Statutes > New Mexico Statutes > Chapter 22 - Public Schools. > Article 19 - School Revenue Bonds, 22-19-1 through 22-19-16. > Section 22-19-16 - Tax exemption; no charge against state.

Section 22-19-16 - Tax exemption; no charge against state.

22-19-16. Tax exemption; no charge against state.

A.     Bonds or other special obligations issued pursuant to the School Revenue Bond Act [22-19-1 NMSA 1978] are exempt from taxation by the state or any of its political subdivisions.   

B.     No obligation created pursuant to the School Revenue Bond Act shall be a charge against or a debt of the state or any of its political subdivisions.