Section 6-25A-4 – New Mexico exposition center authority created; membership; qualifications; quorum; meetings; compensation; bond.
A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality to be known as the “New Mexico exposition center authority” for the performance of essential public functions. B. The authority shall be composed of fifteen members, including the secretary of finance and administration, the secretary […]
Section 6-25-7 – Project revenue bonds.
A. The authority may issue project revenue bonds on behalf of an eligible entity to provide funds for a project. Project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall not be a general obligation of the authority or the state within the meaning of any provision of the constitution of New […]
Section 6-25-8 – Leases of projects.
A. Prior to the department’s lease of any project to an eligible entity, the authority shall determine: (1) the amount necessary in each year to pay the principal of and interest on project revenue bonds to be issued to finance the project; (2) the amount necessary to be paid each year into any reserve funds […]
Section 6-25-9 – Project revenue refunding bonds.
A. Outstanding project revenue bonds may be refunded by the authority by issuing its refunding bonds in such amounts as the authority may determine to refund all or a portion of the principal of the project revenue bonds, all interest on the bonds to the normal maturity date of such bonds or to selected prior […]
Section 6-25-10 – Use of project revenue bond proceeds.
The proceeds from the sale of project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be applied only for the purpose for which the bonds were issued and costs related to the project. The cost of any project shall include the following: A. all expenses in connection with the authorization, sale […]
Section 6-25-11 – Project revenue bonds legal investments.
Project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public officers and public bodies and all administrators, guardians, executors, trustees and other fiduciaries, including the state investment council, may properly […]
Section 6-25-12 – Repealed.
History: Laws 2003, ch. 349, § 12; repealed Laws 2005, ch. 103, § 27. ANNOTATIONS Repeals. — Laws 2005, ch. 103, § 27 repealed 6-25-12 NMSA 1978, as enacted by Laws 2003, ch. 349, § 12, relating to loan participations, effective April 4, 2005. For provisions of former section, see the 2004 NMSA 1978 on […]
Section 6-25-13 – Economic development revolving fund.
A. The “economic development revolving fund” is created within the authority. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establish procedures for administering the fund in accordance with the […]
Section 6-25-14 – Tax impact fund.
A. The “tax impact fund” is created within the state treasury. The tax impact fund shall consist of money appropriated to the fund and money distributed to the fund by law. Money remaining in the tax impact fund at the end of each fiscal year shall not revert, but shall remain in the fund for […]
Section 6-25-15 – Cumulative authority.
The Statewide Economic Development Finance Act shall be deemed to provide an additional and alternative method for the accomplishment of the things authorized by that act, shall be interpreted as supplemental and additional to the powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that […]