reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 27 - Maintenance for Two-Year Colleges › Section 21-27-1 - Short title.

Sections 1 through 5 [21-27-1 to 21-27-5 NMSA 1978] may be cited as the "Two-Year College Maintenance Act".
History:
Laws 1983, ch. 316, § 1.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 27 - Maintenance for Two-Year Colleges › Section 21-27-2 - Purpose of act.

The purpose of the Two-Year College Maintenance Act is to provide funding for the repair and long-term care and preservation of the buildings, grounds and equipment of two-year colleges and institutions.
History:
Laws 1983, ch. 316, § 2.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 27 - Maintenance for Two-Year Colleges › Section 21-27-3 - Definitions.

As used in the Two-Year College Maintenance Act:
A. "board" ["commission" ["department"]] means the board of educational finance [commission on higher education [higher education department]] created pursuant to Section 21-1-26 NMSA 1978;
B. "fund" means the two-year college maintenance fund; and
C. "qualifying institution" means a statutorily created branch community college, a junior college or area vocational school or a two-year constitutionally created postsecondary state educational institution.
History:
Laws 1983, ch. 316, § 3.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 27 - Maintenance for Two-Year Colleges › Section 21-27-4 - Two-year college maintenance fund; created; use of the fund.

A. The "two-year college maintenance fund" is created in the state treasury. The fund shall consist of such money as the legislature may from time to time appropriate. The fund shall be invested by the state treasurer as other funds are invested. Balances remaining in the fund at the end of each fiscal year shall not revert.
B. The fund shall be used to provide funding to qualifying institutions only for the following purposes:
(1) major repair to buildings, including such items as roof repair, repair of floor coverings, repair of structural damage and replacement or repair of mechanical equipment;
(2) remodeling or renovation of existing structures;
(3) landscaping outside of buildings, including parking lots, to create more attractive, more efficient and safer settings;
(4) lighting, signs and general design work calculated to make the buildings and grounds safer;
(5) maintenance contracts on building equipment, mechanical equipment, structural equipment and any other equipment necessary for the operation of the institution;
(6) purchase, installation and maintenance of equipment calculated to provide energy or water conservation;
(7) construction of storage buildings and maintenance shop buildings; and
(8) construction of or repair to access roads to a campus if required.
History:
Laws 1983, ch. 316, § 4.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Colleges and Universities §§ 32, 33; 63A Am. Jur. 2d Public Funds §§ 56 to 58.
14A C.J.S. Colleges and Universities §§ 7, 10, 14; 81A C.J.S. States § 205.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 27 - Maintenance for Two-Year Colleges › Section 21-27-5 - Distributions from the fund; approval by the board required.

A. A qualifying institution shall make application to the board for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 [21-27-4 NMSA 1978] of the Two-Year College Maintenance Act.
B. No distribution shall be made to any qualifying institution until the board [commission [department]] has approved the distribution of a specific amount. The board [commission [department]] may reduce the amount of any distribution to any qualifying institution. In taking such action, the board [commission [department]] shall set forth its reasons for such action and report its actions and reasons to the responsible governing board of the institution.
History:
Laws 1983, ch. 316, § 5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-1 - Short title.

Chapter 21, Article 28 NMSA 1978 may be cited as the "University Research Park and Economic Development Act".
History:
Laws 1989, ch. 264, § 1; 2007, ch. 247, § 1.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the statutory reference to the act and the title of the act to add "Economic Development".
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-2 - Research park; purpose.

The purpose of the University Research Park and Economic Development Act is to:
A. promote the public welfare and prosperity of the people of New Mexico;
B. foster economic development within New Mexico;
C. forge links between New Mexico's educational institutions, business and industrial communities and government through the development of research parks on university real property; or
D. engage in other cooperative ventures of innovative technological significance that will advance education, science, research, conservation, health care or economic development within New Mexico.
History:
Laws 1989, ch. 264, § 2; 1998, ch. 54, § 1; 2007, ch. 247, § 2.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the title of the act.
The 1998 amendment,
effective May 20, 1998, added the Subsection designations; in Subsection B, substituted "New Mexico" for "the state by forging"; in Subsection C, inserted "forge", substituted "New Mexico's" for "the state's", and deleted "through" at the end; in Subsection D, inserted "engage in", substituted "that" for "which", inserted "science", "conservation, health care" and substituted "New Mexico" for "the state".
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-4 - Research park corporations; authorization; members; terms; meetings; bylaws.

A. Any university may form, pursuant to the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] or the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978], one or more research park corporations, separate and apart from the state and the university, to promote, develop and administer research parks or technological innovations for scientific, educational and economic development opportunities in accordance with bylaws adopted by the research park corporation or economic development initiatives that support the teaching, research or service mission of the university.
B. Each research park corporation shall be governed by, and all of its functions, powers and duties shall be exercised by, a board of directors appointed by the regents. Members of the board of directors may include the president of the university, the regents, officers and employees of the university and other persons selected by the regents.
C. The board of directors shall elect a chair and other officers as the board of directors deems necessary.
D. The board of directors shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act or the Business Corporation Act, as appropriate, governing the conduct of the research park corporation in the performance of its duties under the University Research Park and Economic Development Act.
History:
Laws 1989, ch. 264, § 4; 2007, ch. 247, § 4.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, permitted universities to form nonprofit corporations for economic development initiatives that support the teaching, research or service mission of the university.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-7 - Limitations on application of laws.

A. A research park corporation shall not be deemed an agency, public body or other political subdivision of New Mexico, including for purposes of applying statutes and laws relating to personnel, procurement of goods and services, meetings of the board of directors, gross receipts tax, disposition or acquisition of property, capital outlays, per diem and mileage and inspection of records.
B. A research park corporation shall be deemed:
(1) an agency or other political subdivision of the state for purposes of applying statutes and laws relating to the furnishing of goods and services to the university that operates it and the risk management fund; and
(2) a public employer for the purposes of the Public Employee Bargaining Act [Chapter 10, Article 7E NMSA 1978] if it owns, operates or manages a health care facility or employs individuals who work at a health care facility.
C. A research park corporation, its officers, directors and employees shall be granted immunity from liability for any tort as provided in the Tort Claims Act [41-4-1 to 41-4-27 NMSA 1978]. A research park corporation may enter into agreements with insurance carriers to insure against a loss in connection with its operations even though the loss may be included among losses covered by the risk management fund of New Mexico.
History:
Laws 1989, ch. 264, § 7; 1991, ch. 220, § 1; 1998, ch. 54, § 4; 2022, ch. 44, § 1.
ANNOTATIONS
The 2022 amendment,
effective May 18, 2022, designated a research park corporation as a public employer if it owns, operates or manages a health care facility or employs individuals who work at a health care facility; and in Subsection B, added Paragraph B(2).
The 1998 amendment,
effective May 20, 1998, deleted the introductory language; added the Subsection designations; in Subsection A, substituted "New Mexico" for "the state", and deleted "real or personal"; in Subsection B, inserted "furnishing of goods and services to the university that operates it and the"; in Subsection C, deleted "also" following "may", and substituted "a" for "any"; and made minor stylistic changes.
The 1991 amendment,
effective June 14, 1991, added "Except as provided in this section" at the beginning and inserted "including" in the first sentence; deleted "the members of the board of directors of a research park corporation officers, directors and employees of the research park corporation" preceding "shall be deemed" and inserted "a research park corporation, its officers, directors and employees" preceding "shall be granted" in the second sentence; and made minor stylistic changes.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-8 - Issuance of revenue bonds.

A research park corporation may issue negotiable revenue bonds or notes or both. The proceeds of the sale of bonds issued pursuant to the University Research Park and Economic Development Act shall be used to carry out the provisions of that act and to fund reserves for the research park corporation to pay interest on the bonds and to pay the necessary expenses of issuing the bonds, including bond counsel and fiscal adviser fees and other legal, consulting and printing fees and costs. All bonds may be issued in one or more series. The bonds of each issue shall be dated and bear interest as prescribed by the research park corporation. The bonds shall mature serially or otherwise not later than forty years from their date and may be redeemable before maturity at the option of the research park corporation at prices and under terms and conditions fixed by the research park corporation in its resolution or trust agreement providing for issuance of the bonds. The resolution or trust agreement shall also determine the form of the bonds, including the form of any interest coupons to be attached thereto, and shall fix the denominations of the bonds and the place of the payment of the principal and interest thereon. The bonds shall be executed on behalf of the research park corporation as special obligations of the research park corporation payable only from the funds specified in the University Research Park and Economic Development Act and shall not be a debt of this state, any political subdivision of this state or any university, and neither this state nor any political subdivision nor university shall be liable for the debts of the research park corporation. The resolution or trust agreement may provide for registration of the bonds as to ownership and for successive conversion and reconversion from registered to bearer bonds and vice versa. The bonds may be registered in the principal office of the research park corporation. After the registration and delivery to the purchasers, the bonds are incontestable and constitute special obligations of the research park corporation, and the bonds and coupons are negotiable instruments under the laws of this state. The bonds may be sold at public or private sale by the research park corporation at prices and in accordance with procedures and terms the research park corporation determines to be advantageous and reasonably obtainable. The research park corporation may provide for replacement of any bond that may be mutilated or destroyed.
History:
Laws 1989, ch. 264, § 8; 2007, ch. 247, § 7.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-9 - Status of bonds.

Bonds and other obligations issued under the provisions of the University Research Park and Economic Development Act shall be deemed issued on behalf of the university, but shall not be deemed to constitute a debt, liability, obligation of or a pledge of the faith and credit of this state or any political subdivision thereof or any university, but shall be payable solely from the revenue or assets of the research park corporation pledged for that payment. Each obligation issued on behalf of the research park corporation under the University Research Park and Economic Development Act shall contain on its face a statement to the effect that neither this state nor any political subdivision, university or research park corporation shall be obligated to pay the same or the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state, any political subdivision thereof or any university is pledged to the payment of the principal of or the interest on such obligation.
History:
Laws 1989, ch. 264, § 9; 2007, ch. 247, § 8.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-10 - Refunding bonds.

The board of directors of a research park corporation may by resolution provide for the issuance of refunding bonds to refund any outstanding bonds issued under the University Research Park and Economic Development Act, together with redemption premiums, if any, and interest accrued or to accrue thereon. Provisions governing the issuance and sale of bonds under the University Research Park and Economic Development Act govern the issuance and sale of refunding bonds insofar as applicable. Refunding bonds may be exchanged for the outstanding bonds or may be sold and the proceeds used to retire the outstanding bonds. Pending the application of the proceeds of any refunding bonds, with any other available funds, to the payment of the principal, interest and any redemption premiums on the bonds being refunded, and if so provided or permitted in the resolution of the research park corporation authorizing the issuance of such refunding bonds, to the payment of any interest on refunding bonds and any expenses incurred in connection with refunding, the proceeds may be placed in escrow and invested in securities that are unconditionally guaranteed by the United States and that shall mature or be subject to redemption by the holders thereof, at the option of the holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.
History:
Laws 1989, ch. 264, § 10; 2007, ch. 247, § 9.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-11 - Trust agreements authorized.

In the discretion of the research park corporation, any bonds issued under the provisions of the University Research Park and Economic Development Act may be secured by a trust agreement by and between the research park corporation and a corporate trustee, which may be a bank or trust company having trust powers within or without the state. The trust agreement or the resolution providing for the issuance of bonds may pledge or assign all or any part of the revenues or assets of the research park corporation. The trust agreement or resolution may contain provisions for protecting and enforcing the rights and remedies of the holders of any bonds as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the research park corporation in relation to the purposes to which bond proceeds may be applied, the disposition or pledging of the revenues or assets of the research park corporation and the custody, safeguarding and application of all money. It is lawful for any bank or trust company incorporated under the laws of the state that may act as depository of the proceeds of bond revenues or other money hereunder to furnish indemnifying bonds or to pledge securities that may be required by the research park corporation. Any trust agreement or resolution may set forth the rights and remedies of the holders of any bonds and of the trustee and may restrict the individual right of action by any holders. In addition, any trust agreement or resolution may contain other provisions as the research park corporation may deem reasonable and proper for the security of the holders of any bonds. All expenses incurred in carrying out the provisions of a trust agreement or resolution may be paid from the revenues or assets pledged or assigned to the payment of the principal of and the interest on bonds or from any other funds available to the research park corporation.
History:
Laws 1989, ch. 264, § 11; 2007, ch. 247, § 10.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-12 - Pledge of assets or revenues of research park corporation.

The pledge of any assets or revenues of the research park corporation to the payment of the principal of or the interest on any bonds shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the research park corporation, irrespective of whether such parties have notice thereof. Nothing in this section shall be construed to prohibit the research park corporation from selling any assets subject to any such pledge except to the extent that any such sale may be restricted by the trust agreement or resolution providing for the issuance of such bonds.
History:
Laws 1989, ch. 264, § 12.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-13 - All money received from sale of bonds deemed trust funds.

All money received by a research park corporation from bonds issued under the provisions of the University Research Park and Economic Development Act shall be deemed funds to be held in trust, applied as provided in that act or transferred to other research park corporations, nonprofit corporations or the university as the research park corporation deems appropriate. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of the money covered by this section may be temporarily invested pending its disbursement. The resolution shall provide that any officer with whom, or any bank or trust company with which, the money is deposited shall act as trustee of the money and shall hold and apply the money for the purposes of the University Research Park and Economic Development Act, subject to provisions that rules under that act and the resolution or trust agreement may specify. Any such money described in this section received by a research park corporation may be invested as provided in the University Research Park and Economic Development Act.
History:
Laws 1989, ch. 264, § 13; 1991, ch. 220, § 2; 2007, ch. 247, § 11.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
The 1991 amendment,
effective June 14, 1991, inserted "from sale of bonds" in the catchline; inserted "from bonds issued" and substituted "funds to be held in trust" for "to be in trust" preceding "funds to be held" in the first sentence; inserted "covered by this section" in the second sentence; substituted "money received by a" for "money or any other money of the" in the final sentence; and made minor stylistic changes.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-14 - Limitation of liability.

The members of the board of directors of a research park corporation, while acting within the scope of their authority, and any person acting in their behalf, while acting within the scope of the person's authority, shall not be personally liable for the corporation's obligations.
History:
Laws 1989, ch. 264, § 14; 1991, ch. 220, § 3.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, substituted "personally liable for the corporation's obligations" for "subject to any personal liability resulting from carrying out the provisions of the University Research Park Act" at the end of the section.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-15 - Rights of holders of bonds.

Any holder of bonds issued under the provisions of the University Research Park and Economic Development Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of those bonds, except as the rights given pursuant to that act may be restricted by a trust agreement or resolution, may, either at law or in equity, by suit, mandamus or other proceeding, protect and enforce any and all rights under the laws of this state or granted by that act or under the trust agreement or resolution or under any other contract executed by the research park corporation pursuant to that act, and may enforce and compel the performance of all duties required by that act or by the trust agreement or resolution to be performed by the research park corporation or by any officer thereof.
History:
Laws 1989, ch. 264, § 15; 2007, ch. 247, § 12.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-16 - Legal investments; tax exemption.

All bonds issued by a research park corporation under the University Research Park and Economic Development Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political subdivisions, departments, institutions and agencies of this state. When accompanied by all unmatured coupons appurtenant to them, the bonds are sufficient security for all deposits of state funds and of all funds of any board in control of public money at the par value of the bonds. The bonds and the income from the bonds are free from taxation within this state, except estate taxes. The research park corporation in its discretion and by those means as it deems appropriate may waive the exemption from federal income taxation of interest on the bonds. The bonds subject to federal income taxation issued by the research park corporation shall be payable as to principal and interest with such frequency as may be required by the research park corporation.
History:
Laws 1989, ch. 264, § 16; 1991, ch. 220, § 4; 2007, ch. 247, § 13.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
The 1991 amendment,
effective June 14, 1991, inserted "research park" preceding "corporation" in two places and substituted "estate taxes" for "inheritance and gift taxes" in the third sentence.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-17 - Annual report and audit.

A. A research park corporation shall, within ninety days following the close of each fiscal year, submit an annual report of its activities for the preceding year as required by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] or the Business Corporation Act [Chapter 53, Articles 11 to 18 NMSA 1978] under which the research park is incorporated. The board of directors of the research park corporation shall annually contract with an independent certified public accountant, licensed by the state, to perform an examination and audit of the accounts and books of the research park corporation, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing, and the certified public accountant shall make a determination as to whether the research park corporation has complied with the provisions of the University Research Park and Economic Development Act. The person performing the audit shall furnish copies of the audit report to the regents of the university and the secretary of state, where they shall be placed on file and made available for inspection by the general public.
B. Subject to the provisions of any contract with bondholders or noteholders, a research park corporation shall prescribe a system of accounts.
C. The costs of audits and examinations performed pursuant to this section shall be paid by the research park corporation.
History:
Laws 1989, ch. 264, § 17; 2007, ch. 247, § 14; 2013, ch. 75, § 13.
ANNOTATIONS
The 2013 amendment,
effective July 1, 2013, required that the auditor furnish a copy of the audit of a research park corporation to the secretary of state; and in Subsection A, in the third sentence, after "university and the" deleted "public regulation commission" and added "secretary of state".
The 2007 amendment,
effective June 15, 2007, changed the name of the act and changed state corporation commission to public regulation commission.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-18 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1991, ch. 220, § 6 repealed 21-28-18 NMSA 1978, as enacted by Laws 1989, ch. 264, § 18, relating to investment of funds, effective June 14, 1991. For provisions of former section,
see
the 1990 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-19 - Gifts by persons, corporations, institutions and associations.

A. Any person or domestic corporation or association may make contributions or gifts, grants, bequests, devises or loans to a research park corporation.
B. Any university or nonprofit corporation having funds available for research and development, regardless of the provisions of its charter, certificate of incorporation or other articles of organization including bylaws, may loan the funds to a research park corporation under such terms and conditions as may be mutually agreed upon for the purposes of a research park.
History:
Laws 1989, ch. 264, § 19.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-20 - Conflicts of interest.

A. If any director, officer or employee of a research park corporation is interested either directly or indirectly or is an officer or employee of or has any ownership interest in any firm or legal entity interested directly or indirectly in any contract with the research park corporation, except for any agency, instrumentality, department or political subdivision of the state, such interest shall be disclosed to and shall be set forth in the minutes of the research park corporation that is a party to the contract. The director, officer or employee having that interest shall not participate on behalf of the research park corporation in the authorization of the contract.
B. No director, officer or employee of a research park corporation or state officer shall accept any gratuities in connection with the issuance of bonds under the University Research Park and Economic Development Act, nor shall that individual be reimbursed for expenses incident to the issuing of bonds except such expenses as are reimbursed as provided under the provisions of rules of the regents.
C. Nothing in this section shall prohibit an officer, director or employee of a financial institution from participating as a member of the board of directors of a research park corporation in setting general policies of the research park corporation, nor shall any provision of this section be construed as prohibiting a financial institution of New Mexico from making loans guaranteed pursuant to the provisions of the University Research Park and Economic Development Act because an officer, director or employee of the financial institution serves as a member of the board of directors of the research park corporation.
D. Any person who violates the provisions of this section is guilty of a misdemeanor and shall be sentenced for a definite term of less than one year, a fine of one thousand dollars ($1,000), or both.
History:
Laws 1989, ch. 264, § 20; 2007, ch. 247, § 15.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-21 - Dissolution of research park corporation.

On termination or dissolution of a research park corporation, all rights and properties of the research park corporation shall pass to and be vested in the university which formed the research park corporation, subject to the rights of any bondholders, lienholders, creditors or ownership interests in the research park corporation.
History:
Laws 1989, ch. 264, § 21; 1991, ch. 220, § 5.
ANNOTATIONS
The 1991 amendment,
effective June 14, 1991, substituted "creditors or ownership interests in the research park corporation" for "and other creditors or any holder of equity interests in a research park corporation" at the end of the section.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-22 - Agreement with the state.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the University Research Park and Economic Development Act that the state will not limit or alter the rights hereby vested in the research park corporation by that act to fulfill the terms of any agreement made with the holders thereof or in any way impair the rights and remedies of those holders until the bonds or notes, together with the interest thereon, 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. A research park corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds or notes.
History:
Laws 1989, ch. 264, § 22; 2007, ch. 247, § 16.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-23 - Work to conform to federal law when aided by federal appropriations.

In the event of congress making appropriations for the conduct of work similar to that specified in the University Research Park and Economic Development Act, the work of the research park shall conform to the requirements imposed as the conditions for those federal appropriations in order that the work of the research park may be aided and extended by means of those federal appropriations for scientific, engineering and industrial research.
History:
Laws 1989, ch. 264, § 23; 2007, ch. 247, § 17.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the name of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 28 - University Research Park and Economic Development › Section 21-28-24 - Contracts involving officers or employees of educational institutions and state agencies or political subdivisions.

A research park corporation shall not enter into any contract involving services or property of a value in excess of twenty thousand dollars ($20,000) with an employee of the university or with a business in which the employee has a controlling interest, except as provided in Section 21-28-25 NMSA 1978 if the employee has a controlling interest, unless the president of the university or the president's designee makes a determination, in writing, that the employee is able to provide services that are not readily available from another person or is able to provide services that are less expensive or of higher quality than is otherwise available.
History:
Laws 1989, ch. 264, § 24; 2007, ch. 247, § 18.
ANNOTATIONS
The 2007 amendment,
effective June 15, 2007, changed the statutory reference to Section 25 of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 29 - Western Interstate Commission on Higher Education Loans for Service › Section 21-29-1 - Short title.

This act [21-29-1 to 21-29-6 NMSA 1978] may be cited as the "WICHE Loan for Service Act".
History:
Laws 1997, ch. 126, § 1.
ANNOTATIONS
Cross references.
— For Teacher Loan for Service Act,
see
21-22E-1 NMSA 1978 et seq.
For the Western Regional Cooperation in Higher Education Compact,
see
Chapter 11, Article 10 NMSA 1978.
Effective dates.
— Laws 1997, ch. 126, § 9 makes the WICHE Loans for Service Act effective on July 1, 1997.
Applicability.
— Laws 1997, ch. 126, § 8 makes the WICHE Loans for Service Act applicable to contracts entered into with students on or after the effective date of the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 29 - Western Interstate Commission on Higher Education Loans for Service › Section 21-29-2 - Definitions.

As used in the WICHE Loan for Service Act:
A. "commission" [department] means the commission on higher education [higher education department]; and
B. "student" means a New Mexico resident who is a graduate of a New Mexico high school or has resided in New Mexico for three consecutive years immediately preceding application to the program and who attends or is about to attend a graduate or professional program of education through the auspices of the Compact for Western Regional Cooperation in Higher Education [11-10-1 NMSA 1978].
History:
Laws 1997, ch. 126, § 2; 1998, ch. 110, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
The 1998 amendment,
effective May 20, 1998, in Subsection B, inserted "or has resided in New Mexico for three consecutive years immediately preceding application to the program" near the middle of the subsection.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 29 - Western Interstate Commission on Higher Education Loans for Service › Section 21-29-4 - Commission [department] powers and duties; contracts.

A. The commission [department] may:
(1) arrange with other agencies for the performance of services required by the provisions of Section 3 [21-29-3 NMSA 1978] of the WICHE Loan for Service Act;
(2) sue in its own name for any balance due the state from a student on a contract;
(3) cancel a contract made between it and a student for a reasonable cause deemed sufficient by the commission [department]; and
(4) adopt regulations to implement the provisions of the WICHE Loan for Service Act.
B. The commission [department] shall make an annual report to the governor and the legislature prior to the regular session of its activities pursuant to the WICHE Loan for Service Act, including loans granted and paid back or fulfilled through the practice of a profession in New Mexico; a list of the schools or colleges attended by those receiving loans; and any other information the commission [department] deems pertinent.
C. The general form of the contract provided for in Section 3 of the WICHE Loan for Service Act shall be prepared and approved by the attorney general and signed by the student and a designee of the commission [department] on behalf of the state.
History:
Laws 1997, ch. 126, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Effective dates.
— Laws 1997, ch. 126, § 9 makes the WICHE Loans for Service Act effective on July 1, 1997.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 29 - Western Interstate Commission on Higher Education Loans for Service › Section 21-29-5 - Fund created; method of payment.

The "WICHE loan for service fund" is created in the state treasury. All money appropriated for loans to students participating in the student exchange program of the western interstate commission on higher education [higher education department] shall be credited to the fund. All payments of principal and interest on loans made pursuant to the WICHE Loan for Service Act shall be credited to the fund. All payments of money for loans shall be made upon vouchers signed by the designated representative of the commission [department] and warrants drawn by the secretary of finance and administration.
For the 1997-98 fiscal year, seventy thousand dollars ($70,000) is appropriated from the nursing-loan-for-service fund to the commission on higher education [higher education department] from collections generated in excess of the amount received and budgeted for the 1997-98 fiscal year. This appropriation shall be used to support the operation and administration of the program, including paying support fees for students currently enrolled in the WICHE program.
History:
Laws 1997, ch. 126, § 5.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Effective dates.
— Laws 1997, ch. 126, § 9 makes the WICHE Loans for Service Act effective on July 1, 1997.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 29 - Western Interstate Commission on Higher Education Loans for Service › Section 21-29-6 - Cancellation.

The commission [department] may cancel a contract with a student for reasonable cause deemed sufficient by the commission [department].
History:
Laws 1997, ch. 126, § 6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Effective dates.
— Laws 1997, ch. 126, § 9 makes the WICHE Loans for Service Act effective on July 1, 1997.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-1 - Short title.

Sections 2 through 11 [21-30-1 to 21-30-10 NMSA 1978] of this act may be cited as the "University Athletic Facility Funding Act".
History:
Laws 2007, ch. 117, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-2 - Definitions.

As used in the University Athletic Facility Funding Act:
A. "athletic facility revenues" means rentals, receipts, fees or other charges imposed by and paid to a university for the rights to use, operate or manage a university athletic facility by any person;
B. "athletic facility surcharge" means a surcharge to be included in each vendor contract on tickets, parking, souvenirs, concessions, programs, advertising, merchandise, corporate suites or boxes, broadcast revenues and all other products or services sold at or related to a university athletic facility or related to activities occurring at a university athletic facility;
C. "board" means the board of regents of a university;
D. "bonds" means athletic facility revenue bonds issued by a university to pay for some or all of the costs of designing, purchasing, constructing, remodeling, rehabilitating, renovating, improving, equipping and furnishing a university athletic facility;
E. "president" means the president of a university or a person designated by the president of a university;
F. "university" means a four-year post-secondary educational institution confirmed by Article 12, Section 11 of the constitution of New Mexico and the main campus of which is located in a class A county;
G. "university athletic facility" means an indoor or outdoor athletic facility, including buildings and related improvements, primarily designed and intended for university sporting events, but also available for non-university sporting events and university and community cultural, educational and entertainment events;
H. "vendor" means every person, corporation, partnership or other entity, including a division or department of a university, providing products or services sold at or related to a university athletic facility; and
I. "vendor contract" means a written arrangement between a university and a vendor pursuant to which the vendor provides products or services sold at or related to the university athletic facility.
History:
Laws 2007, ch. 117, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-4 - Athletic facility revenue bonds; full authority to issue; bonds are legal investments.

A. The University Athletic Facility Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of athletic facility revenue bonds, which bonds shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders of the bonds for value.
B. Athletic facility revenue bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money.
History:
Laws 2007, ch. 117, § 5.
ANNOTATIONS
Emergency clause.
— Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-5 - Bonds tax exempt.

All athletic facility revenue bonds shall be exempt from taxation by the state or any of its political subdivisions.
History:
Laws 2007, ch. 117, § 6.
ANNOTATIONS
Emergency clauses.
— Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-6 - Authorization of surcharge and other fees; use of proceeds; transfer.

A. The board may establish by resolution an athletic facility surcharge of not less than five percent but not to exceed twenty-five percent of the revenues received by a vendor pursuant to each vendor contract entered into by the university.
B. The athletic facility surcharge shall be imposed only for the period necessary for payment of principal and interest on the bonds issued to accomplish the purpose for which the revenue is dedicated, but the period shall not exceed thirty years from the date of the resolution imposing the surcharge.
C. A university that has established an athletic facility surcharge shall include the surcharge in the terms of each vendor contract into which it enters.
D. A university may establish charges and fees deemed necessary by the board or the president for the use, operation or management of a university athletic facility by a person other than the university.
History:
Laws 2007, ch. 117, § 7.
ANNOTATIONS
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 30 - University Athletic Facility Funding Act › Section 21-30-7 - Collection of athletic facility surcharge; remittance to university.

A. Upon the sale of a product or service subject to the athletic facility surcharge, a vendor shall collect the athletic facility surcharge from the purchaser of that product or service on behalf of the university and shall act as a trustee for the surcharge receipts. A purchaser of a product or service subject to the athletic facility surcharge shall be charged separately for the athletic facility surcharge from the cost of the product or service, or the vendor shall institute accounting controls or procedures sufficient to identify the amount of the surcharge owed to a university for each sale, transaction or exchange subject to the surcharge. Receipts from the athletic facility surcharge shall be remitted by a vendor to the president no later than the tenth day of the month following the collection of the surcharge.
B. The president shall deposit university athletic facility revenues and athletic facility surcharge receipts into the athletic facility bonding fund and act as trustee of the revenue on behalf of bondholders pursuant to the University Athletic Facility Funding Act so long as any bonds remain outstanding.
History:
Laws 2007, ch. 117, § 8.
ANNOTATIONS
Emergency clauses.
— Laws 2007, ch. 117, § 12 contained an emergency clause and was approved March 30, 2007.