Chapter 6, Chapter 6

The purposes of the New Mexico Lottery Act are to: A. establish and provide for the conduct of a fair and honest lottery for the entertainment of the public; and B. provide the maximum amount of revenues, without imposing additional taxes or using other state revenues, for the pu…

A. It is unlawful for the chief executive officer, a board member or any employee of the authority or any person residing in the household of the officer, board member or employee to: (1) have, directly or indirectly, an interest in a business, knowing that such business contract…

A. It is unlawful to falsely make, alter, forge, pass, present or counterfeit, with intent to defraud, a lottery ticket, or receipt for the purchase thereof, issued or purported to have been issued by the lottery under the New Mexico Lottery Act. B. It is unlawful to steal, knowi…

A. It is unlawful for: (1) any person to sell a lottery ticket at a price other than that fixed by the authority pursuant to the New Mexico Lottery Act; (2) any person other than the authority or a lottery retailer to sell or resell any lottery ticket; and (3) any person to sell …

A. It is unlawful for the following persons to purchase a lottery ticket or to share knowingly in the lottery winnings of another person: (1) the chief executive officer, a board member or an employee of the authority; or (2) an owner, officer or employee of a lottery vendor or, …

Criminal Code provisions. The criminal provisions of the New Mexico Lottery Act are not intended to and do not replace or preempt prosecution for Criminal Code [30-1-1 NMSA 1978] violations based on identical or similar conduct. History: Laws 1995, ch. 155, § 34.

As used in the New Mexico Lottery Act: A. "authority" means the New Mexico lottery authority; B. "board" means the board of directors of the authority; C. "chief executive officer" means the chief executive officer of the authority appointed by the board pursuant to the New Mexic…

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 lottery authority". The authority is created and organized for the purpose of establishing and conducting the Ne…

A. The authority shall have all powers necessary or convenient to carry out and effectuate the purposes and provisions of the New Mexico Lottery Act that are not in conflict with the constitution of New Mexico and that are generally exercised by corporations engaged in entreprene…

The board shall provide the authority with the private-sector perspective of a large marketing enterprise and shall make every effort to exercise sound and prudent business judgment in its management and promotion of the lottery. It is the duty of the board to: A. adopt all rules…

by board. The board may adopt rules, policies and procedures for the conduct of lottery games in general, including, but not limited to the following matters: A. the type of games to be conducted, which may include any type of lottery game not prohibited by the New Mexico Lottery…

A. The legislative finance committee shall oversee the operations of the authority, as well as periodically review and evaluate the success with which the authority is accomplishing its duties and operating the lottery pursuant to the New Mexico Lottery Act. The committee may con…

Chapter 6, Article 25 NMSA 1978 may be cited as the "Statewide Economic Development Finance Act". History: Laws 2003, ch. 349, § 1; 2005, ch. 103, § 1.

The proceeds from the sale of project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be applied only for the purpose for which the bonds were issued and costs related to the project. The cost of any project shall include the following: A. al…

Project revenue bonds issued pursuant to the Statewide Economic Development Finance Act 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 administra…

A. The "economic development revolving fund" is created within the authority. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establ…

A. The "tax impact fund" is created within the state treasury. The tax impact fund shall consist of money appropriated to the fund and money distributed to the fund by law. Money remaining in the tax impact fund at the end of each fiscal year shall not revert, but shall remain in…

The Statewide Economic Development Finance Act shall be deemed to provide an additional and alternative method for the accomplishment of the things authorized by that act, shall be interpreted as supplemental and additional to the powers conferred by other laws and shall not be r…

The Statewide Economic Development Finance Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes thereof. History: Laws 2003, ch. 349, § 16.

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) ent…

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 th…

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 an…

A. The legislature finds that: (1) it is important for government to promote, support and assist in developing a thriving economic base within the state; increase opportunities for gainful employment and improved living conditions; assist in promoting a balanced and productive ec…

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…

The authority is authorized to issue economic development revolving fund bonds for the purpose of refunding any economic development revolving fund bonds then outstanding, including the payment of any redemption premiums and any interest accrued or to accrue to the date of redemp…

bond anticipation notes. The authority is authorized to issue negotiable economic development revolving fund and project revenue bond anticipation notes and may renew the notes from time to time, but the maximum maturity of such notes, including renewals of such notes, shall not …

fund bonds and project revenue bonds. Any holder of economic development revolving fund bonds or project revenue bonds issued by the authority pursuant to the Statewide Economic Development Finance Act or a trustee under a trust indenture entered into pursuant to that act, except…

The state pledges to and agrees with the holders of any economic development revolving fund bonds, project revenue bonds or notes issued by the authority under the Statewide Economic Development Finance Act that the state will not limit or alter the rights vested in the authority…

investments. The economic development revolving fund bonds or notes issued under the Statewide Economic Development Finance Act shall be legal investments in which all insurance companies, banks and savings and loan associations organized under the laws of the state, public offic…

The promotion of proposed projects pursuant to the Statewide Economic Development Finance Act is a public purpose. The state covenants with the purchasers and all subsequent holders and transferees of bonds issued by the authority, in consideration of the acceptance of and paymen…

A. Information obtained by the department or the authority that is proprietary technical or business information or related to the possible relocation or expansion of an eligible entity shall be confidential and not subject to inspection pursuant to the Inspection of Public Recor…

The Statewide Economic Development Finance Act shall be deemed to provide additional and alternative methods of financing projects authorized in that act and shall be deemed supplemental and additional to powers conferred by other laws. History: Laws 2005, ch. 103, § 25.

bonds; fund balances. Nothing in this act shall be deemed to impair economic development bonds or loan participations outstanding on the effective date of this act. The economic development revolving fund is the new name for the statewide loan participation fund and is not a new …

As used in the Statewide Economic Development Finance Act: A. "authority" means the New Mexico finance authority; B. "department" means the economic development department; C. "community development entity" means an entity designed to take advantage of the federal new markets tax…

Consistent with the provisions of the Statewide Economic Development Finance Act, the department may: A. acquire, whether by construction, purchase, gift or lease, and hold fee simple title to or other interest in any project; B. enter into a lease of property in connection with …

and the New Mexico finance authority; opt-in agreements. A. For the purpose of recommending projects to the authority for financing assistance, the department and the authority shall coordinate to: (1) survey potential eligible entities and projects and provide outreach services …

A. To implement a program to assist eligible entities in financing projects, the authority has the powers specified in this section. B. State projects receiving financing assistance with money in the fund shall first be approved by law. To protect public money in the fund or othe…

new markets tax credit program. In addition to other powers granted to the authority, the authority may form, operate, own or co-own one or more nonprofit or for-profit qualified community development entities for the purpose of participation in the federal new markets tax credit…

A. The authority may issue project revenue bonds on behalf of an eligible entity to provide funds for a project. Project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall not be a general obligation of the authority or the state within the mean…

A. Prior to the department's lease of any project to an eligible entity, the authority shall determine: (1) the amount necessary in each year to pay the principal of and interest on project revenue bonds to be issued to finance the project; (2) the amount necessary to be paid eac…

A. Outstanding project revenue bonds may be refunded by the authority by issuing its refunding bonds in such amounts as the authority may determine to refund all or a portion of the principal of the project revenue bonds, all interest on the bonds to the normal maturity date of s…

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.

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 se…

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 refu…

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 reso…

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 t…

fiduciaries. 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 othe…

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 a…

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 ac…

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 obligation…