This act [6-25A-1 to 6-25A-23 NMSA 1978] may be cited as the “New Mexico Exposition Center Authority Act”. History: Laws 2005, ch. 342, § 1. ANNOTATIONS Effective dates. — Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
A. After adoption of a resolution authorizing issuance of bonds, 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 publication required by Subsection A of this section, an action attacking the validity of the proceedings had […]
The authority may issue its bonds for the purpose of refunding bonds then outstanding, including the payment of redemption premiums and interest accrued or to accrue to the date of redemption of the outstanding bonds. Until the proceeds of the bonds issued for the purpose of refunding outstanding bonds are applied to the purchase or […]
A holder of bonds issued by the authority or a trustee under a trust indenture entered into pursuant to the New Mexico Exposition Center Authority Act, except to the extent that its rights are restricted by a bond resolution or trust indenture authorized pursuant to the bond resolution, may protect and enforce, by a suitable […]
The state pledges to and agrees with the holder of a bond issued pursuant to the New Mexico Exposition Center Authority Act that the state will not limit or alter the rights vested in the authority to fulfill the terms of agreements made with the bondholder or in any way impair the rights and remedies […]
Bonds issued by the authority 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 may properly and legally invest funds. History: Laws 2005, ch. 342, § 14. ANNOTATIONS […]
A. The creation of the authority is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the promotion of projects for the exposition center pursuant to the New Mexico Exposition Center Authority Act. These purposes are public purposes and the authority will […]
A. Money of the authority, except as otherwise authorized or provided in the New Mexico Exposition Center Authority Act or in a bond resolution, trust indenture or other instrument under which bonds are issued, shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the […]
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 […]
The authority shall not: A. deal in securities within the meaning of or subject to securities law, securities exchange law or securities dealer law of the United States or the state or of another state or jurisdiction, domestic or foreign, except as authorized in the New Mexico Exposition Center Authority Act; or B. issue bills […]
A. If a member, officer or employee of the authority has an interest, either direct or indirect, in a contract to which the authority is or is to be a party, that interest shall be disclosed to the authority in writing and shall be set forth in the minutes of the authority. The member, officer […]
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, […]
The New Mexico Exposition Center Authority Act shall be deemed to provide an additional and alternative method for the doing of the things it authorizes and shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that the […]
There is created a joint interim legislative committee that shall be known as the “New Mexico exposition center authority oversight committee”. The New Mexico legislative council shall determine the membership of the committee and shall appoint the members and designate the chair and the vice chair in accordance with council policies. The staff for the […]
The New Mexico exposition center authority oversight committee shall: A. monitor and oversee the operation of the authority; B. meet on a regular basis to receive and review reports from the authority on implementation of the provisions of the New Mexico Exposition Center Authority Act and to review and approve rules proposed for adoption by […]
If any part or application of the New Mexico Exposition Center Authority Act is held invalid, the remainder or its application to other situations shall not be affected. History: Laws 2005, ch. 342, § 23. ANNOTATIONS Effective dates. — Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
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 […]
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 […]
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 […]
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 […]
