SENATE BILL 64
49th legislature - STATE OF NEW MEXICO - first session, 2009
INTRODUCED BY
Richard C. Martinez
FOR THE NEW MEXICO FINANCE AUTHORITY OVERSIGHT COMMITTEE
AN ACT
RELATING TO THE SPACEPORT; RENAMING THE SOUTHWEST REGIONAL SPACEPORT "SPACEPORT AMERICA" FOR TRADEMARKING PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 5-16-1 NMSA 1978 (being Laws 2006, Chapter 15, Section 1) is amended to read:
"5-16-1. SHORT TITLE.--[Sections 1 through 13 of this act] Chapter 5, Article 16 NMSA 1978 may be cited as the "Regional Spaceport District Act"."
Section 2. Section 5-16-2 NMSA 1978 (being Laws 2006, Chapter 15, Section 2) is amended to read:
"5-16-2. PURPOSES.--The purposes of the Regional Spaceport District Act are to:
A. serve the public by providing for the development of [a southwest regional] "Spaceport America";
B. allow multi-jurisdictional cooperation in the creation of [a southwest regional] Spaceport America;
C. provide for the promotion of [the southwest regional] Spaceport America; and
D. foster tourism in the cities and counties comprising the district."
Section 3. Section 5-16-6 NMSA 1978 (being Laws 2006, Chapter 15, Section 6) is amended to read:
"5-16-6. POWERS OF THE DISTRICT.--
A. A district is a body politic and corporate. In addition to other powers granted to the district pursuant to the Regional Spaceport District Act, the district may:
(1) have perpetual existence, except as otherwise provided in the contract;
(2) sue and be sued;
(3) enter into contracts and agreements affecting the affairs of the district;
(4) pledge all or a portion of the revenues to the payment of bonds of the authority; and
(5) construct, in connection with the authority, [a regional] Spaceport America within the boundaries of the district.
B. After the creation of a district, the board may include property within or exclude property from the boundaries of the district in the manner provided in this section. Property shall not be included within the boundaries of the district unless it is within the boundaries of the members of the combination at the time of the inclusion. Prior to inclusion of property in or exclusion of property from the boundaries of the district, the board shall cause notice of the proposed inclusion or exclusion to be published in a newspaper of general circulation within the boundaries of the district and cause the notice to be mailed to the authority. The notice shall:
(1) describe the property to be included in or excluded from the boundaries of the district;
(2) specify the date, time and place at which the board shall hold a public hearing on the proposed inclusion or exclusion; provided that the date of the public hearing contained in the notice shall be not less than twenty days after publication of the notice; and
(3) state that persons having objections to the inclusion or exclusion may appear at the public hearing to object to the proposed inclusion or exclusion.
C. The board shall hear all objections to the proposed inclusion or exclusion of property at the time and place designated in the notice. The board, upon the affirmative vote of two-thirds of the directors, may adopt a resolution including or excluding all or a portion of the property described in the notice. Upon the adoption of the resolution, the property shall be included within or excluded from the boundaries of the district as set forth in the resolution. The board may adopt the resolution without amending the district's enabling contract. The board shall file the resolution with the authority, which shall cause the resolution to be recorded in the real estate records of each county having territory included in the boundaries of the district."
Section 4. Section 5-16-7 NMSA 1978 (being Laws 2006, Chapter 15, Section 7) is amended to read:
"5-16-7. BONDS.--A district may enter into contracts with the authority pursuant to which the authority may issue bonds under the Spaceport Development Act for the purpose of financing the planning, designing, engineering and construction of [a regional] Spaceport America or a spaceport-related project. The district shall request that the authority issue bonds pursuant to resolution of the board, and the bonds shall be payable solely out of all or a specified portion of the revenues as designated by the board."
Section 5. Section 5-16-10 NMSA 1978 (being Laws 2006, Chapter 15, Section 10) is amended to read:
"5-16-10. COOPERATIVE POWERS.--A district may cooperate with a person to:
A. accept legitimate contributions or liens securing obligations of the district from the person with respect to the financing, planning, designing, engineering and construction of [a regional] Spaceport America and, in connection with a loan or advance, enter into contracts establishing the repayment terms;
B. enter into contracts regarding the financing, planning, designing, engineering and construction of [a regional] Spaceport America; and
C. enter into joint operating contracts with the authority concerning the financing, planning, designing, engineering and construction of [a regional] Spaceport America."
Section 6. Section 5-16-13 NMSA 1978 (being Laws 2006, Chapter 15, Section 13) is amended to read:
"5-16-13. USE OF REVENUE BY GOVERNMENTAL UNITS.--Each governmental unit that is a county or municipality and is a member of a combination shall have enacted a municipal regional spaceport gross receipts tax or a county regional spaceport gross receipts tax prior to December 31, 2008. At least seventy-five percent of the municipal regional spaceport gross receipts tax or county regional spaceport gross receipts tax revenues received by each governmental unit must be used by the district for the financing, planning, designing, engineering and construction of [a regional] Spaceport America. No more than twenty-five percent of the municipal regional spaceport gross receipts tax or county regional spaceport gross receipts tax revenues may be used by the governmental unit enacting the tax for spaceport-related projects as approved by resolution of the governmental unit."
Section 7. Section 58-31-2 NMSA 1978 (being Laws 2005, Chapter 128, Section 2) is amended to read:
"58-31-2. PURPOSE.--The purpose of the Spaceport Development Act is to:
A. encourage and foster development of the state and its cities and counties by developing spaceport facilities in New Mexico;
B. actively promote and assist public and private sector infrastructure development to attract new industries and businesses, thereby creating new job opportunities in the state;
C. create the statutory framework that will enable the state to design, finance, construct, equip and operate spaceport facilities necessary to ensure the timely, planned and efficient development of [a southwest regional] Spaceport America; and
D. promote educational involvement in spaceport activities and education and training of the work force to develop the skills needed for spaceport operations."
Section 8. Section 58-31-5 NMSA 1978 (being Laws 2005, Chapter 128, Section 5, as amended) is amended to read:
"58-31-5. AUTHORITY POWERS AND DUTIES.--
A. The authority shall:
(1) hire an executive director, who shall employ the necessary professional, technical and clerical staff to enable the authority to function efficiently and shall direct the affairs and business of the authority, subject to the direction of the authority;
(2) be located within fifty miles of [a southwest regional] Spaceport America;
(3) advise the governor, the governor's staff and the New Mexico finance authority oversight committee on methods, proposals, programs and initiatives involving [a southwest regional] Spaceport America that may further stimulate space-related business and employment opportunities in New Mexico;
(4) initiate, develop, acquire, own, construct, maintain and lease space-related projects;
(5) make and execute all contracts and other instruments necessary or convenient to the exercise of its powers and duties;
(6) create programs to expand high-technology economic opportunities within New Mexico;
(7) create avenues of communication among federal government agencies, the space industry, users of space launch services and academia concerning space business;
(8) promote legislation that will further the goals of the authority and development of space business;
(9) oversee and fund production of promotional literature related to the authority's goals;
(10) identify science and technology trends that are significant to space enterprise and the state and act as a clearinghouse for space enterprise issues and information;
(11) coordinate and expedite the involvement of the state executive branch's space-related development efforts; and
(12) perform environmental, transportation, communication, land use and other technical studies necessary or advisable for projects and programs or to secure licensing by appropriate United States agencies.
B. The authority may:
(1) advise and cooperate with municipalities, counties, state agencies and organizations, appropriate federal agencies and organizations and other interested persons and groups;
(2) solicit and accept federal, state, local and private grants of funds or property and financial or other aid for the purpose of carrying out the provisions of the Spaceport Development Act;
(3) adopt rules governing the manner in which its business is transacted and the manner in which the powers of the authority are exercised and its duties performed;
(4) operate spaceport facilities, including acquisition of real property necessary for spaceport facilities and the filing of necessary documents with appropriate agencies;
(5) construct, purchase, accept donations of or lease projects located within the state;
(6) sell, lease or otherwise dispose of a project upon terms and conditions acceptable to the authority and in the best interests of the state;
(7) issue revenue bonds and borrow money for the purpose of defraying the cost of acquiring a project by purchase or construction and of securing the payment of the bonds or repayment of a loan;
(8) enter into contracts with regional spaceport districts and issue bonds on behalf of regional spaceport districts for the purpose of financing the purchase, construction, renovation, equipping or furnishing of [a regional] Spaceport America or a spaceport-related project; (9) refinance a project;
(10) contract with any competent private or public organization or individual to assist in the fulfillment of its duties;
(11) fix, alter, charge and collect tolls, fees or rentals and impose any other charges for the use of or for services rendered by any authority facility, program or service; and
(12) contract with regional spaceport districts to receive municipal spaceport gross receipts tax and county regional spaceport gross receipts tax revenues.
C. The authority shall not:
(1) incur debt as a general obligation of the state or pledge the full faith and credit of the state to repay debt; or
(2) expend funds or incur debt for the improvement, maintenance, repair or addition to property unless it is owned by the authority, the state or a political subdivision of the state."
Section 9. Section 58-31-6 NMSA 1978 (being Laws 2005, Chapter 128, Section 6, as amended) is amended to read:
"58-31-6. SPACEPORT AUTHORITY--BONDING AUTHORITY--POWER TO ISSUE REVENUE BONDS.--
A. The authority may issue revenue bonds on its own behalf or on behalf of a regional spaceport district, for [regional] Spaceport America purposes and spaceport-related projects. Revenue bonds so issued may be considered appropriate investments for the severance tax permanent fund or collateral for the deposit of public funds if the bonds are rated not less than "A" by a national rating service and both the principal and interest of the bonds are fully and unconditionally guaranteed by a lease agreement executed by an agency of the United States government or by a corporation organized and operating within the United States, that corporation or the long-term debt of that corporation being rated not less than "A" by a national rating service. All bonds issued by the authority are legal and authorized investments for banks, trust companies, savings and loan associations and insurance companies.
B. The authority may pay from the bond proceeds all expenses, premiums and commissions that the authority deems necessary or advantageous in connection with the authorization, sale and issuance of the bonds.
C. Authority revenue bonds:
(1) may have interest or appreciated principal value or any part thereof payable at intervals determined by the authority;
(2) may be subject to prior redemption or mandatory redemption at the authority's option at the time and upon such terms and conditions with or without the payment of a premium as may be provided by resolution of the authority;
(3) may mature at any time not exceeding twenty years after the date of issuance if secured by revenue from the county or municipal regional spaceport gross receipts tax or thirty years if secured by revenue from other sources;
(4) may be serial in form and maturity; consist of one or more bonds payable at one time or in installments; or may be in such other form as determined by the authority;
(5) may be in registered or bearer form or in book-entry form through facilities of a securities depository either as to principal or interest or both;
(6) shall be sold for cash at, above or below par and at a price that results in a net effective interest rate that conforms to the Public Securities Act; and
(7) may be sold at public or negotiated sale.
D. Subject to the approval of the state board of finance, the authority may enter into other financial arrangements if it determines that the arrangements will assist the authority."
Section 10. TEMPORARY PROVISION--TRANSFERS.--
A. On the effective date of this act, all functions, appropriations, money, personnel, records, files, furniture, equipment and other property of the southwest regional spaceport shall be transferred to Spaceport America.
B. On the effective date of this act, all contractual obligations of the southwest regional spaceport shall be binding on Spaceport America.
C. On the effective date of this act, all references in law to the southwest regional spaceport shall be deemed to be references to Spaceport America.
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