The construction, operation and maintenance of a transportation project by the state transportation commission shall constitute the performance of an essential governmental function. As such, the income from the transportation bonds issued pursuant to Chapter 67, Article 3 NMSA 1978 shall at all times be free from taxation by the state and by its political subdivisions.
§ 67-3-76 NMSA 1978
Transportation bonds; exemption from taxation
Known as the Public Mass Transportation Act
The act spans §§ 67–67 (95 sections).
Laws 1997, ch. 52, § 6; 2003, ch. 142, § 73.
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.