Section 5-17-33 - Bonds not obligation of state. - New-mexico Statutes

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5-17-33. Bonds not obligation of state.

Except as otherwise provided in the Infrastructure Development Zone Act [5-17-1 NMSA 1978], all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the infrastructure development zone that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability of the state or any other of its political subdivisions. No breach of any pledge, obligation or agreement of an infrastructure development zone shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any other of its political subdivisions.

State Codes and Statutes

Statutes > New-mexico > Chapter-5 > Article-17 > Section-5-17-33

5-17-33. Bonds not obligation of state.

Except as otherwise provided in the Infrastructure Development Zone Act [5-17-1 NMSA 1978], all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the infrastructure development zone that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability of the state or any other of its political subdivisions. No breach of any pledge, obligation or agreement of an infrastructure development zone shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any other of its political subdivisions.

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State Codes and Statutes

Statutes > New-mexico > Chapter-5 > Article-17 > Section-5-17-33

5-17-33. Bonds not obligation of state.

Except as otherwise provided in the Infrastructure Development Zone Act [5-17-1 NMSA 1978], all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the infrastructure development zone that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability of the state or any other of its political subdivisions. No breach of any pledge, obligation or agreement of an infrastructure development zone shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any other of its political subdivisions.