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HB 288: VALUE OF LAND LEASED OR SOLD BY CITIES

An Act Relating To Municipalities; Amending The Municipal Code To Increase The Value Of Real Property That A Municipality May Lease Or Sell; Increasing The Value Of Personal Property That A Municipality May Sell.

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MILD HB 288
VALUE OF LAND LEASED OR SOLD BY CITIES

Legislative URL:
HB 288 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
SJC
Action:
[5] HGEIC/HJC-HGEIC [15] DP-HJC [27] DP [29] PASSED/H (64-0) [30] SPAC/SJC-SPAC [41] DP-SJC- DP API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HGEIC Committee Report
HJC Committee Report
Final House Vote
SPAC Committee Report
Fiscal Impact Report
Summary

This bill amends the Municipal Code to increase from $25,000 to $250,000 the maximum value of municipal utility facilities or real property that a municipality may lease, sell or exchange without a referendum. It also increases from $2,500 to $25,000 the maximum value of personal property a municipality may sell without notice.

 

A possible benefit of this bill might be cost efficiencies for the municipalities by streamlining the disposal of relatively low-value assets, including real property. A concern might be that removing such transactions from the public spotlight may facilitate ill-considered or unethical transactions.