Tax exemption; no charge against state
Known as the School Revenue Bond Act
The act spans §§ 22–22 (16 sections).
1953 Comp., § 77-16-16, enacted by Laws 1967, ch. 16, § 255.
A. Bonds or other special obligations issued pursuant to the School Revenue Bond Act are exempt from taxation by the state or any of its political subdivisions.
B. No obligation created pursuant to the School Revenue Bond Act shall be a charge against or a debt of the state or any of its political subdivisions.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.