Section 6-25A-17 – Corporate existence.
The authority and its corporate existence shall continue until terminated by law, provided that no termination by law shall take effect so long as the authority has bonds or other obligations outstanding, unless adequate provision has been made for the payment of those obligations. Upon termination of the existence of the authority, all its rights […]
Section 6-25A-2 – Legislative findings.
The legislature finds that: A. there is a need for appropriate facilities in this state to enhance, foster, aid, provide and promote transportation, economic development, housing, recreation, education, culture, history and sense of place and for governmental operations necessary to support such activities; B. there is a need for suitable facilities for expositions, conventions, exhibitions, […]
Section 6-25A-3 – Definitions.
As used in the New Mexico Exposition Center Authority Act: A. “authority” means the New Mexico exposition center authority; B. “bond” means a bond, note, certificate of participation or other evidence of indebtedness; C. “bondholder” or “holder” means a person who is the owner of a bond, whether registered or not; D. “exposition center” means […]
Section 6-25-17 – Economic development revolving fund bonds of the authority; use; security.
A. The authority may issue and sell economic development revolving fund bonds in principal amounts it determines necessary to provide sufficient money for any purpose of the Statewide Economic Development Finance Act, including: (1) making loans; (2) entering into loan participations; (3) providing loan guarantees; (4) purchasing project revenue bonds; (5) paying, funding or refunding […]
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 6-25-18 – Economic development revolving fund bonds; authorization for issuance; terms and conditions.
A. Economic development revolving fund bonds of the authority shall be authorized by resolution of the authority and may be issued in one or more series. The economic development revolving fund bonds shall bear the dates, be in the form, be issued in the denominations, have terms and maturities, bear or accrete interest at rates […]
Section 6-25A-5 – Powers of the authority.
The authority may: A. sue and be sued; B. adopt and alter an official seal; C. make and alter bylaws for its organization and internal management and adopt, subject to the review and approval of the New Mexico exposition center authority oversight committee, rules necessary and appropriate to implement the provisions of the New Mexico […]
Section 6-25-19 – Economic development revolving fund bonds secured by trust indenture.
Economic development revolving fund bonds 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 shall contain reasonable provisions for protecting and enforcing the rights and remedies of bondholders, including covenants setting forth the duties […]
Section 6-25A-6 – Purchases in name of the authority; documentation.
A. All tangible and intangible property, real and personal property and securities purchased, held or owned by the authority shall be purchased and held in the name of the authority, or may be mortgaged, assigned or otherwise encumbered as security for the repayment of bonds issued by the authority. B. All securities purchased by the […]
Section 6-25-20 – Publication of notice; validation; limitation of action.
A. After adoption of a resolution authorizing issuance of economic development revolving fund bonds or project revenue bonds in accordance with the Statewide Economic Development Finance Act, the authority shall publish notice of the adoption of the resolution once in a newspaper of general statewide circulation. B. After the passage of thirty days from the […]