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AN ACT

RELATING TO FINANCIAL INSTITUTIONS; AMENDING THE SPACEPORT

DEVELOPMENT ACT TO PROVIDE FOR EXPENDITURES OF FUNDS ON LAND

OWNED BY THE STATE OR A POLITICAL SUBDIVISION OF THE STATE.

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

Section 1. Section 58-31-5 NMSA 1978 (being Laws 2005,

Chapter 128, Section 5) 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;

(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 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

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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,

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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) refinance a project;

(9) contract with any competent private or

public organization or individual to assist in the fulfillment

of its duties; and

(10) 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.

C. The authority shall not:

(1) operate a project as a business or in

any manner except as lessor;

(2) incur debt as a general obligation of

the state or pledge the full faith and credit of the state to

repay debt; or

(3) expend funds or incur debt for the

improvement, maintenance, repair or addition to property

unless it is owned by the state or a political subdivision of

the state." HB 88

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