2006 New Mexico Statutes - Section 11-3A-14 — Bonds.

11-3A-14. Bonds.

A.     An authority shall have power to issue bonds from time to time in its discretion to finance in whole or in part the cost of the preparation, acquisition, purchase, lease, construction, reconstruction, improvement, alteration, extension or repair of any housing project or housing undertaking. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it pursuant to the provisions of the Regional Housing Law [Chapter 11, Article 3A NMSA 1978]. In order to carry out the purposes of the Regional Housing Law, an authority may issue, upon proper resolution, bonds on which the principal and interest are payable:   

(1)     exclusively from the income and revenues of the housing project financed with the proceeds of such bonds; or   

(2)     exclusively from such income and revenues, together with grants and contributions from the federal government or other sources in aid of the project.   

B.     Neither the board of commissioners of an authority nor any person executing the bonds shall be liable personally on any bonds because the bonds were issued pursuant to the Regional Housing Law [Chapter 11, Article 3A NMSA 1978]. The bonds issued under the provisions of the Regional Housing Law shall be payable solely from the sources provided in this section. The bonds shall not be a general obligation of the authority issuing them, the state or any local public body of this state, and they shall so state on their face.  The bonds shall not constitute a debt or indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction.