reglab/housing_qa huggingface dataset:
NM Stat § 6-19-2 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-2 - Definitions.

As used in the Economic Advancement District Act: A. "board of trustees" means the governing board of the economic advancement district; B. "district" means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concurrent with the territorial areas of one or more school districts of the state lying wholly within any B or C class county; C. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security; D. "project" means any land and building or other improvements thereon, to be located within the district in whole or in part, and all real and personal properties deemed necessary in connection with a project, whether or not now in existence, which shall be suitable for use by the following or by any combination thereof: (1) any industry for the manufacturing, processing or assembling of any agricultural or manufactured products; (2) any commercial enterprise involved in storing, warehousing, distributing or selling products of agriculture, mining or industry, but which does not include facilities designed for the sale of goods or commodities at retail or distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities; (3) any business in which all or part of the activities of the business involves the supplying of services to the general public or to governmental agencies or to a specific industry or customer, but does not include establishments primarily engaged in the sale of goods or commodities at retail; (4) any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes; or (5) any water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment designed to provide water to any commercial agricultural activity; E. "property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project; and F. "qualified elector" means a natural person resident in a proposed or existing district who is registered to vote in state general elections. History: Laws 1987, ch. 115, § 2; 1988, ch. 86, § 1. ANNOTATIONSThe 1988 amendment, effective March 8, 1988, in Subsection B, substituted "within any B or C class county" for "within a B class county having a net taxable value in the 1986 property tax year or of any subsequent tax year of not less than one billion dollars ($1,000,000,000) nor more than one billion six hundred million dollars ($1,600,000,000)"; deleted "economic advancement" preceding "district" in Subsection F; and made a minor stylistic change.
NM Stat § 6-19-3 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-3 - Legislative intent.

It is the intent of the legislature by passage of the Economic Advancement District Act to authorize economic advancement districts to acquire, own, lease or sell projects for the purpose of promoting industry and trade, other than retail trade, for the enhancement of the economy of the area encompassed by the district and for the general economy of the state. It is the intent of the legislature that this be accomplished by the inducement of manufacturing, industrial and commercial enterprises to locate and expand in the district and in this state and by the promotion of agricultural products and natural resources of the district and the state. History: Laws 1987, ch. 115, § 3.
NM Stat § 6-19-6 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-6 - Board of trustees; compensation; payment authority; bond.

A. Each member of the board of trustees shall receive no compensation for the performance of his duties but shall be paid per diem and mileage for attendance at meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] for nonsalaried public officials. B. Each member of the board of trustees shall furnish a corporate surety bond in the penal sum of ten thousand dollars ($10,000) for the faithful performance of his duties and the accounting of all funds which shall come into his possession. The bond shall be paid for by and shall run to the benefit of the district. C. All authorizations for the payment or expenditure of money in the possession of the district shall be signed by the chairman and the secretary-treasurer. History: Laws 1987, ch. 115, § 6.
NM Stat § 6-19-7 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-7 - Board of trustees; powers.

The board of trustees may: A. perform all functions consistent and necessary to carry out the provisions and purposes of the Economic Advancement District Act; B. receive and expend all funds accruing to the district pursuant to the provisions of the Economic Advancement District Act from the sale of bonds, the levy of taxes, the lease or sale of property, from any gift or bequest or from any federal, state or private grant; C. enter into contracts; D. adopt and use a seal to authenticate its official transactions; E. sue and be sued; F. adopt rules and regulations for the governing of the district; G. issue bonds in the manner set forth by the provisions of the Economic Advancement District Act for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of such bonds as provided in the Economic Advancement District Act; H. acquire, whether by construction, purchase, gift or lease, one or more projects which shall be located within the district or partially within or partially without the district; provided, no district shall operate any project as a business or in any manner except as lessor thereof; I. sell or lease or otherwise dispose of any or all of its projects upon such terms and conditions as the board of trustees may deem advisable; J. refinance one or more projects; and K. make secured loans for projects as defined in the Economic Advancement District Act. History: Laws 1987, ch. 115, § 7.
NM Stat § 6-19-8 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-8 - Board of trustees; duties.

The board of trustees shall: A. be the governing authority of the district; B. comply with the provisions of law for local governments pertaining to the preparation and approval of budgets by the local government division of the department of finance and administration; C. comply with the provisions of law pertaining to the audit of local governments by the state auditor; and D. adopt rules and regulations for the operation of the district and comply with the provisions of the State Rules Act [Chapter 14, Article 4 NMSA 1978]. History: Laws 1987, ch. 115, § 8.
NM Stat § 6-19-9 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-9 - General obligation bonds.

A. The board of trustees may issue general obligation bonds of the district for the purposes of: (1) constructing, acquiring or purchasing property for a project; (2) equipping, furnishing, remodeling or renovating property for a project; (3) purchasing or acquiring real property deemed necessary for a project; and (4) refunding outstanding general obligation bonded indebtedness. B. The board of trustees shall comply with the requirements and procedures set forth in Section 6-15-1 NMSA 1978 with respect to the proposed issuance of general obligation bonds. The local government division of the department of finance and administration shall apply the procedures set forth in Section 6-15-2 NMSA 1978 to the proposed issuance of general obligation bonds by the district. History: Laws 1987, ch. 115, § 9.
NM Stat § 6-19-10 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-10 - General obligation bonds; interest; maturities.

A. General obligation bonds issued by a district shall mature not more than ten years from their date and be numbered from one upwards consecutively. Interest on all such bonds shall be payable either annually or semiannually as provided by resolution of the board of trustees; provided that the first installment of interest coming due may be for any period of time which shall not exceed one year from the date of the bonds. B. The resolution authorizing the bonds may provide for the creation of a sinking fund to secure payment of principal and interest on the bonds and may provide for mandatory annual payments to be made to the sinking fund from the taxes levied and collected pursuant to the Economic Advancement District Act. C. The board of trustees shall designate the maximum coupon rate of interest the general obligation bonds shall bear, which shall not be in excess of the maximum coupon rate which is permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978], and shall designate the maximum net effective interest rate, which shall not exceed the maximum permitted by the Public Securities Act. D. The procedure which shall be followed by the board of trustees for the sale of general obligation bonds shall be the same as that set forth in Section 6-15-5 NMSA 1978 for political subdivisions. History: Laws 1987, ch. 115, § 10; 1988, ch. 86, § 4. ANNOTATIONSThe 1988 amendment, effective March 8, 1988, substituted "ten years" for "twenty years" in the first sentence of Subsection A.
NM Stat § 6-19-11 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-11 - General obligation bonds; imposition of tax.

A. The officials now or hereafter charged by law with the duty of levying ad valorem taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the maturing general obligation bonds or the refunding bonds or the mandatory sinking fund payments, if such fund is created by the board of trustees from the revenues derived from the tax created upon the formation of the economic advancement district. B. The provisions of Subsection A of this section shall not be construed as to prevent the district from applying any other funds that it may have, or investment income actually received from sinking fund investments and available for that purpose, to the payment of the interest and principal of or any prior redemption premium in connection with the bonds as they become due. History: Laws 1987, ch. 115, § 11. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 72 Am. Jur. 2d State and Local Taxation §§ 48 to 50. 84 C.J.S. Taxation §§ 13 to 17.
NM Stat § 6-19-12 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-12 - Refunding bonds.

A. The board of trustees may issue bonds in the form determined by the board of trustees for the purpose of refunding any of the general obligation bonded indebtedness of the district which has or may hereafter become payable at the option of the district or by consent of the bondholder or by any lawful means. B. The procedures set forth in Sections 6-15-11 through 6-15-22 NMSA 1978 shall govern the board of trustees with respect to the issuance, sale and payment of principal and interest on refunding bonds of the district. History: Laws 1987, ch. 115, § 12.
NM Stat § 6-19-13 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-13 - Revenue bonds.

A. The board of trustees may issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of the bonds as provided in Section 14 [6-19-14 NMSA 1978] of the Economic Advancement District Act. B. Revenue bonds issued by a district shall not be the general obligation of the district within the meaning of Article 9, Sections 12 and 13 of the constitution of New Mexico. The bonds shall be payable solely out of the revenue derived from the projects for which the bonds are issued. Revenue bonds and interest coupons, if any, issued under authority of the Economic Advancement District Act shall never constitute an indebtedness of the district within the meaning of any state constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the district or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each bond. C. The board of trustees may, in respect to such revenue bonds, determine: (1) the time for execution and delivery of the bonds; (2) the form and denomination of the bonds; (3) the place or places where they are to be payable; (4) the manner in which they should be evidenced; (5) what provisions they shall contain, provided the provisions are not inconsistent with the Economic Advancement District Act; and (6) whether they shall be sold at public or private sale. History: Laws 1987, ch. 115, § 13.
NM Stat § 6-19-14 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-14 - Security for revenue bonds.

The principal or interest on any revenue bonds issued under authority of the Economic Advancement District Act shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from the revenues so pledged and may be derived and may be secured by a pledge of the lease of the project. History: Laws 1987, ch. 115, § 14.
NM Stat § 6-19-15 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-15 - Requirements respecting lease.

Prior to the leasing of any project, the board of trustees shall determine and find the following: A. the amount necessary in each year to pay the principal of and the interest on the revenue bonds proposed to be issued to finance the project; and B. the amount necessary to be paid each year into any reserve funds which the board of trustees may deem it advisable to establish in connection with the retirement of the proposed revenue bonds and the maintenance of the project and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the board of trustees required by this section shall be set forth in the proceedings under which the proposed revenue bonds are to be issued, and prior to the issuance of the bonds, the district shall lease or sell the project to a lessee or purchaser under an agreement conditioned upon completion of the project and providing for payment to the district of such rentals or payments as, upon the basis of the determinations and findings, will be sufficient to: (1) pay the principal of and interest on the revenue bonds issued to finance the project; (2) build up and maintain any reserve deemed by the board of trustees to be advisable in connection with the project; and (3) pay the costs of maintaining the project in good repair and keeping it properly insured, unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project. History: Laws 1987, ch. 115, § 15.
NM Stat § 6-19-16 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-16 - Revenue bonds; refunding.

A. Any revenue bonds issued pursuant to the Economic Advancement District Act and at any time outstanding may at any time be refunded by a district by the issuance of refunding bonds, in the amount as the board of trustees may determine, to refund the principal of the revenue bonds, all unpaid accrued and unaccrued interest on the revenue bonds to their normal maturity date or to selected prior redemption dates, any redemption premiums, any commission and all estimated costs incidental to their issuance and to such refunding as may be determined by the board of trustees. The principal amount of the refunding bonds may be equal to, less than or greater than the principal amount of the bonds to be so refunded. Refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are by terms subject to redemption. Any refunding bonds issued pursuant to this section shall be payable solely from the revenues out of which the bonds to be refunded may be payable or solely from those amounts derived from an escrow as provided in this section, including amounts derived from the investment of refunding bond proceeds and other legally available amounts or from any combination of the foregoing sources, and shall be secured in accordance with the provisions of the Economic Advancement District Act. B. Proceeds of refunding bonds shall either be applied immediately to the retirement of the revenue bonds being refunded or be placed in escrow in a commercial bank or trust company which possesses and is exercising trust powers. Notwithstanding any provision to the contrary in any other statute, the escrowed proceeds may be invested in short-term securities, long-term securities or both. History: Laws 1987, ch. 115, § 16.
NM Stat § 6-19-17 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-17 - Nature of all bonds issued pursuant to act.

Bonds issued pursuant to the authority of the Economic Advancement District Act: A. shall be legal investments for savings banks and insurance companies organized under the laws of this state; and B. shall be exempt from all taxation by the state or any political subdivision thereof. History: Laws 1987, ch. 115, § 17.
NM Stat § 6-19-18 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 19 - Economic Advancement Districts|Section 6-19-18 - Dissolution of district.

A district shall be dissolved in the following manner: A. there shall be submitted a petition for dissolution to the board of county commissioners signed by at least ten percent of the qualified electors residing within the district. Upon receipt of a proper petition, the board of county commissioners shall call a special election for the purpose of referring to the qualified electors residing in the district the question of dissolution and the board of trustees shall submit a plan for the dissolution of the district to the board of county commissioners for their approval; B. if the board of county commissioners finds that a majority of the qualified electors voting on the issue of the special election have authorized the dissolution, the board of trustees shall proceed with the approved plan. Upon completion of the plan, the board of trustees shall submit a full report to the board of county commissioners; and C. upon receipt of the final report of the board of trustees, the board of county commissioners shall examine the report to determine whether or not any outstanding obligations still exist and whether the terms of the approved plan have been accomplished. If, upon determination by the board of county commissioners, no obligations are yet outstanding and the provisions of the plan have been fulfilled, they shall formally declare the district dissolved. History: Laws 1987, ch. 115, § 18.
NM Stat § 6-20-1 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 20 - Private Activity Bonds|Section 6-20-1 - Short title.

Sections 1 through 12 [6-20-1 to 6-20-11 NMSA 1978] of this act may be cited as the "Private Activity Bond Act". History: Laws 1988, ch. 46, § 1. ANNOTATIONSApplicability. — Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
NM Stat § 6-20-3 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 20 - Private Activity Bonds|Section 6-20-3 - Allocation of state ceiling.

A. Until July 1 in any calendar year, forty percent of the state ceiling for the calendar year shall be allocated to state agencies as a group; provided, however, that such allocation shall be made in accordance with directives, rules or regulations governing the distribution of allocations to be established by the board. B. Until July 1 in any calendar year, sixty percent of the state ceiling for the calendar year shall be allocated to issuing authorities that are not state agencies, as a group; provided, however, that such allocations shall be made in accordance with directives, rules or regulations governing the distribution of allocations to be established by the board. C. On July 1 of each calendar year, the amount of any allocation issued by the board pursuant to Subsection A or B of Section 3 [this section] of the Private Activity Bond Act shall expire and shall be automatically set aside into the state private activity bond fund, except to the extent that an allocation has been used by an issuing authority prior to July 1 to issue private activity bonds or to make a mortgage credit certificate election. D. From July 1 through December 31 in any calendar year the board shall prescribe the allocation of the state ceiling. History: Laws 1988, ch. 46, § 3. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Applicability. — Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.