Sections 1 through 11 [71-10-1 to 71-10-11 NMSA 1978] of this act may be cited as the “Electric Generating Facility Economic District Act”. History: Laws 2020, ch. 78, § 1. ANNOTATIONS Emergency clause. — Laws 2020, ch. 78, § 13 contained an emergency clause and was approved March 9, 2020.
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 […]
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 […]
As used in the Electric Generating Facility Economic District Act: A. “authority” means the governing body of a district; and B. “district” means an electric generating facility economic district governed by an authority. History: Laws 2020, ch. 78, § 2. ANNOTATIONS Emergency clause. — Laws 2020, ch. 78, § 13 contained an emergency clause and […]
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 […]
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, […]
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; […]
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 […]
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 […]
A. An authority that has issued bonds in accordance with the Electric Generating Facility Economic District Act may issue refunding bonds for the purpose of refinancing, paying and discharging all or any part of outstanding bonds for the: (1) acceleration, deceleration or other modification of the payment of the outstanding bonds, including, without limitation, any […]
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 […]
