Chapter 58, Article 31 NMSA 1978 may be cited as the “Spaceport Development Act”. History: Laws 2005, ch. 128, § 1; 2018, ch. 61, § 2. ANNOTATIONS Cross references. — For gross receipts tax deduction for spaceport operations, see 7-9-54.2 NMSA 1978. For gross receipts and compensating tax exemption for fuel for space vehicles, see […]
The principal of and interest on any bonds, notes or other certificates of indebtedness issued pursuant to the provisions of the Spaceport Development Act shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a mortgage, deed of trust note or other certificate […]
A. A resolution for the issuance of bonds shall set forth the determinations and findings of the authority required by this section. B. Prior to approving a resolution for the issuance of bonds or the closing of a loan for any project, the authority shall determine and find that: (1) the resolution is for the […]
A. The proceeds from the sale of any bonds issued pursuant to the Spaceport Development Act shall be applied only for the purpose for which the bonds were issued; provided that: (1) any accrued interest and premiums received in any sale shall be applied to the payment of the principal of or the interest on […]
A. The authority may issue refunding revenue bonds for the purpose of refinancing, paying and discharging all or any part of outstanding authority revenue bonds: (1) for the acceleration, deceleration or other modification of payment of such obligations, including, without limitation, any capitalization of any interest in arrears or about to become due for any […]
A. Refunding bonds issued pursuant to the Spaceport Development Act shall be authorized by resolution of the authority. Any bonds that are refunded under the provisions of this section shall be paid at maturity or on any permitted prior redemption date in the amounts, at the time and places and, if called prior to maturity, […]
[The] authority [when] refunding revenue bonds: A. may have interest or appreciated principal value payable at intervals or at maturity; B. may be subject to prior redemption at the authority’s option at such time or times and upon such terms and conditions with or without the payment of premiums; C. may be serial in form […]
Bonds authorized pursuant to the Spaceport Development Act and the income from those bonds, all mortgages or other security instruments executed as security for those bonds, all lease and installment purchase agreements made pursuant to the provisions of that act and revenue derived from any lease or sale by the authority shall be exempt from […]
A. The “spaceport authority fund” is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund is appropriated to the authority for the purposes of carrying out the provisions of the Spaceport Development Act. Money in the fund shall not revert at the end of […]
A. The following information obtained by the authority is not subject to inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978]: (1) proprietary technical or business information, or information that is related to the possible relocation, expansion or operations of its aerospace customers, for which it is demonstrated, based […]
The purpose of the Spaceport Development Act is to: A. encourage and foster development of the state and its cities and counties by developing spaceport facilities in New Mexico; B. actively promote and assist public and private sector infrastructure development to attract new industries and businesses, thereby creating new job opportunities in the state; C. […]
As used in the Spaceport Development Act: A. “authority” means the spaceport authority; B. “project” means any land, building or other improvements acquired as part of a spaceport or associated with a spaceport or to aid commerce in connection with a spaceport and all real and personal property deemed necessary in connection with the spaceport; […]
A. The “spaceport authority” is created. The authority is a state agency and is administratively attached to the economic development department. B. The authority shall consist of seven voting and two nonvoting members, six of whom shall be appointed by the governor with the consent of the senate; provided that one of the appointed members […]
A. The authority shall: (1) hire an executive director, who shall employ the necessary professional, technical and clerical staff to enable the authority to function efficiently and shall direct the affairs and business of the authority, subject to the direction of the authority; (2) be located within fifty miles of a southwest regional spaceport; (3) […]
A. The authority may issue revenue bonds on its own behalf or on behalf of a regional spaceport district, for regional spaceport purposes and spaceport-related projects. Revenue bonds so issued may be considered appropriate investments for the severance tax permanent fund or collateral for the deposit of public funds if the bonds are rated not […]
If the authority borrows money from a financial institution or other entity: A. the interest, principal payments or any part thereof shall be payable at intervals as may be determined by the authority; B. the loan shall mature at any time not exceeding thirty years from the date of origination; C. the principal amount of […]
The bonds issued by the authority may be secured by a trust indenture between the authority and a corporate trustee that may be either a bank having trust powers or a trust company. The trust indenture may contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the […]
A. Revenue bonds or refunding bonds issued pursuant to the Spaceport Development Act and other loans to the authority are: (1) not general obligations of the state or any other agency of the state or of the authority; and (2) payable only from properly pledged revenues and each bond or loan shall state that it […]
