reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 24 - New Mexico Lottery › Section 6-24-32 - Unlawful sale of lottery ticket; penalty.

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 lottery ticket to any person under eighteen years of age.
B. Notwithstanding the provisions of Subsection A of this section, any person may make a gift of lottery tickets, and the authority or a lottery retailer may make a gift of lottery tickets for promotional purposes.
C. Any person who violates any provision of this section for the first time is guilty of a misdemeanor and shall be sentenced pursuant to the provisions of Section 31-19-1 NMSA 1978.
D. Any person who violates any provision of this section for a second or subsequent time is guilty of a fourth degree felony and shall be sentenced pursuant to the provisions of Section 31-18-15 NMSA 1978.
History:
Laws 1995, ch. 155, § 32.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 24 - New Mexico Lottery › Section 6-24-33 - Unlawful purchase of lottery ticket; penalty.

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, in the case of a corporation, an owner of five percent or more of the corporate stock of a lottery vendor.
B. Notwithstanding the provisions of Subsection A of this section, the chief executive officer may authorize in writing any employee of the authority and any employee of a lottery contractor to purchase a lottery ticket for the purposes of verifying the proper operation of the lottery with respect to security, systems operation and lottery retailer contract compliance. Any prize awarded as a result of such ticket purchase shall become the property of the authority and shall be added to the prize pools of subsequent lottery games.
C. Nothing in this section shall prohibit lottery retailers or their employees from purchasing lottery tickets or from being paid a prize for a winning ticket.
D. Certain classes of persons who, because of the unique nature of the supplies or services they provide for use directly in the operation of the lottery, may be prohibited, in accordance with rules adopted by the board, from participating in any lottery in which such supplies or services are used.
E. Any person who violates any provision of this section for the first time is guilty of a misdemeanor and shall be sentenced pursuant to the provisions of Section 31-19-1 NMSA 1978.
F. Any person who violates any provision of this section for a second or subsequent time is guilty of a fourth degree felony and shall be sentenced pursuant to the provisions of Section 31-18-15 NMSA 1978.
History:
Laws 1995, ch. 155, § 33; 2001, ch. 91, § 5.
ANNOTATIONS
The 2001 amendment,
effective April 2, 2001, deleted "a member of the lottery oversight committee" following "board member" in Subsection A(1).
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 24 - New Mexico Lottery › Section 6-24-34 - Criminal provisions of act in addition to any existing 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.
ANNOTATIONS
Cross references.
— For criminal offenses related to gambling,
see
Chapter 30, Article 19 NMSA 1978.
For the Gaming Control Act,
see
Chapter 60, Article 2E NMSA 1978 et seq.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-1 - Short title.

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.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, substituted "Chapter 6, Article 25 NMSA 1978" for "Sections 1 through 16 of this act".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-2 - Findings and purpose.

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 economy; encourage the flow of private capital for investment in productive enterprises; and otherwise improve the prosperity, health and general welfare of the people of the state;
(2) in order to attract and encourage established businesses to locate in New Mexico, to retain and expand existing New Mexico businesses and to provide an environment that supports new and emerging businesses within the state, New Mexico communities must be able to provide basic infrastructure and educational, cultural and recreational facilities that require substantial financial resources beyond those of many New Mexico communities;
(3) other states have agencies dedicated to providing financing for economic development projects, which agencies work directly with the state, municipalities, counties and regional economic development agencies to provide the necessary financing related to retaining and attracting businesses and to provide financing to qualified nonprofit corporations that provide community housing, education, health care and cultural facilities;
(4) it is necessary to provide coordinated planning and financing resources to address community and cultural infrastructure needs; and
(5) the combined expertise and resources of the economic development department and the New Mexico finance authority should be used:
(a) for the effective promotion of economic development within the state;
(b) to increase the gainful employment of the citizens and decrease the cost of social services and unemployment compensation;
(c) to increase the tax base of the state; and
(d) to improve the prosperity, health and welfare of the people of the state.
B. The purpose of the Statewide Economic Development Finance Act is to:
(1) stimulate economic development with needed programs in the public interest that serve necessary and valid public purposes; and
(2) provide one method of implementing the economic development assistance provisions of Subsection D of Article 9, Section 14 of the constitution of New Mexico for state projects.
History:
Laws 2003, ch. 349, § 2; 2005, ch. 103, § 2.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, provided in Subsection B(2) that the purpose of the act is to provide one method of implementing the economic development assistance provisions of Article 9, Section 14 of the constitution of New Mexico for state projects.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-4 - Economic development department; additional powers.

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 any project;
C. sell, lease or otherwise dispose of any project;
D. assign lease payments, rents and any other revenues derived from a project to the authority pursuant to leases, mortgages or indentures securing payment of the principal of, interest on and any other charges and expenses relating to project revenue bonds issued by the authority;
E. make state in-lieu payments to a qualifying county, a school district and, if applicable, a qualifying municipality to offset the tax impact of a project; and
F. coordinate with the authority:
(1) for the authority's provision of staffing support and assistance in carrying out the department's responsibilities under the Statewide Economic Development Finance Act; and
(2) to enter into memoranda of understanding or such other agreements as the department and authority determine to be appropriate for such purposes.
History:
Laws 2003, ch. 349, § 4; 2005, ch. 103, § 4.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, deleted reference to "project property" in Subsections A, B and C and added the reference to project revenue bonds in Subsection D.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-5 - Additional duties of the economic development department 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 to local governments and eligible entities, for the purpose of identifying and recommending projects to the authority for financing assistance;
(2) evaluate potential projects for suitability for financing assistance;
(3) formulate recommendations of projects that are suitable for financing assistance; and
(4) obtain input and information relevant to the establishment and implementation of criteria for evaluating potential projects.
B. The department, with such staffing and other assistance from the authority as the department may request, shall propose to enter into opt-in agreements with counties, school districts and municipalities for the purpose of facilitating local government approvals necessary to permit projects to proceed. Opt-in agreements shall provide:
(1) for project compliance with all applicable local land use regulations;
(2) for payments in lieu of taxes to qualifying counties, school districts and, if applicable, qualifying municipalities to mitigate the tax impact of a project;
(3) that financing assistance is conditioned upon compliance with:
(a) all applicable ordinances, regulations and codes of a local government concerning planning, zoning and development permitting; and
(b) such other requirements as the department and the county, school district and municipality may agree to include;
(4) that the payments in lieu of taxes shall be distributed in a manner and in amounts calculated in accordance with the provisions of Section 6-25-14 NMSA 1978; and
(5) that the county, school district or municipality reserves the right to withdraw from the agreement if it determines that the project subject to the agreement does not satisfy the requirements enumerated in the opt-in agreement.
C. The department shall adopt rules for the exercise of its powers and responsibilities pursuant to the Statewide Economic Development Finance Act.
History:
Laws 2003, ch. 349, § 5; 2005, ch. 103, § 5.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, deleted the qualification in Subsection A(4) that the department and the authority coordinate to obtain input and information from the authority and changed the statutory reference in Subsection B(4) to Section 6-25-14 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-6.1 - New Mexico finance authority; additional powers; federal 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 program, and pursuant to participation in the federal new markets tax credit program may:
A. apply for and obtain one or more allocations of new markets tax credits;
B. market and sell qualified equity investments;
C. make qualified low-income community investments; and
D. take all actions necessary or convenient to carry out the purposes of the qualified community development entity or to participate in the federal new markets tax credit program.
History:
Laws 2006, ch. 64, § 2.
ANNOTATIONS
Cross references.
— For the federal new markets tax credit,
see
26 C.F.R. 1.45D and 26 U.S.C. 45D-1T.
Effective dates.
— Laws 2006, ch. 64 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-8 - Leases of projects.

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 each year into any reserve funds the authority establishes in connection with the retirement of the proposed project revenue bonds and the maintenance and repair of the project; and
(3) 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 to the project, the estimated cost of maintaining the project in good repair and keeping it properly insured.
B. The determinations required by Subsection A of this section shall be set forth in the resolution under which the proposed project revenue bonds are to be issued; and prior to the issuance of the bonds, the department shall lease or sell the project to a lessee or purchaser pursuant to an agreement conditioned upon completion of the project and providing for payment to the department and assigned to the authority or a trustee, of such rentals or payments as will be sufficient to:
(1) pay the principal of and interest on the bonds issued to finance the project;
(2) build up and maintain any reserve established by the authority for the bonds; and
(3) pay the costs of maintaining the project in good repair and keeping it properly insured, unless the lease obligates the lessee to pay for the maintenance and insurance of the project.
History:
Laws 2003, ch. 349, § 8; 2005, ch. 103, § 8.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, changed "bonds" to "project revenue bonds" and "project property" to "project".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-9 - Project revenue refunding bonds.

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 such bonds or to selected prior redemption dates, any redemption premiums, any commission and all estimated costs incidental to the issuance of such bonds and to such refunding. The principal amount of project revenue refunding bonds may be equal to, less than or greater than the principal amount of the project revenue bonds to be refunded. Any such refunding may be effected whether the bonds to be refunded have matured or will thereafter mature, either by sale of the refunding bonds and the application of the proceeds for the payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refunded; provided that the holders of any project revenue bonds 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 payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Project revenue refunding bonds shall be payable from the revenues out of which other project revenue bonds are payable or from the 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 may be secured in the manner that other project revenue bonds issued pursuant to the Statewide Economic Development Finance Act may be secured.
B. Proceeds of project revenue refunding bonds shall either be applied immediately to the retirement of the project revenue bonds being refunded or placed in escrow in a commercial bank or trust company that possesses and is exercising trust powers. Notwithstanding any other provision of law, the escrowed proceeds may be invested in short-term or long-term securities. Except to the extent inconsistent with the express terms of the Statewide Economic Development Finance Act, the resolution of the authority pursuant to which the project revenue bonds to be refunded were issued, including any mortgage or trust indenture securing the bonds, shall govern the establishment of any escrow in connection with the refunding bonds and the investment or reinvestment of any escrowed proceeds.
History:
Laws 2003, ch. 349, § 9; 2005, ch. 103, § 9.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, changed "bonds" to "project revenue bonds".
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-10 - Use of project revenue bond proceeds.

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. all expenses in connection with the authorization, sale and issuance of the bonds; and
B. capitalized interest on the bonds for a reasonable time.
History:
Laws 2003, ch. 349, § 10; 2005, ch. 103, § 10.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, changed "bonds" to "project revenue bonds" and "project property" to "project", deletes the requirements that the cost of a project shall include the cost of construction, including architect, engineering and attorney fees; the purchase price of any project property that may be purchased and the cost of extension of utilities and added in Subsection B that the cost of a project include the capitalized interest on bonds for a reasonable time.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-11 - Project revenue bonds legal investments.

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 administrators, guardians, executors, trustees and other fiduciaries, including the state investment council, may properly and legally invest funds.
History:
Laws 2003, ch. 349, § 11; 2005, ch. 103, § 11.
ANNOTATIONS
The 2005 amendment,
effective April 4, 2005, after "legal investments" deleted "for savings bonds and insurance companies organized under the laws of the state", and added the remainder of the paragraph.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-12 - Repealed.

History:
Laws 2003, ch. 349, § 12; repealed Laws 2005, ch. 103, § 27.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 103, § 27 repealed 6-25-12 NMSA 1978, as enacted by Laws 2003, ch. 349, § 12, relating to loan participations, effective April 4, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-15 - Cumulative authority.

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 regarded as in derogation of any powers now existing; provided that the issuance of bonds pursuant to the provisions of the Statewide Economic Development Finance Act need not comply with the requirement of any other law applicable to the issuance of bonds or notes.
History:
Laws 2003, ch. 349, § 15.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 349 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, is effective June 20, 2003, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-16 - Liberal interpretation.

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.
ANNOTATIONS
Effective dates.
— Laws 2003, ch. 349 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 2003, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-17 - Economic development revolving fund bonds of the 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) entering into loan participations;
(3) providing loan guarantees;
(4) purchasing project revenue bonds;
(5) paying, funding or refunding of the principal of or interest or redemption premiums on economic development revolving fund bonds issued by the authority, whether the economic development revolving fund bonds or interest to be paid, funded or refunded have or have not become due;
(6) establishing or increasing reserves or sinking funds to secure or to pay principal, premium, if any, or interest on economic development revolving fund bonds; and
(7) paying all other costs or expenses of the authority incident to and necessary or convenient to carry out its duties pursuant to the Statewide Economic Development Finance Act.
B. All economic development revolving fund bonds issued by the authority shall be payable solely from the fund and the revenues, income and fees deposited in the fund, and the economic development revolving fund bonds shall not create an obligation, debt or liability of the state. No breach of any pledge, obligation or agreement of the authority shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any political subdivision of the state.
History:
Laws 2005, ch. 103, § 14.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-18 - Economic development revolving fund bonds; 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 the form, be issued in the denominations, have terms and maturities, bear or accrete interest at rates and be payable and evidenced in the manner and times as the resolution of the authority or the trust agreement securing the economic development revolving fund bonds provides. The economic development revolving fund bonds may be redeemed with or without premiums prior to maturity, may be ranked or assigned priority status and may contain provisions not inconsistent with this subsection.
B. The economic development revolving fund bonds issued by the authority may be sold at any time at private or public sale at prices agreed upon by the authority.
C. Economic development revolving fund bonds may be issued pursuant to the Statewide Economic Development Finance Act without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceedings or conditions specified in that act.
D. The economic development revolving fund bonds issued by the authority are negotiable instruments for all purposes of the Uniform Commercial Code [Chapter 55 NMSA 1978].
E. Any resolution for the issuance of economic development revolving fund bonds shall provide that each economic development revolving fund bond authorized shall recite that it is issued by the authority. The recital shall clearly state that the economic development revolving fund bonds are in full compliance with all of the provisions of the Statewide Economic Development Finance Act.
History:
Laws 2005, ch. 103, § 15.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-19 - Economic development revolving fund bonds secured by 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 and enforcing the rights and remedies of bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of the money. The authority shall provide by the trust indenture for the payment of the proceeds of the economic development revolving fund bonds and the revenue to the trustee under the trust indenture or other depository for disbursement with such safeguards as the authority determines are necessary.
History:
Laws 2005, ch. 103, § 16.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-20 - Publication of notice; validation; limitation of action.

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 of general statewide circulation.
B. After the passage of thirty days from the publication required by Subsection A of this section, any action attacking the validity of the proceedings taken by the authority preliminary to and in the authorization and issuance of the bonds described in the notice is perpetually barred.
History:
Laws 2005, ch. 103, § 17.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-21 - Refunding bonds.

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 redemption of the outstanding economic development revolving fund bonds. Until the proceeds of the bonds issued for the purpose of refunding outstanding economic development revolving fund bonds are applied to the purchase, retirement or redemption of the outstanding economic development revolving fund bonds, the proceeds may be placed in escrow and be invested and reinvested. The interest, income and profits, if any, earned or realized on any such investment may also be applied to the payment of the outstanding economic development revolving fund bonds to be refunded by purchase, retirement or redemption. After the terms of the escrow have been fully satisfied, any balance may be returned to the authority for use by it in any lawful manner. All such refunding bonds shall be issued and secured and shall be subject to the provisions of the Statewide Economic Development Finance Act in the same manner and to the same extent as any other bonds issued pursuant to that act.
History:
Laws 2005, ch. 103, § 18.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-22 - Economic development revolving fund and project revenue 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 exceed ten years from the date of issue of the original notes. The notes shall be payable from any available money of the authority from payments made by an eligible entity or from the proceeds of sale of the bonds of the authority in anticipation of which such notes were issued. The notes may be issued for any purpose of the authority authorized by the Statewide Economic Development Finance Act. All such notes shall be issued and secured and shall be subject to the provisions of that act in the same manner and to the same extent as bonds issued pursuant to that act.
History:
Laws 2005, ch. 103, § 19.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-23 - Remedies of holders of economic development revolving 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 to the extent that his rights are restricted by any bond resolution or trust indenture may protect and enforce, by any suitable form of legal proceedings, any rights provided by the laws of this state or granted by the bond resolution or trust indenture. Such rights include the right to compel the performance of all duties of the authority or the department required by the Statewide Economic Development Finance Act, the bond resolution or the trust indenture and to enjoin unlawful activities.
History:
Laws 2005, ch. 103, § 20.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-24 - Agreement of the state.

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 or the department to fulfill the terms of any agreements made with the holders of the economic development revolving fund bonds, project revenue bonds or notes or in any way impair the rights and remedies of those holders until the economic development revolving fund bonds, project revenue bonds or notes together with the interest on the economic development revolving fund bonds, project revenue bonds or notes, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of those holders, are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of the economic development revolving fund bonds, project revenue bonds or notes.
History:
Laws 2005, ch. 103, § 21.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-25 - Economic development revolving fund bonds; legal 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 officers and public bodies and all administrators, guardians, executors, trustees and other fiduciaries, including the state investment council, may properly and legally invest funds.
History:
Laws 2005, ch. 103, § 22.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-26 - Tax exemption.

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 payment for the economic development revolving fund bonds, that the economic development revolving fund bonds issued pursuant to that act and the income from the economic development revolving fund bonds shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
History:
Laws 2005, ch. 103, § 23.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-27 - Proprietary information; confidentiality; penalty.

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 Records Act [Chapter 14, Article 2 NMSA 1978].
B. It is unlawful for any employee of the department or the authority, or any former employee of the department or the authority to reveal to any person other than another employee of the department or the authority any confidential 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 and not available from public sources, except in response to an order of a district court, an appellate court or a federal court.
C. Any employee or former employee of the department or the authority who reveals to another person any information that he is prohibited from lawfully revealing is guilty of a misdemeanor and shall be sentenced in accordance with the provisions of Section 31-19-1 NMSA 1978.
History:
Laws 2005, ch. 103, § 24.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-28 - Application of other laws.

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.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25 - Statewide Economic Development › Section 6-25-29 - Temporary provision; fund name change; outstanding 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 fund created by this act.
History:
Laws 2005, ch. 103, § 26.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 103, § 28 made the act effective April 4, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-1 - Short title.

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.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-2 - Legislative findings.

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, meetings, banquets and related facilities that will enhance or supplement facilities currently available for these activities in order to promote the state and its counties and municipalities as attractive destinations to convention and visitor industry planners;
C. there is a great tradition in the state involving railway transportation that can be integrated with expositions, conventions and exhibitions and planned commuter rail transportation facilities for the mutual benefit of the state and out-of-state visitors participating in expositions, conventions and exhibitions; and
D. private enterprise alone cannot provide facilities of the type and size to achieve a first-class exposition center, but by establishing an authority to plan, develop, manage and operate a suitable exposition center the state can achieve a great public benefit at the least public cost through the use of leases, concessions and other contractual relationships with private enterprise.
History:
Laws 2005, ch. 342, § 2.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-3 - Definitions.

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 real or personal property, or any combination thereof, that is owned, leased or otherwise controlled or financed by the authority, located in the participating jurisdictions, other than property owned by the state, commonly known as the "state fairgrounds", located within the exterior boundaries of the city of Albuquerque, that is related to, useful for or in furtherance of one or more purposes authorized by the New Mexico Exposition Center Authority Act, including facilities used for expositions, conventions, exhibitions, displays, meetings, banquets, trade shows, sporting events, arena events, museums, excursion trains, commuter and long-distance rail stations, trolleys, hotels, parking facilities, connection walkways, transportation maintenance yards, rail crossings and other light and heavy rail transportation activities and operations and related facilities, provided such facilities are available for the use by the general public;
E. "participating jurisdiction" means a department, commission, council, board, committee, institution, legislative body, agency, government corporation or educational institution of the state or a political subdivision of the state that is empowered to receive or expend public money, including municipalities and counties;
F. "project" means planning and design work for and development, construction, reconstruction, enlargement, improvement, installation, rehabilitation, remodeling and renovation of the exposition center; and
G. "security" or means bonds, notes or other evidence of indebtedness issued by participating jurisdictions or leases or certificates or other evidence of participation in the lessor's interest in and rights under a lease with participating jurisdictions that are payable from taxes, revenues, rates, charges, assessments or user fees or from the proceeds of funding or refunding bonds, notes or other evidence of indebtedness of a qualified entity or from certificates or evidence of participation in a lease with participating jurisdictions.
History:
Laws 2005, ch. 342, § 3.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-6 - Purchases in name of the authority; documentation.

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 authority, upon delivery to the authority, shall be accompanied by all documentation required by the authority and shall include an approving opinion of recognized bond counsel, certification and guarantee of signatures and certification as to no litigation pending as of the date of delivery of the securities challenging the validity or issuance of such securities.
History:
Laws 2005, ch. 342, § 6.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-8 - Bonds; authorization for issuance; terms and conditions.

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 the manner and times as the resolution of the authority or the trust agreement securing the bonds provides. The bonds may be redeemed with or without premiums prior to maturity, may be ranked or assigned priority status and may contain provisions not inconsistent with this subsection.
B. Bonds issued by the authority may be sold at any time at private or public sale at the prices agreed upon by the authority.
C. Bonds of the authority may be issued pursuant to the New Mexico Exposition Center Authority Act without obtaining the consent of any agency of the state and without any other proceeding or condition other than the proceedings or conditions specified in the New Mexico Exposition Center Authority Act.
D. Bonds issued by the authority are negotiable instruments for all purposes of the Uniform Commercial Code [Chapter 55 NMSA 1978], subject only to the provisions of the bonds for registrations.
E. A resolution for the issuance of bonds shall provide that each bond authorized shall recite that it is issued by the authority. The recital shall clearly state that the bonds are in full compliance with all the provisions of the New Mexico Exposition Center Authority Act.
History:
Laws 2005, ch. 342, § 8.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-9 - Bonds secured by trust indenture.

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 bondholders, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, use and investment of money. The authority may provide by the trust indenture for the payment of the proceeds of the bonds and the revenue to the trustee under the trust indenture or other depository for disbursement with safeguards as the authority determines necessary.
History:
Laws 2005, ch. 342, § 9.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-10 - Publication of notice; validation; limitation of action.

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 or taken by the authority preliminary to and in the authorization and issuance of the bonds described in the notice is perpetually barred.
History:
Laws 2005, ch. 342, § 10.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-11 - Refunding bonds.

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 retirement of the outstanding bonds or the redemption of the outstanding bonds, the proceeds may be placed in escrow and be invested and reinvested. The interest, income and profits, if any, earned or realized on an investment may, in the discretion of the authority, also be applied to the payment of the outstanding bonds to be refunded by purchase, retirement or redemption, as the case may be. After the terms of the escrow have been fully satisfied and carried out, a balance of proceeds and interest, if any, earned or realized on the investments of proceeds and interest may be returned to the authority for use by it in a lawful manner. Refunding bonds shall be issued and secured and shall be subject to the provisions of the New Mexico Exposition Center Authority Act in the same manner and to the same extent as any other bonds issued pursuant to the New Mexico Exposition Center Authority Act.
History:
Laws 2005, ch. 342, § 11.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 25A - New Mexico Exposition Center Authority › Section 6-25A-12 - Remedies of bondholders.

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 form of legal proceedings, rights under the laws of this state or granted by the bond resolution or trust indenture authorized pursuant to the bond resolution. These rights include the right to compel the performance of the duties of the authority required by the New Mexico Exposition Center Authority Act or the bond resolution and to enjoin unlawful activities.
History:
Laws 2005, ch. 342, § 12.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 342, § 24 made the act effective April 7, 2005.