45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO THE STATE FAIR; ALTERING THE STATE FAIR DEBT LIMIT; CHANGING THE EFFECTIVE DATE OF AN AMENDMENT TO SECTION 16-6-16 NMSA 1978 (BEING LAWS 1935, CHAPTER 69, SECTION 4, AS AMENDED).

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Laws 1998 (1st S.S.), Chapter 17, Section 4 is amended to read:

"Section 4. CONTINGENT EFFECTIVE DATE.--The provisions of [Sections 2 and 3] Section 2 of this act shall be effective on the day following the day that the New Mexico finance authority makes the grant to the board of regents of the university of New Mexico authorized in Section 1 of this act."

Section 2. Section 16-6-16 NMSA 1978 (being Laws 1935, Chapter 69, Section 4, as amended) is amended to read:

"16-6-16. ISSUANCE OF NEGOTIABLE BONDS--TERMS.--The New Mexico state fair, with the prior approval of the state board of finance, is authorized from time to time to issue negotiable bonds in the aggregate principal amount of not to exceed [six million dollars ($6,000,000)] that amount of indebtedness that can reasonably be repaid using a debt coverage ratio of no less than one hundred fifty percent of the debt service due on the bonds on an annualized basis. The bonds shall be authorized by resolution of the state fair commission. The bonds may be issued in one or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times not exceeding [fifty] twenty years from the respective dates thereof, may mature in such amount or amounts, shall bear interest in accordance with the Public Securities Act, may be in such form as the state fair commission may determine and may be executed in such manner, may be payable in such medium of payment at such place or places and may be subject to such terms of redemption with or without premium as such resolution or other resolutions may provide. The bonds may be sold at public sale for not less than par value and in the manner provided by law for the sale of municipal bonds or may be sold at a private sale to the New Mexico finance authority. The bonds shall be negotiable instruments notwithstanding the form or tenor thereof. The New Mexico state fair may issue refunding bonds to refund, refinance, pay or discharge outstanding bonds, notes, loans or other obligations of the state fair on the same terms and conditions as provided for the issuance of other bonds by the New Mexico state fair."

Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.