New Mexico § 5-5-13 - Municipality's limited liability on bonds and recital therein
Full text of New Mexico New Mexico Statutes Annotated § 5-5-13 — Municipality's limited liability on bonds and recital therein, with citation guidance and answers to common questions.
§ 5-5-13. Municipality's limited liability on bonds and recital therein
Neither the governing body nor any person executing any bond authorized by this act
shall be liable personally thereon by reason of its issuance hereunder. Except for general obligation bonds, bonds issued pursuant to this act shall not
be a debt, liability or general obligation of the municipality issuing them, and it
shall not be liable thereon, nor shall it thereby pledge its full faith and credit
for their payment, nor shall the bonds be payable out of any funds other than the
revenues and proceeds pledged to the payment thereof; and each such bond shall in
substance so state. Such bonds shall not constitute a debt or indebtedness within the meaning of any
constitutional, statutory or charter debt limitation or restriction. The payment of bonds shall not be secured by an encumbrance, mortgage or other pledge
of property of the municipality, except for revenues and tax proceeds pledged for
their payment. No property of the municipality, subject to said exceptions, shall be liable to
be forfeited or taken in payment of the bonds.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 5-5-13
What does New Mexico Statutes Annotated § 5-5-13 cover?
Section 5-5-13 ("Municipality's limited liability on bonds and recital therein") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 5-5-13?
A common citation format is "New Mexico Statutes Annotated § 5-5-13" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 5-5-13 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.