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 […]
Section 58-31-11 – Requirements respecting resolution and lease.
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 […]
Section 58-31-12 – Use of proceeds from sale of bonds.
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 […]
Section 58-31-13 – Spaceport authority revenue bonds; refunding authorization.
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 […]
Section 58-31-14 – Spaceport authority refunding bonds; escrow.
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, […]
Section 58-31-1 – Short title.
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 […]