This act [6-19-1 to 6-19-18 NMSA 1978] may be cited as the “Economic Advancement District Act”. History: Laws 1987, ch. 115, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 56 Am. Jur. 2d Municipal Corporations §§ 542, 543; 64 Am. Jur. 2d Public Securities and Obligations §§ 107 to 109. 64 C.J.S. […]
A. General obligation bonds issued by a district shall mature not more than ten years from their date and be numbered from one upwards consecutively. Interest on all such bonds shall be payable either annually or semiannually as provided by resolution of the board of trustees; provided that the first installment of interest coming due […]
A. The officials now or hereafter charged by law with the duty of levying ad valorem taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the maturing general obligation bonds or the […]
A. The board of trustees may issue bonds in the form determined by the board of trustees for the purpose of refunding any of the general obligation bonded indebtedness of the district which has or may hereafter become payable at the option of the district or by consent of the bondholder or by any lawful […]
A. The board of trustees may issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of the bonds as provided in Section 14 [6-19-14 NMSA 1978] of the Economic Advancement District Act. B. Revenue bonds issued by a district […]
The principal or interest on any revenue bonds issued under authority of the Economic Advancement District Act shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from the revenues so pledged and […]
Prior to the leasing of any project, the board of trustees shall determine and find the following: A. the amount necessary in each year to pay the principal of and the interest on the revenue bonds proposed to be issued to finance the project; and B. the amount necessary to be paid each year into […]
A. Any revenue bonds issued pursuant to the Economic Advancement District Act and at any time outstanding may at any time be refunded by a district by the issuance of refunding bonds, in the amount as the board of trustees may determine, to refund the principal of the revenue bonds, all unpaid accrued and unaccrued […]
Bonds issued pursuant to the authority of the Economic Advancement District Act: A. shall be legal investments for savings banks and insurance companies organized under the laws of this state; and B. shall be exempt from all taxation by the state or any political subdivision thereof. History: Laws 1987, ch. 115, § 17.
A district shall be dissolved in the following manner: A. there shall be submitted a petition for dissolution to the board of county commissioners signed by at least ten percent of the qualified electors residing within the district. Upon receipt of a proper petition, the board of county commissioners shall call a special election for […]
As used in the Economic Advancement District Act: A. “board of trustees” means the governing board of the economic advancement district; B. “district” means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concurrent with the territorial areas of one or more school districts of the state […]
It is the intent of the legislature by passage of the Economic Advancement District Act to authorize economic advancement districts to acquire, own, lease or sell projects for the purpose of promoting industry and trade, other than retail trade, for the enhancement of the economy of the area encompassed by the district and for the […]
A. There may be created economic advancement districts for the purposes of the Economic Advancement District Act. B. Petitions for the organization of a district shall designate the name of the proposed district and with particularity the proposed territorial area to be included within the district. The proposed district shall comprise and be concurrent with […]
A. If the required majority of votes were cast in favor of the organization of the district, then the county commission chairman shall declare the organization of the “…..economic advancement district.” The county commission shall call for an election of a board of trustees, within not less than sixty days or more than one hundred […]
A. Each member of the board of trustees shall receive no compensation for the performance of his duties but shall be paid per diem and mileage for attendance at meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] for nonsalaried public officials. B. Each member of […]
The board of trustees may: A. perform all functions consistent and necessary to carry out the provisions and purposes of the Economic Advancement District Act; B. receive and expend all funds accruing to the district pursuant to the provisions of the Economic Advancement District Act from the sale of bonds, the levy of taxes, the […]
The board of trustees shall: A. be the governing authority of the district; B. comply with the provisions of law for local governments pertaining to the preparation and approval of budgets by the local government division of the department of finance and administration; C. comply with the provisions of law pertaining to the audit of […]
A. The board of trustees may issue general obligation bonds of the district for the purposes of: (1) constructing, acquiring or purchasing property for a project; (2) equipping, furnishing, remodeling or renovating property for a project; (3) purchasing or acquiring real property deemed necessary for a project; and (4) refunding outstanding general obligation bonded indebtedness. […]
