New Mexico § 5-3-2 - Authority of municipality to acquire auditorium; necessity of elections waived; bonds not general obligations

§ 5-3-2. Authority of municipality to acquire auditorium; necessity of elections waived; bonds not general obligations

That any municipality shall have power to purchase, improve, erect and maintain public

auditoriums, or to authorize the improvement or erection of same by agreement with

the officers of the county in which the municipality is located, and shall have power

to issue and sell bonds for the purposes herein mentioned. Bonds issued hereunder may be sold by such municipality for cash at one time or

from time to time at public or private sale at not less than par. That notwithstanding the provisions of any general, special or local law it shall

not be necessary for any governing body of such municipality to submit to the people

of such municipality in which said auditorium is proposed to be erected the question

as to whether such auditorium shall be erected, nor shall it be necessary to submit

to the people of such municipality in which said auditorium is to be erected the issuance

of any bonds authorized hereunder to pay for or finance the erection of any such auditorium. Provided, however, that any bonds issued hereunder shall not constitute general

obligations of any such municipality, but the payment thereof shall be secured only

by a lien against the auditorium and real estate upon which the same is erected and

a pledge of the net revenues of said auditorium as hereinafter provided; and provided

further that any bonds issued hereunder shall be payable solely and only out of the

income derived from the operation of such auditorium and by the property upon which

the lien aforesaid is provided.