AN ACT
RELATING TO ECONOMIC DEVELOPMENT;
ENACTING THE ECONOMIC DEVELOPMENT CORPORATION ACT; CREATING A NONPROFIT
CORPORATION, SEPARATE AND APART FROM THE STATE, TO CARRY OUT ECONOMIC
DEVELOPMENT ACTIVITIES.
BE IT ENACTED BY THE LEGISLATURE OF
THE STATE OF NEW MEXICO:
Section 1. SHORT TITLE.--This act may be cited as the
"Economic Development Corporation Act".
Section 2. PURPOSES.--The purposes of the Economic
Development Corporation Act are to:
A. promote, stimulate, develop and advance
business, prosperity, employment and economic welfare in the state and among
its citizens;
B. encourage and assist the location of new
business and industry in this state and the rehabilitation and expansion of existing
business and industry;
C. cooperate and act in conjunction with other
organizations, public or private, in the promotion and advancement of
industrial, commercial, agricultural and recreational developments in the
state; and
D. provide for the creation of a nonprofit
corporation with the responsibility to work with communities throughout New
Mexico in effectuating these purposes in a manner that can be quantified and
measured.
Section 3. CORPORATION AUTHORIZED--BOARD OF
DIRECTORS--ORGANIZATION--LIMITATION OF LIABILITY.--
A. A nonprofit organization to provide economic
development services to the state is authorized to be organized and formed
under the provisions of the Nonprofit Corporation Act and the Economic
Development Corporation Act.
B. The corporation shall be governed by a board
of directors composed of fifteen members as follows:
(1) the secretary of economic development;
(2) one economic development professional,
appointed by the governor, from each regional planning district, provided that
no more than four of the economic development professionals shall be members of
the same political party; and
(3) one professional businessperson, appointed by
the governor, from each regional planning district, provided that no more than
four of the professional businesspersons shall be members of the same political
party.
C. The governor shall appoint a chair and the
board of directors shall elect other officers as the board deems
necessary.
D. The board of directors shall adopt bylaws, in
accordance with the provisions of the Nonprofit Corporation Act, governing the
conduct of the corporation in the performance of its duties under the Economic
Development Corporation Act.
E. The board of directors shall hire a president
who shall be the chief administrative officer of the corporation and be
responsible for its operations.
F. A director, the president or another officer
shall not be personally liable for any damages resulting from:
(1) any negligent act or omission of an employee
of the corporation;
(2) any negligent act or omission of another
director or officer of the corporation; or
(3) any action taken as a director or officer or
a failure to take any action as a director or officer unless the director or
officer has breached or failed to perform the duties of his office and the
breach or failure to perform constitutes willful misconduct or recklessness.
Section 4. CORPORATION--POWERS.--The corporation shall
have the powers conferred upon domestic nonprofit corporations by the Nonprofit
Corporation Act unless otherwise specified in the Economic Development
Corporation Act and shall also have the power to:
A. sue and be sued in its corporate name;
B. purchase, take, receive or otherwise acquire;
own, hold, dispose of or use; and otherwise deal in and with property,
including an interest in or ownership of intangible personal property,
intellectual property or technological innovations;
C. sell, convey, pledge, exchange, transfer or
otherwise dispose of its assets and properties for consideration upon terms and
conditions that the corporation shall determine;
D. make contracts, incur liabilities or borrow
money at rates of interest that the corporation may determine; E. make and execute all contracts, agreements or
instruments necessary or convenient in the exercise of the powers and functions
granted the corporation by the Economic Development Corporation Act;
F. receive and administer grants, contracts and
private gifts;
G. invest and reinvest its funds;
H. conduct its activities, carry on its
operations, have offices and exercise the powers granted by the Economic
Development Corporation Act;
I. employ officers and employees that it deems
necessary, set their compensation and prescribe their duties;
J. enter into agreements with insurance carriers
to insure against any loss in connection with its operations;
K. authorize retirement programs and other
benefits for salaried officers and employees of the corporation; and
L. contract with economic development experts
and other experts and consultants that may be required and to fix and pay their
compensation.
Section 5. CORPORATION--DUTIES.--Pursuant to policies
established by its board of directors and as directed by its president, the
corporation shall:
A. establish relationships with communities
throughout New Mexico in order to understand their economic development goals;
B. work for those communities in recruiting the
types of businesses and jobs that have been identified by the communities;
C. solicit economic development funds from
federal and private sources;
D. participate in economic development
conferences and job fairs in order to educate businesses throughout the country
and the world on the economic benefits and other attractions of New Mexico;
E. sponsor such forums and conferences as are
necessary in order to empower New Mexico businesses and citizens with those
business skills needed to compete in a worldwide economy; and
F. perform such other activities as are needed
to further the purposes of the Economic Development Corporation Act.
Section 6. APPLICATION OF OTHER LAWS.--
A. The corporation formed pursuant to the
Economic Development Corporation Act is separate and apart from the state and
shall not be deemed an agency, public body or other political subdivision of
New Mexico for purposes of applying laws relating to personnel, procurement of
goods and services, gross receipts tax, disposition or acquisition of property,
capital outlays and per diem and mileage.
B. Notwithstanding the provisions of the Open
Meetings Act, meetings of the corporation shall be closed to the public when
proprietary technical or business information or any information regarding
location or expansion of a business is discussed.
C. Information obtained by the corporation that
is proprietary technical or business information or related to the possible
relocation or expansion of a business shall be confidential and not subject to
inspection pursuant to the Inspection of Public Records Act.
D. The corporation, its officers, directors and
employees shall be granted immunity from liability for any tort as provided in
the Tort Claims Act and 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.
HB 494
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