reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-2 - Findings and declarations of necessity.

A. It is found and declared that there exists a substantial financial market for a public body's public securities structured for short-term interest rates which traditionally bear a lesser rate of interest than long-term public securities; that public bodies of this state have not been provided with statutory authority to take advantage of such lower interest rates which has resulted in public bodies paying higher interest rates on their public securities, exacting an unnecessary financial premium from the public bodies and the residents of this state, and impairing the public bodies' ability to obtain responsible, low cost financing for the promotion of the health, safety, security and general welfare of the citizens of the public bodies and of the peoples of the state of New Mexico; that it is a matter of state policy and concern that public bodies shall not continue to pay interest on their public securities at rates higher than those available on bonds issued under the Public Securities Short-Term Interest Rate Act, and that unnecessary consumption of the public bodies' revenue be prevented.
B. It is a matter of state policy and concern that public bodies be provided flexibility in structuring their public securities to take advantage of lower interest rates offered in financial markets for all types and kinds of public securities; that public bodies be authorized and empowered to issue public securities which provide for short-term interest rates, variable interest rates, renewals and refundings of such securities, giving holders the right to put the public security for repurchase before maturity, with related accompanying provisions, and other features which will enhance the marketability of public securities and result in a lower interest cost to the public body.
C. The legislature finds that the ability to take advantage of lower interest rates accorded to public securities structured for short-term interest rates is appropriate for the public bodies of this state because of the size and magnitude of the financing required to support the public bodies. The legislature further finds and declares that the strategies and methods for solving the financing problems of public bodies differ from those in other counties, cities, towns and villages of the state, and it is necessary to authorize public bodies additional powers and flexibility because of the nature and size of their problems and because the governments and governing bodies of such public bodies have sufficient staff to meet and deal with those problems.
History:
Laws 1983, ch. 161, § 2; 1986, ch. 60, § 2.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-3 - Legislative intent.

A. It is the intent of the legislature by the passage of the Public Securities Short-Term Interest Rate Act to authorize public bodies to structure their public securities so as to take advantage of the lower interest rates accorded to public securities structured for short-term interest rates by providing for short-term maturities, variable interest rates, renewals and refundings of the public securities, giving holders the right to put the public securities for repurchase before maturity, and other features which will enhance the marketability of public securities and lower the interest cost; all of which will promote the health, safety, security and general welfare of the citizens thereof and of the people of the state of New Mexico.
B. It is the further intent of the legislature to vest public bodies with all powers that may be necessary to enable them to accomplish such purposes, which powers shall in all respects be exercised for the benefit of the inhabitants of this state and public bodies of this state for the promotion of their health, safety, security, welfare, convenience and prosperity.
C. It is the further intent of the legislature that the provisions of the Public Securities Short-Term Interest Rate Act be available for all bonds authorized to be issued pursuant to any law of this state, including general obligation bonds, revenue bonds or any other bonds however secured.
History:
Laws 1983, ch. 161, § 3; 1986, ch. 60, § 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-4 - Definitions.

As used in the Public Securities Short-Term Interest Rate Act, unless the context otherwise requires:
A. "bond" means any bond, debenture, note, refunding or renewal bond or note, warrant or other security evidencing an obligation authorized to be issued by a public body pursuant to any provision of law of this state, including the Public Securities Short-Term Interest Rate Act;
B. "governing body" means the city council or other body or officer of a public body in which the legislative powers are vested;
C. "indebtedness" means any debt evidenced by a bond issued by a public body pursuant to any law of this state that constitutes a debt for the purposes of Section 12 or 13 of Article 9 of the constitution of New Mexico and the issuance of which must be submitted to a vote of the qualified electors of the public body pursuant to those sections and any bond issued for the purpose of paying or refunding any such bond;
D. "bond legislation" means an ordinance or a resolution or other appropriate enactment adopted by a governing body of a public body providing for the authorization or sale of bonds and any trust agreement, credit agreement, letter of credit, reimbursement agreement or other credit facility, dealer agreement, issuing or paying agent agreement, purchase commitment agreement, escrow agreement, remarketing agreement, index agent agreement or other agreement with respect to the bonds to which the public body or trustee for the bonds is a party; and
E. "public body" means any municipality, any county, any school district, any special district, any H class county located in New Mexico, the New Mexico hospital equipment loan council, state institutions enumerated in Section 6-13-2 NMSA 1978, the water quality control commission, the state board of finance, the New Mexico finance authority or the state.
History:
Laws 1983, ch. 161, § 4; 1984, ch. 33, § 1; 1986, ch. 60, § 4; 1987, ch. 144, § 1; 1991, ch. 172, § 1; 1992, ch. 61, § 34; 1995, ch. 141, § 14.
ANNOTATIONS
Cross references.
— For H class counties,
see
4-44-3 NMSA 1978.
For New Mexico hospital equipment loan council,
see
58-23-5 NMSA 1978 et seq.
The 1995 amendment,
effective April 5, 1995, inserted "any county, any school district, any special district" in Subsection E.
The 1992 amendment,
effective March 9, 1992, inserted "the New Mexico finance authority" in Subsection E.
The 1991 amendment,
effective April 4, 1991, in Subsection E, added "the water quality control commission, the state board of finance or the state" at the end, made a related stylistic change, and made a minor stylistic change in Subsection C.
The 1987 amendment,
effective June 19, 1987, in Subsection E, deleted "with a population in excess of twenty-five thousand according to the most recent federal decennial census, any home rule municipality" following "means any municipality" near the beginning of the subsection.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-5 - Applicability.

Every public body authorized to issue any bonds under any of the laws of the state for any purpose may use the provisions of the Public Securities Short-Term Interest Rate Act with respect to such bonds.
History:
Laws 1983, ch. 161, § 5.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-7 - Variable rate demand bonds.

A public body may issue bonds, including variable rate demand general obligation bonds, with any of the following provisions:
A. the owners or holders of the bonds may be granted the right to demand payment of principal and accrued interest prior to the maturity of such bonds at a designated time or at designated times, or upon a specified period of notice by such owner or holder, at par or at such other amount as is provided for in or pursuant to the bond legislation;
B. the owners or holders of the bonds may be granted the right to deliver, or put, the bonds to the public body or to a designated party for purchase by the public body or such party at par and accrued interest or such other price as is provided for in or pursuant to the bond legislation;
C. the public body may contract with a bank, investment banker or other capable party for the remarketing of bonds as to which the owners or holders have exercised such demand or put rights;
D. the bond legislation may provide for variable interest rates to be paid on the bonds, changing from time to time in accordance with one or more formulas, indices, data or procedures as provided for in the bond legislation, provided that where variable interest rates are provided for with respect to indebtedness, the bond legislation shall also prescribe a stated maximum net effective interest rate or rates for different maturities and, if necessary, for credit facilities used pursuant to the authority granted by Section 6-18-8 NMSA 1978;
E. the public body may contract with a competent party to provide an index or indices in relation to which the interest rate of the bonds may be determined from time to time;
F. bonds with provisions under which the holders or owners may demand payment or put the bonds for purchase or repurchase at any time within one year from the date of such bonds, whether or not such rights may also be exercised after such period, may be sold by competitive or negotiated sale;
G. the public body may contract with others to provide to the public body or to the holders or owners of the bonds, or to a trustee or agent on their behalf, a standby or fixed commitment to purchase those bonds at prices provided in or pursuant to such contracts; and
H. the provisions of Subsections B, C, D, E, G, H, I and J of Section 6-18-6 NMSA 1978 are applicable to bonds issued under this section, notwithstanding such bonds may have maturities in excess of two years.
History:
Laws 1983, ch. 161, § 7; 2005, ch. 158, § 3.
ANNOTATIONS
The 2005 amendment,
effective June 17, 2005, permitted a public body to issue variable rate demand general obligation bonds.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-8 - Credit facilities.

With respect to any bonds issued under the provisions of Section 6 or 7 [6-18-6 or 6-18-7 NMSA 1978] of the Public Securities Short-Term Interest Rate Act, the public body may, by the use of credit facilities, provide for:
A. additional security for such bonds;
B. a primary or contingent source of payment of or reimbursement for the principal of, interest or any redemption premium on the bonds, or the purchase price upon a put or call, as the case may be, and related costs, with respect to such bonds; and
C. contracts for the purchase or repurchase of bonds.
In connection therewith, the public body may enter into reimbursement agreements, credit agreements, escrow agreements and such other contracts and agreements as are appropriate, pursuant to authorization by the governing body. The public body may do all things as are necessary or appropriate and permitted by law to carry out such agreements, arrangements and contracts, including the issuance of bonds under authority of law, including the Public Securities Short-Term Interest Rate Act, in consideration of advances made under such agreements, arrangements and contracts. The governing body may assign or direct the assignment of the right of the public body with respect to such credit facilities, and may authorize designated agents, or parties, or officers of the public body, to draw upon such credit facilities for the purposes stated in this section.
History:
Laws 1983, ch. 161, § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-9 - Trust agreements.

The public body may, with respect to any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act, enter into trust agreements for the better security of such bonds with any corporate trustee and provide therein for the rights and limitations on rights of the holders and owners of bonds.
History:
Laws 1983, ch. 161, § 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-10 - General provisions.

A. The bond legislation for any bonds authorized under the Public Securities Short-Term Interest Rate Act may make or authorize provision for any of the following:
(1) the call of the bonds for redemption prior to maturity at the option of the public body or at the option of the owner or holder, the redemption prices to be paid on stated dates of redemption, and other terms and conditions of redemption;
(2) the use of facsimiles of the signatures of all officers of the public body required or permitted or sign the bonds if authentication of the bonds, by manual signature, by a trustee or other agent is provided for as a condition of the validity of the bonds, and no such bonds shall be valid unless authenticated, and, if applicable, for the use of a facsimile of the seal of the public body;
(3) the manner of giving notice by publication or otherwise, and the time and effect thereof;
(4) designating agents for receipt of notice or service in other states;
(5) the filing and renewal of any financing statements in any jurisdiction under the Uniform Commercial Code [Chapter 55 NMSA 1978] or comparable law; and
(6) any matter related or incidental to authority elsewhere granted in the Public Securities Short-Term Interest Rate Act and deemed by the legislative body to be necessary or convenient to carry out the purpose of that act.
B. The issuance of the initial bonds under the Public Securities Short-Term Interest Rate Act within the time periods provided for in Section 6-15-9 or Subsection F [Subsection J] of Section 3-31-1 NMSA 1978 or in any other applicable law relating to time limitations on the issuance of bonds shall constitute compliance with any such law as to such bonds and any renewal, refunding or remarketing of such bonds or of such renewal or refunding bonds, notwithstanding that the renewal or refunding bonds are issued or the remarketing of such bonds occurs after such period.
C. Any maximum maturities for bonds provided for by law which otherwise would be applicable to bonds issued under the Public Securities Short-Term Interest Rate Act shall limit the maturities of bonds issued under that act.
D. The remarketing of indebtedness after a demand for payment or delivery or put for purchase or repurchase shall not be deemed to be a new issuance of the indebtedness but shall constitute a continuance of the original indebtedness.
History:
Laws 1983, ch. 161, § 10.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Following the amendment of 3-31-1 NMSA by Laws 1983, Chapter 57, Laws 1995, Chapter 141, and Laws 1998, Chapter 90, the reference to Subsection F of 3-31-1 NMSA 1978 should be to Subsection J of 3-31-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-11 - Costs.

The public body may pay the fees and expenses of, and costs for, agents, trustees, attorneys, credit facilities, placement and sale of bonds, and all other costs and expenses incurred in the authorization, issuance, sale, delivery, call, purchase, remarketing, registration, transfer, exchange, administration and payment of the bonds and interest thereon from the proceeds of the bonds, from sources lawfully available for payment of principal of and interest on the bonds, and from any other sources lawfully available for the purpose, subject to the provisions of the bond legislation and any applicable limitations on indebtedness.
History:
Laws 1983, ch. 161, § 11.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-12 - Provisions for interest payments; tax levy.

A. Subject to any applicable limitations on indebtedness, with respect to refunding bonds, there may be included in the principal amount, and paid from the proceeds, of bonds issued pursuant to the Public Securities Short-Term Interest Rate Act capitalized interest for three years or such longer period as may otherwise be authorized by law. The proceeds of any levy of property taxes to the extent levied for interest on indebtedness for any period of time covered by such capitalized interest may be used to reimburse the improvement fund for the previous payment of interest from such fund.
B. To the extent that bonds issued pursuant to the Public Securities Short-Term Interest Rate Act constitute indebtedness, the officials now or hereafter charged by law with the duty of levying general (ad valorem) taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the payments of principal and interest on such bonds maturing. Nothing herein contained shall be so construed as to prevent the municipal corporation from applying any other funds that may be in the treasury or investment income actually received from sinking fund investments and available for that purpose, or the proceeds of renewal or refunding bonds or any other funds lawfully available therefor to the payment of the interest on or the principal of or any prior redemption premium in connection with such bonds as the same become due; and the levy or levies of taxes may be diminished to the extent such other revenues are or will be available for the payment of principal and interest of the bonds. Any levy of property taxes for interest on indebtedness for any year may be for the maximum interest that may be payable under the applicable bond legislation in the year in which such levy is collected. If, after provision for payment of interest in that year, there is any amount remaining from the collection of property taxes levied for such interest, it shall be used in succeeding years for the payment of interest on the bonds, and the levy for the succeeding years to provide money for the payment of principal of and interest on the bonds shall be reduced accordingly, except that any such remainder may be used at any time for payment of principal of the bonds if and to the extent permitted by the bond proceedings, provided that the bond legislation shall permit the eventual application of all money collected from such levies to the payment of principal of and interest on indebtedness.
History:
Laws 1983, ch. 161, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-13 - Finding of necessity by local governments.

No public body shall exercise any of the powers conferred by the Public Securities Short-Term Interest Rate Act or issue any bonds pursuant hereto until after its local governing body shall have adopted a resolution finding that:
A. the issuance of bonds under that act will result in a savings in interest cost to the public body; and
B. the issuance by the public body of bonds under that act is necessary in the interest of the public health, safety, morals or welfare of the residents of the public body.
History:
Laws 1983, ch. 161, § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-14 - Interest; refunding; approval by local government; additional findings.

Bonds issued under the Public Securities Short-Term Interest Rate Act are not subject to any limitations on interest rates or net effective interest rates or interest rate approval requirements contained in any other laws of this state provided that:
A. the bond legislation shall contain findings by the governing body that any fixed rate or rates of interest or discount on the bonds, or in the case of a variable rate or rates of interest, that the maximum rate or method of determining the maximum rate, and that the maximum net effective interest rate on the bonds, are reasonable under existing or anticipated bond market conditions and necessary and advisable for the marketing and sale of the bonds. The bond legislation shall declare that the governing body has considered all relevant information and data in making its findings. The findings and declarations in the bond legislation shall constitute conclusive authority for the public body to issue the bonds within the interest rate limitations set forth herein and in the bond legislation; and
B. any bonds issued pursuant to the Public Securities Short-Term Interest Rate Act to renew, or fund or refund, any prior issue of bonds, in whole or in part, may be issued notwithstanding the provisions of any other laws of the state, provided that bond legislation pertinent to the bonds shall contain findings that the issuance of such bonds is necessary or advisable, and the amount of such bonds which it is deemed necessary and advisable to issue. The determination of necessity or advisability contained in the bond legislation shall constitute conclusive authority for the public body to issue any such renewal, funding or refunding bonds and no additional approval of any department, board or other officer of the state or any other official approval is required.
History:
Laws 1983, ch. 161, § 14.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-15 - Liberal construction; alternative authority.

The authority granted by the Public Securities Short-Term Interest Rate Act shall be liberally construed so that the purposes and powers provided for may be carried out in effective, efficient and convenient manners by public bodies. The authority granted by that act is supplemental to and provides alternatives for authority granted by other law, and a public body shall have the authority to exercise powers under that act notwithstanding inconsistent provisions of other laws, or may elect to use the authority of that act in part and the authority of other laws in part with respect to an issue of bonds. Home rule municipalities may, at their option, use the provisions of that act for any bonds they are authorized to issue, but nothing herein shall be deemed to restrict their home rule powers.
History:
Laws 1983, ch. 161, § 15.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 18 - Public Securities Short-Term Interest Rates › Section 6-18-16 - No action maintainable.

No action or proceeding, at law or in equity, to review any bond legislation, or to question the validity or enjoin the performance of any bond legislation, bond or act, or the issuance of any bond authorized by the Public Securities Short-Term Interest Rate Act, or for any other relief against the public body, the owners or holders of bonds or any party to any bond legislation, or against any acts or proceedings done or had under that act, whether based upon irregularities or jurisdictional defects, shall be maintained, unless commenced within thirty days after the initial authorization by the governing body of the bonds, or else be thereafter perpetually barred.
History:
Laws 1983, ch. 161, § 16.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-1 - Short title.

This act [6-19-1 to 6-19-18 NMSA 1978] may be cited as the "Economic Advancement District Act".
History:
Laws 1987, ch. 115, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
56 Am. Jur. 2d Municipal Corporations §§ 542, 543; 64 Am. Jur. 2d Public Securities and Obligations §§ 107 to 109.
64 C.J.S. Municipal Corporations §§ 1907 to 1909; 81A C.J.S. States §§ 205, 208, 212.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-2 - Definitions.

As used in the Economic Advancement District Act:
A. "board of trustees" means the governing board of the economic advancement district;
B. "district" means an economic advancement district which is composed of contiguous and compact areas whose boundaries coincide and are concurrent with the territorial areas of one or more school districts of the state lying wholly within any B or C class county;
C. "mortgage" means a mortgage or a mortgage and deed of trust or the pledge and hypothecation of any assets as collateral security;
D. "project" means any land and building or other improvements thereon, to be located within the district in whole or in part, and all real and personal properties deemed necessary in connection with a project, whether or not now in existence, which shall be suitable for use by the following or by any combination thereof:
(1) any industry for the manufacturing, processing or assembling of any agricultural or manufactured products;
(2) any commercial enterprise involved in storing, warehousing, distributing or selling products of agriculture, mining or industry, but which does not include facilities designed for the sale of goods or commodities at retail or distribution to the public of electricity, gas, water or telephone or other services commonly classified as public utilities;
(3) any business in which all or part of the activities of the business involves the supplying of services to the general public or to governmental agencies or to a specific industry or customer, but does not include establishments primarily engaged in the sale of goods or commodities at retail;
(4) any private institution of higher education or any nonprofit corporation engaged in health care services, including nursing homes; or
(5) any water distribution or irrigation system, including without limitation, pumps, distribution lines, transmission lines, towers, dams and similar facilities and equipment designed to provide water to any commercial agricultural activity;
E. "property" means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to the project; and
F. "qualified elector" means a natural person resident in a proposed or existing district who is registered to vote in state general elections.
History:
Laws 1987, ch. 115, § 2; 1988, ch. 86, § 1.
ANNOTATIONS
The 1988 amendment,
effective March 8, 1988, in Subsection B, substituted "within any B or C class county" for "within a B class county having a net taxable value in the 1986 property tax year or of any subsequent tax year of not less than one billion dollars ($1,000,000,000) nor more than one billion six hundred million dollars ($1,600,000,000)"; deleted "economic advancement" preceding "district" in Subsection F; and made a minor stylistic change.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-3 - Legislative intent.

It is the intent of the legislature by passage of the Economic Advancement District Act to authorize economic advancement districts to acquire, own, lease or sell projects for the purpose of promoting industry and trade, other than retail trade, for the enhancement of the economy of the area encompassed by the district and for the general economy of the state. It is the intent of the legislature that this be accomplished by the inducement of manufacturing, industrial and commercial enterprises to locate and expand in the district and in this state and by the promotion of agricultural products and natural resources of the district and the state.
History:
Laws 1987, ch. 115, § 3.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-6 - Board of trustees; compensation; payment authority; bond.

A. Each member of the board of trustees shall receive no compensation for the performance of his duties but shall be paid per diem and mileage for attendance at meetings of the board as provided in the Per Diem and Mileage Act [10-8-1 to 10-8-8 NMSA 1978] for nonsalaried public officials.
B. Each member of the board of trustees shall furnish a corporate surety bond in the penal sum of ten thousand dollars ($10,000) for the faithful performance of his duties and the accounting of all funds which shall come into his possession. The bond shall be paid for by and shall run to the benefit of the district.
C. All authorizations for the payment or expenditure of money in the possession of the district shall be signed by the chairman and the secretary-treasurer.
History:
Laws 1987, ch. 115, § 6.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-7 - Board of trustees; powers.

The board of trustees may:
A. perform all functions consistent and necessary to carry out the provisions and purposes of the Economic Advancement District Act;
B. receive and expend all funds accruing to the district pursuant to the provisions of the Economic Advancement District Act from the sale of bonds, the levy of taxes, the lease or sale of property, from any gift or bequest or from any federal, state or private grant;
C. enter into contracts;
D. adopt and use a seal to authenticate its official transactions;
E. sue and be sued;
F. adopt rules and regulations for the governing of the district;
G. issue bonds in the manner set forth by the provisions of the Economic Advancement District Act for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of such bonds as provided in the Economic Advancement District Act;
H. acquire, whether by construction, purchase, gift or lease, one or more projects which shall be located within the district or partially within or partially without the district; provided, no district shall operate any project as a business or in any manner except as lessor thereof;
I. sell or lease or otherwise dispose of any or all of its projects upon such terms and conditions as the board of trustees may deem advisable;
J. refinance one or more projects; and
K. make secured loans for projects as defined in the Economic Advancement District Act.
History:
Laws 1987, ch. 115, § 7.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-8 - Board of trustees; duties.

The board of trustees shall:
A. be the governing authority of the district;
B. comply with the provisions of law for local governments pertaining to the preparation and approval of budgets by the local government division of the department of finance and administration;
C. comply with the provisions of law pertaining to the audit of local governments by the state auditor; and
D. adopt rules and regulations for the operation of the district and comply with the provisions of the State Rules Act [Chapter 14, Article 4 NMSA 1978].
History:
Laws 1987, ch. 115, § 8.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-9 - General obligation bonds.

A. The board of trustees may issue general obligation bonds of the district for the purposes of:
(1) constructing, acquiring or purchasing property for a project;
(2) equipping, furnishing, remodeling or renovating property for a project;
(3) purchasing or acquiring real property deemed necessary for a project; and
(4) refunding outstanding general obligation bonded indebtedness.
B. The board of trustees shall comply with the requirements and procedures set forth in Section 6-15-1 NMSA 1978 with respect to the proposed issuance of general obligation bonds. The local government division of the department of finance and administration shall apply the procedures set forth in Section 6-15-2 NMSA 1978 to the proposed issuance of general obligation bonds by the district.
History:
Laws 1987, ch. 115, § 9.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-10 - General obligation bonds; interest; maturities.

A. General obligation bonds issued by a district shall mature not more than ten years from their date and be numbered from one upwards consecutively. Interest on all such bonds shall be payable either annually or semiannually as provided by resolution of the board of trustees; provided that the first installment of interest coming due may be for any period of time which shall not exceed one year from the date of the bonds.
B. The resolution authorizing the bonds may provide for the creation of a sinking fund to secure payment of principal and interest on the bonds and may provide for mandatory annual payments to be made to the sinking fund from the taxes levied and collected pursuant to the Economic Advancement District Act.
C. The board of trustees shall designate the maximum coupon rate of interest the general obligation bonds shall bear, which shall not be in excess of the maximum coupon rate which is permitted by the Public Securities Act [6-14-1 to 6-14-3 NMSA 1978], and shall designate the maximum net effective interest rate, which shall not exceed the maximum permitted by the Public Securities Act.
D. The procedure which shall be followed by the board of trustees for the sale of general obligation bonds shall be the same as that set forth in Section 6-15-5 NMSA 1978 for political subdivisions.
History:
Laws 1987, ch. 115, § 10; 1988, ch. 86, § 4.
ANNOTATIONS
The 1988 amendment,
effective March 8, 1988, substituted "ten years" for "twenty years" in the first sentence of Subsection A.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-11 - General obligation bonds; imposition of tax.

A. The officials now or hereafter charged by law with the duty of levying ad valorem taxes for the payment of bonds and interest shall, in the manner provided by law, make an annual levy sufficient to meet the annual or semiannual payments of principal and interest on the maturing general obligation bonds or the refunding bonds or the mandatory sinking fund payments, if such fund is created by the board of trustees from the revenues derived from the tax created upon the formation of the economic advancement district.
B. The provisions of Subsection A of this section shall not be construed as to prevent the district from applying any other funds that it may have, or investment income actually received from sinking fund investments and available for that purpose, to the payment of the interest and principal of or any prior redemption premium in connection with the bonds as they become due.
History:
Laws 1987, ch. 115, § 11.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
72 Am. Jur. 2d State and Local Taxation §§ 48 to 50.
84 C.J.S. Taxation §§ 13 to 17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-12 - Refunding bonds.

A. The board of trustees may issue bonds in the form determined by the board of trustees for the purpose of refunding any of the general obligation bonded indebtedness of the district which has or may hereafter become payable at the option of the district or by consent of the bondholder or by any lawful means.
B. The procedures set forth in Sections 6-15-11 through 6-15-22 NMSA 1978 shall govern the board of trustees with respect to the issuance, sale and payment of principal and interest on refunding bonds of the district.
History:
Laws 1987, ch. 115, § 12.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-13 - Revenue bonds.

A. The board of trustees may issue revenue bonds for the purpose of defraying the cost of acquiring, by construction and purchase, or either, any project and to secure the payment of the bonds as provided in Section 14 [6-19-14 NMSA 1978] of the Economic Advancement District Act.
B. Revenue bonds issued by a district shall not be the general obligation of the district within the meaning of Article 9, Sections 12 and 13 of the constitution of New Mexico. The bonds shall be payable solely out of the revenue derived from the projects for which the bonds are issued. Revenue bonds and interest coupons, if any, issued under authority of the Economic Advancement District Act shall never constitute an indebtedness of the district within the meaning of any state constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the district or a charge against its general credit or taxing powers, and such fact shall be plainly stated on the face of each bond.
C. The board of trustees may, in respect to such revenue bonds, determine:
(1) the time for execution and delivery of the bonds;
(2) the form and denomination of the bonds;
(3) the place or places where they are to be payable;
(4) the manner in which they should be evidenced;
(5) what provisions they shall contain, provided the provisions are not inconsistent with the Economic Advancement District Act; and
(6) whether they shall be sold at public or private sale.
History:
Laws 1987, ch. 115, § 13.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-14 - Security for revenue bonds.

The principal or interest on any revenue bonds issued under authority of the Economic Advancement District Act shall be secured by a pledge of the revenues out of which such bonds shall be made payable, may be secured by a mortgage covering all or any part of the project from the revenues so pledged and may be derived and may be secured by a pledge of the lease of the project.
History:
Laws 1987, ch. 115, § 14.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-15 - Requirements respecting lease.

Prior to the leasing of any project, the board of trustees shall determine and find the following:
A. the amount necessary in each year to pay the principal of and the interest on the revenue bonds proposed to be issued to finance the project; and
B. the amount necessary to be paid each year into any reserve funds which the board of trustees may deem it advisable to establish in connection with the retirement of the proposed revenue bonds and the maintenance of the project and, unless the terms under which the project is to be leased provide that the lessee shall maintain the project and carry all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured. The determinations and findings of the board of trustees required by this section shall be set forth in the proceedings under which the proposed revenue bonds are to be issued, and prior to the issuance of the bonds, the district shall lease or sell the project to a lessee or purchaser under an agreement conditioned upon completion of the project and providing for payment to the district of such rentals or payments as, upon the basis of the determinations and findings, will be sufficient to:
(1) pay the principal of and interest on the revenue bonds issued to finance the project;
(2) build up and maintain any reserve deemed by the board of trustees to be advisable in connection with the project; and
(3) pay the costs of maintaining the project in good repair and keeping it properly insured, unless the agreement of lease obligates the lessee to pay for the maintenance and insurance of the project.
History:
Laws 1987, ch. 115, § 15.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-16 - Revenue bonds; refunding.

A. Any revenue bonds issued pursuant to the Economic Advancement District Act and at any time outstanding may at any time be refunded by a district by the issuance of refunding bonds, in the amount as the board of trustees may determine, to refund the principal of the revenue bonds, all unpaid accrued and unaccrued interest on the revenue bonds to their normal maturity date or to selected prior redemption dates, any redemption premiums, any commission and all estimated costs incidental to their issuance and to such refunding as may be determined by the board of trustees. The principal amount of the refunding bonds may be equal to, less than or greater than the principal amount of the bonds to be so refunded. Refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby; provided, that the holders of any bonds so to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are by terms subject to redemption. Any refunding bonds issued pursuant to this section shall be payable solely from the revenues out of which the bonds to be refunded may be payable or solely from those amounts derived from an escrow as provided in this section, including amounts derived from the investment of refunding bond proceeds and other legally available amounts or from any combination of the foregoing sources, and shall be secured in accordance with the provisions of the Economic Advancement District Act.
B. Proceeds of refunding bonds shall either be applied immediately to the retirement of the revenue bonds being refunded or be placed in escrow in a commercial bank or trust company which possesses and is exercising trust powers. Notwithstanding any provision to the contrary in any other statute, the escrowed proceeds may be invested in short-term securities, long-term securities or both.
History:
Laws 1987, ch. 115, § 16.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-17 - Nature of all bonds issued pursuant to act.

Bonds issued pursuant to the authority of the Economic Advancement District Act:
A. shall be legal investments for savings banks and insurance companies organized under the laws of this state; and
B. shall be exempt from all taxation by the state or any political subdivision thereof.
History:
Laws 1987, ch. 115, § 17.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 19 - Economic Advancement Districts › Section 6-19-18 - Dissolution of district.

A district shall be dissolved in the following manner:
A. there shall be submitted a petition for dissolution to the board of county commissioners signed by at least ten percent of the qualified electors residing within the district. Upon receipt of a proper petition, the board of county commissioners shall call a special election for the purpose of referring to the qualified electors residing in the district the question of dissolution and the board of trustees shall submit a plan for the dissolution of the district to the board of county commissioners for their approval;
B. if the board of county commissioners finds that a majority of the qualified electors voting on the issue of the special election have authorized the dissolution, the board of trustees shall proceed with the approved plan. Upon completion of the plan, the board of trustees shall submit a full report to the board of county commissioners; and
C. upon receipt of the final report of the board of trustees, the board of county commissioners shall examine the report to determine whether or not any outstanding obligations still exist and whether the terms of the approved plan have been accomplished. If, upon determination by the board of county commissioners, no obligations are yet outstanding and the provisions of the plan have been fulfilled, they shall formally declare the district dissolved.
History:
Laws 1987, ch. 115, § 18.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-1 - Short title.

Sections 1 through 12 [6-20-1 to 6-20-11 NMSA 1978] of this act may be cited as the "Private Activity Bond Act".
History:
Laws 1988, ch. 46, § 1.
ANNOTATIONS
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-3 - Allocation of state ceiling.

A. Until July 1 in any calendar year, forty percent of the state ceiling for the calendar year shall be allocated to state agencies as a group; provided, however, that such allocation shall be made in accordance with directives, rules or regulations governing the distribution of allocations to be established by the board.
B. Until July 1 in any calendar year, sixty percent of the state ceiling for the calendar year shall be allocated to issuing authorities that are not state agencies, as a group; provided, however, that such allocations shall be made in accordance with directives, rules or regulations governing the distribution of allocations to be established by the board.
C. On July 1 of each calendar year, the amount of any allocation issued by the board pursuant to Subsection A or B of Section 3 [this section] of the Private Activity Bond Act shall expire and shall be automatically set aside into the state private activity bond fund, except to the extent that an allocation has been used by an issuing authority prior to July 1 to issue private activity bonds or to make a mortgage credit certificate election.
D. From July 1 through December 31 in any calendar year the board shall prescribe the allocation of the state ceiling.
History:
Laws 1988, ch. 46, § 3.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.
2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 20 - Private Activity Bonds › Section 6-20-4 - Issuance of private activity bonds.

A. Except as otherwise provided in the Private Activity Bond Act, all private activity bonds issued by any issuing authority and all mortgage credit certificate elections made by an issuing authority on or after the effective date of the Private Activity Bond Act shall be issued or made pursuant to an unexpired allocation. An issuing authority may issue private activity bonds or make a mortgage credit certificate election using an allocation which has been carried forward from a prior year pursuant to Section 146(f) of the code without obtaining an allocation from the board; provided, however, that the issuing authority shall furnish the board with a confirmation stating that the private activity bonds were issued or the mortgage credit certificate election was made using volume cap which was carried forward from a prior year pursuant to Section 146(f) of the code.
B. At any time in any calendar year any issuing authority may submit to the board a request for allocation seeking an allocation from the state private activity bond fund with respect to a proposed issue of private activity bonds or a proposed mortgage credit certificate election.
History:
Laws 1988, ch. 46, § 4.
ANNOTATIONS
Compiler's notes.
— The phrase "effective date of the Private Activity Bond Act" means March 4, 1988, the effective date of Laws 1988, Chapter 46.
The phrase "Section 146(f) of the code" means 26 U.S.C.S. § 146(f) in the Internal Revenue Code of 1986.
See
6-20-2 NMSA 1978.
Applicability.
— Laws 1988, ch. 46, § 12, effective March 4, 1988, made the Private Activity Bond Act effective retroactive to January 1, 1988, and applicable to all private activity bonds issued after that date.