Section 21-30-1 – Short title.
Sections 2 through 11 [21-30-1 to 21-30-10 NMSA 1978] of this act may be cited as the “University Athletic Facility Funding Act”. History: Laws 2007, ch. 117, § 2. ANNOTATIONS Emergency clauses. — Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
Section 21-30-2 – Definitions.
As used in the University Athletic Facility Funding Act: A. “athletic facility revenues” means rentals, receipts, fees or other charges imposed by and paid to a university for the rights to use, operate or manage a university athletic facility by any person; B. “athletic facility surcharge” means a surcharge to be included in each vendor […]
Section 21-30-3 – Issuance of bonds.
A. With the approval of the higher education department and the state board of finance, pursuant to a resolution of the board of regents, a university that has imposed an athletic facility surcharge may issue athletic facility revenue bonds to pay for some or all of the costs of designing, purchasing, constructing, remodeling, renovating, rehabilitating, […]
Section 21-30-4 – Athletic facility revenue bonds; full authority to issue; bonds are legal investments.
A. The University Athletic Facility Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of athletic facility revenue bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for […]
Section 21-30-5 – Bonds tax exempt.
All athletic facility revenue bonds shall be exempt from taxation by the state or any of its political subdivisions. History: Laws 2007, ch. 117, § 6. ANNOTATIONS Emergency clauses. — Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
Section 21-30-6 – Authorization of surcharge and other fees; use of proceeds; transfer.
A. The board may establish by resolution an athletic facility surcharge of not less than five percent but not to exceed twenty-five percent of the revenues received by a vendor pursuant to each vendor contract entered into by the university. B. The athletic facility surcharge shall be imposed only for the period necessary for payment […]
Section 21-30-7 – Collection of athletic facility surcharge; remittance to university.
A. Upon the sale of a product or service subject to the athletic facility surcharge, a vendor shall collect the athletic facility surcharge from the purchaser of that product or service on behalf of the university and shall act as a trustee for the surcharge receipts. A purchaser of a product or service subject to […]
Section 21-30-8 – Audits.
The board shall provide by resolution a method to audit or otherwise ensure that vendors subject to the athletic facility surcharge collect and remit to the president the full amount of the surcharge receipts due to the university. History: Laws 2007, ch. 117, § 9. ANNOTATIONS Emergency clause. — Laws 2007, ch. 117, § 12 […]
Section 21-30-9 – Enforcement; penalties.
A. An action to enforce the imposition and collection of an athletic facility surcharge by a vendor may be brought by a university. B. A district court may issue an appropriate judgment, order or remedy to enforce the provisions of a vendor contract. C. A judgment issued by a district court requiring athletic facility surcharge […]
Section 21-30-10 – Liberal interpretation.
The University Athletic Facility Funding Act shall be liberally construed to carry out its purpose. History: Laws 2007, ch. 117, § 11. ANNOTATIONS Emergency clause. — Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.