2023 New Mexico Statutes › Chapter 58 - Financial Institutions and Regulations › Article 31 - Spaceport Development › Section 58-31-6 - Spaceport authority; bonding authority; power to issue revenue bonds.

A. The authority may issue revenue bonds on its own behalf or on behalf of a regional spaceport district, for regional spaceport purposes and spaceport-related projects. Revenue bonds so issued may be considered appropriate investments for the severance tax permanent fund or collateral for the deposit of public funds if the bonds are rated not less than "A" by a national rating service and both the principal and interest of the bonds are fully and unconditionally guaranteed by a lease agreement executed by an agency of the United States government or by a corporation organized and operating within the United States, that corporation or the long-term debt of that corporation being rated not less than "A" by a national rating service. All bonds issued by the authority are legal and authorized investments for banks, trust companies, savings and loan associations and insurance companies.
B. The authority may pay from the bond proceeds all expenses, premiums and commissions that the authority deems necessary or advantageous in connection with the authorization, sale and issuance of the bonds.
C. Authority revenue bonds:
(1) may have interest or appreciated principal value or any part thereof payable at intervals determined by the authority;
(2) may be subject to prior redemption or mandatory redemption at the authority's option at the time and upon such terms and conditions with or without the payment of a premium as may be provided by resolution of the authority;
(3) may mature at any time not exceeding twenty years after the date of issuance if secured by revenue from the county or municipal regional spaceport gross receipts tax or thirty years if secured by revenue from other sources;
(4) may be serial in form and maturity; consist of one or more bonds payable at one time or in installments; or may be in such other form as determined by the authority;
(5) may be in registered or bearer form or in book-entry form through facilities of a securities depository either as to principal or interest or both;
(6) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that conforms to the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978]; and
(7) may be sold at public or negotiated sale.
D. Subject to the approval of the state board of finance, the authority may enter into other financial arrangements if it determines that the arrangements will assist the authority.
History:
Laws 2005, ch. 128, § 6; 2006, ch. 15, § 18.
ANNOTATIONS
Cross references.
— For the Regional Spaceport District Act,
see
5-15-1 NMSA 1978.
The 2006 amendment,
effective May 17, 2006, deletes the provision of former Subsection A which permitted the spaceport to act as an issuing authority for purposes of the Private Activity Bond Act; adds a provision in Subsection A (former Subsection B) to permit the spaceport authority to issue revenue bonds on its own behalf or on behalf of a regional spaceport district for regional spaceport purposes and spaceport-related projects; and in Paragraph (3) of Subsection C (former Subsection D) provides that authority revenue bonds may mature in twenty years if the bonds are secured by revenue from county or municipal regional spaceport gross receipt tax or thirty years if secured by revenue from other sources.