3-50-10. Liability on bonds.
108 words·~1 min read·
/nm/chapter-3-municipalities/article-50-municipal-parking/3-50-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Neither the governing body of a city nor any person executing the bonds shall be liable personally on any bonds by reason of the issuance thereof hereunder. The bonds issued under the provisions of the Municipal Parking Law shall be payable solely from the sources provided in Section 3-50-11 NMSA 1978. Such bonds shall not be a debt, liability or general obligation of the city issuing them, 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.
History: 1953 Comp., § 14-51-10, enacted by Laws 1965, ch. 300.