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.
Section 21-28-14 – Limitation of liability.
The members of the board of directors of a research park corporation, while acting within the scope of their authority, and any person acting in their behalf, while acting within the scope of the person’s authority, shall not be personally liable for the corporation’s obligations. History: Laws 1989, ch. 264, § 14; 1991, ch. 220, […]
Section 21-29-5 – Fund created; method of payment.
The “WICHE loan for service fund” is created in the state treasury. All money appropriated for loans to students participating in the student exchange program of the western interstate commission on higher education [higher education department] shall be credited to the fund. All payments of principal and interest on loans made pursuant to the WICHE […]
Section 21-28-15 – Rights of holders of bonds.
Any holder of bonds issued under the provisions of the University Research Park and Economic Development Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of those bonds, except as the rights given pursuant to that act may be restricted by a trust agreement or resolution, […]
Section 21-29-6 – Cancellation.
The commission [department] may cancel a contract with a student for reasonable cause deemed sufficient by the commission [department]. History: Laws 1997, ch. 126, § 6. ANNOTATIONS Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the […]
Section 21-28-16 – Legal investments; tax exemption.
All bonds issued by a research park corporation under the University Research Park and Economic Development Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political subdivisions, departments, institutions and agencies of this state. When accompanied […]
Section 21-28-17 – Annual report and audit.
A. A research park corporation shall, within ninety days following the close of each fiscal year, submit an annual report of its activities for the preceding year as required by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] or the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978] under which […]