Section 5-20-9 – Bonds not obligation of the state.
Except as otherwise provided in the Regional Air Center Special Economic District Act, all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the district that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or […]
Section 5-20-10 – Dissolution.
The municipality and county that formed the district and any counties, municipalities, Indian nations, tribes or pueblos that have become part of the district may, by unanimous vote, agree to unwind and dissolve the district and dismiss the authority members if they find the district is not meeting the needs of the community in managing […]
Section 5-20-7 – Bonding authority.
A. A district may issue revenue bonds, the pledged revenue for which shall be fees, charges, lease payments, installment sale payments or other revenue sources by a project for any one or more of the purposes authorized by the Regional Air Center Special Economic District Act. B. A district may pledge irrevocably any or all […]
Section 5-20-8 – Refunding bonds.
A. A district that has issued bonds in accordance with the Regional Air Center Special Economic District Act may issue refunding bonds for the purpose of refinancing, paying and discharging all or any part of outstanding bonds for the: (1) acceleration, deceleration or other modification of the payment of the outstanding bonds, including, without limitation, […]
Section 5-20-1 – Short title.
Sections 1 through 10 [5-20-1 to 5-20-10 NMSA 1978] of this 2019 act may be cited as the “Regional Air Center Special Economic District Act”. History: Laws 2019, ch. 13, § 1. ANNOTATIONS Effective dates. — Laws 2019, ch. 13 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was […]
Section 5-20-2 – Definitions.
As used in the Regional Air Center Special Economic District Act: A. “authority” means the governing body of a district; and B. “district” means an industrial air center special economic district governed by an authority. History: Laws 2019, ch. 13, § 2. ANNOTATIONS Effective dates. — Laws 2019, ch. 13 contained no effective date provision, […]
Section 5-20-3 – Creation of a district.
A municipality and the county in which the municipality is located may agree to form a district: A. the initial boundaries of which lie within the jurisdiction of the municipality, the county or both; B. that includes an industrial air center composed of infrastructure associated with a former United States military base; and C. that […]
Section 5-20-4 – Creation of an authority; members; terms; qualifications.
A. A municipality and county that form a district shall create an authority to govern the district that consists of an odd number of members, but not fewer than five or more than nine in number. B. The terms of the members shall be reasonably staggered. Of the members initially appointed, that number of members […]
Section 5-20-5 – Authority; powers; duties.
A. An authority is a political subdivision of the state that may, in accordance with law and to effectuate the purposes of the district it governs: (1) have perpetual existence; (2) sue and be sued; (3) adopt bylaws, policies and procedures; (4) employ a director, who may employ staff as necessary to administer the authority; […]
Section 5-20-6 – Revenue bonds; exemption from taxation.
A. To effectuate the purposes of the district it governs, an authority may issue revenue bonds to: (1) encourage the location of commercial, research or industrial or other enterprises to a district; or (2) acquire, purchase, lease, construct or improve commercial, research or industrial sites or buildings or make other capital improvements, including the construction […]