Section 58-31-16 – Exemption from taxation.
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 […]
Section 58-31-17 – Spaceport authority fund created.
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 […]
Section 58-31-18 – Information not subject to inspection.
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 […]
Section 58-31-15 – Authority refunding revenue bonds; terms.
[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 […]
Section 58-31-5 – Authority powers and duties.
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) […]
Section 58-31-6 – Spaceport authority; bonding authority; power to issue revenue bonds.
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 […]
Section 58-31-7 – Authority loans; terms.
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 […]
Section 58-31-8 – Bonds secured by trust indenture.
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 […]
Section 58-31-9 – Authority revenue bonds; limitations; authorization; authentication.
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 […]
Section 58-31-10 – Security for bonds, notes or certificates of indebtedness.
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 […]