Chapter 6 — Chapter 6

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…

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 E…

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 m…

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…

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 derogati…

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…

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 Authori…

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.

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…

membership; qualifications; quorum; meetings; compensation; bond. 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 performanc…

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 a…

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 issu…

A. The authority may issue and sell bonds in principal amounts it considers necessary to provide sufficient money for the purposes of the New Mexico Exposition Center Authority Act, including: (1) purchase of securities; (2) making loans through the purchase of securities; (3) ma…

A. Bonds of the authority shall be authorized by resolution of the authority and may be issued in one or more series. The bonds shall bear the dates, be in the form, be issued in the denominations, have terms and maturities, bear interest at rates and be payable and evidenced in …

Bonds of the authority 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 may contain reasonable provisions for protecting and enforcing the rights and remedies of…

This act [6-25B-1 to 6-25B-8 NMSA 1978] may be cited as the "Strategic Economic Development Site Readiness Act". History: Laws 2025, ch. 70, § 1.

As used in the Strategic Economic Development Site Readiness Act: A. "department" means the economic development department; B. "private partner" means an individual, a foreign or domestic corporation, a general partnership, a limited liability company, a limited partnership, a j…

A. The department may enter into contracts with public partners and private partners for site characterization studies of proposed economic development sites to determine the suitability of such sites for certification as a strategic economic development site. B. The secretary sh…

created; membership. A. The "strategic economic development site advisory committee" is created. The department shall provide necessary administrative services to the committee. B. The strategic economic development site advisory committee is composed of: (1) the secretary of ene…

duties. The strategic economic development site advisory committee has the following duties: A. meet quarterly and at such other times as deemed necessary by the chair; B. review and recommend the designation of proposed strategic economic development sites; C. recommend approval…

implementation. A. The secretary shall review site characterization studies conducted pursuant to Section 3 [6-25B-3 NMSA 1978] of the Strategic Economic Development Site Readiness Act and shall determine, after consideration of the recommendations of the strategic economic devel…

A. The "site readiness fund" is created in the state treasury. The fund consists of appropriations, gifts, grants, donations, income from investment of the fund, payments of principal and interest on loans made from the fund and any other money distributed or otherwise allocated …