Section 73-25-7 – Toll collection.
A. A district may promulgate rules regarding collection of fees, tolls, rates or charges. State and local law enforcement authorities may enter into traffic and toll enforcement agreements with a district. B. A person who fails to pay a fee, toll, rate or charge required for the privilege of traveling on or using property included […]
Section 73-25-8 – Bonds.
A. A district may issue bonds solely for the purpose of financing the purchase, construction, renovation, equipping or furnishing of a regional transit system project. The district shall issue the bonds pursuant to resolution of the board, and the bonds shall be payable solely out of all or a specified portion of the revenues as […]
Section 73-25-9 – Agreement of the state not to limit or alter rights of obligees.
The state pledges and agrees with the holders of bonds issued under the Regional Transit District Act and with those parties who enter into contracts with a district or a member of a combination pursuant to the Regional Transit District Act that the state will not impair the rights vested in the district or the […]
Section 73-25-10 – Investments.
A board may invest or deposit funds in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. The board may employ investment management services to invest the funds and may pay reasonable compensation for investment management services from the assets of the applicable funds. The […]
Section 73-25-11 – Exemption from taxation.
The income or other revenues of a district, all properties at any time owned by a district, all bonds issued by a district and the income from the bonds issued by a district are exempt from taxation in the state. History: Laws 2003, ch. 65, § 11. ANNOTATIONS Effective dates. — Laws 2003, ch. 65, […]
Section 73-25-12 – Cooperative powers.
A district may cooperate with a person to: A. accept legitimate contributions or liens securing obligations of the district from the person with respect to the financing, construction, operation or maintenance of a regional transit system and, in connection with a loan or advance, enter into contracts establishing the repayment terms; B. enter into contracts […]
Section 73-25-1 – Short title.
Chapter 73, Article 25 NMSA 1978 may be cited as the “Regional Transit District Act”. History: Laws 2003, ch. 65, § 1; 2009, ch. 57, § 1. ANNOTATIONS The 2009 amendment, effective June 19, 2009, added the Chapter and Article reference to the Regional Transit District Act.
Section 73-25-2 – Purpose.
The purpose of the Regional Transit District Act is to: A. serve the public by providing for the creation of regional networks of safe and efficient public transit services; B. allow multijurisdictional public transit systems to reduce the congestion of single-occupant motor vehicle traffic by providing transportation options for residents; C. decrease automobile accidents by […]
Section 73-25-3 – Definitions.
As used in the Regional Transit District Act: A. “board” means the board of directors of a district; B. “bond” means a revenue bond; C. “combination” means two or more governmental units that exercise joint authority; D. “commission” means the state transportation commission; E. “construct” or “construction” means the planning, designing, engineering, acquisition, installation, construction […]