Section 71-10-9 – Bonds not obligation of the state or a county.
Except as otherwise provided in the Electric Generating Facility Economic District Act, all bonds or other obligations issued pursuant to that act are payable solely from the revenues of the district that may be pledged to the payment of such obligations, and the bonds or other obligations shall not create an obligation, debt or liability […]
Section 71-10-10 – Dissolution.
The governing body of the county that formed the district and the governing bodies of any counties that have become part of the district may, by majority vote, agree to unwind and dissolve the district and dismiss the authority members if they find the district is not meeting the needs of the community in creating […]
Section 71-10-11 – Limitation of applicability.
No provision of the Electric Generating Facility Economic District Act or Section 12 [71-10-12 NMSA 1978] of this 2020 act shall affect an operating coal-fueled electric generating facility that is owned by a non-investor-owned electric utility or a coal-fueled electric generating facility that is owned by a non-investor-owned electric utility and has been or is […]
Section 71-11-1 – Grid modernization roadmap and grant program.
A. The energy, minerals and natural resources department shall develop a roadmap for grid modernization that shall detail priorities and strategies to modernize New Mexico’s electric grid. B. The department shall establish a grid modernization grant program to support implementation of a modern grid by providing grants to eligible projects proposed by: (1) municipalities and […]
Section 71-11-2 – Grid modernization grant fund; created.
The “grid modernization grant fund” is created in the state treasury. The fund consists of appropriations, gifts, grants and donations. The energy, minerals and natural resources department shall administer the fund, and money in the fund is subject to appropriation by the legislature to the department for the purpose of administering the grid modernization grant […]
Section 71-10-3 – Creation of a district.
A county may form a district: A. the initial boundaries of which lie within the jurisdiction of the county; and B. that includes an operating coal-fueled electric generating facility that is owned by a non-investor-owned electric utility or a coal-fueled electric generating facility that is owned by a non-investor-owned electric utility and has been or […]
Section 71-10-4 – Creation of an authority; members; terms; qualifications.
A. A county that forms a district shall create an authority to govern the district that consists of five members. The governing body of the county shall appoint authority members. B. The terms of the authority members shall be staggered. Of the members initially appointed, that number of members closest to, but not more than, […]
Section 71-10-5 – Authority; powers; duties.
A. An authority is a political subdivision of the state that may, in accordance with law and to effectuate the purposes of the district it governs: (1) have perpetual existence; (2) sue and be sued; (3) adopt bylaws, policies and procedures; (4) employ a director, who may employ staff as necessary to administer the authority; […]
Section 71-10-6 – Revenue bonds; exemption from taxation.
The bonds authorized by the Electric Generating Facility Economic District Act, the income from those bonds, mortgages or other security instruments executed as security for those bonds, lease agreements authorized by the Electric Generating Facility Economic District Act and revenue derived from a lease or sale by an authority are exempt from taxation by the […]
Section 71-10-7 – Bonding authority.
A. An authority may issue revenue bonds for the purpose of constructing, purchasing, improving, remodeling, furnishing or equipping any necessary buildings, structures, roads or other infrastructure of the district. B. An authority may pledge irrevocably any or all of the revenue received by the district to the payment of the interest on and principal of […]