The bonds authorized by Sections 3-32-1 through 3-32-16 NMSA 1978, and the income from said bonds, all mortgages or other security instrument executed as security for said bonds, all lease agreements made pursuant to the provisions hereof, and revenue derived from any lease or sale by the municipality thereof shall be exempt from all taxation by the state of New Mexico, or any subdivision thereof.
§ 3-32-14 NMSA 1978
Exemption from taxation
Known as the Industrial Revenue Bond Act
The act spans §§ 3–3 (19 sections).
1953 Comp., § 14-31-11, enacted by Laws 1965, ch. 300.
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.