N.M. Stat. § 3-32-14
Exemption from taxation.
The bonds authorized by Sections 3-32-1 through 3-32-16 NMSA 1978, and the
income from said bonds, all mortgages or other security instrument executed as security
for said bonds, all lease agreements made pursuant to the provisions hereof, and
revenue derived from any lease or sale by the municipality thereof shall be exempt from
all taxation by the state of New Mexico, or any subdivision thereof.