment obligations for revenue bonds or general obligation bonds outstanding prior to the effective date of the Tax Increment for Development Act that are secured by the pledge of all or part of the municipality, county or other public body's revenue gross receipts tax or property tax, then the amount otherwise payable to the district pursuant to the Tax Increment for Development Act shall be paid instead to the municipality, county or public body in an amount sufficient to meet any required payment.