Section 67-3-76 - Transportation bonds; exemption from taxation.
67-3-76. Transportation bonds; exemption from taxation.
The construction, operation and maintenance of a transportation project by the state transportation commission shall constitute the performance of an essential governmental function. As such, the income from the transportation bonds issued pursuant to Chapter 67, Article 3 NMSA 1978 shall at all times be free from taxation by the state and by its political subdivisions.