0001|                               AN ACT
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0002| AMENDING SECTION 16-6-16 NMSA 1978 (BEING LAWS 1935, CHAPTER 69, SECTION
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0003| 4, AS AMENDED) TO INCREASE THE BONDING AUTHORITY OF THE NEW MEXICO STATE
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0004| FAIR.
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0005| 
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0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0007|      Section 1.  Section 16-6-16 NMSA 1978 (being Laws 1935, Chapter
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0008| 69, Section 4, as amended) is amended to read:
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0009|      "16-6-16.  ISSUANCE OF NEGOTIABLE BONDS--TERMS.--The New Mexico
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0010| state fair, with the prior approval of the state board of finance, is
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0011| hereby authorized from time to time to issue negotiable bonds in the
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0012| aggregate principal amount of not to exceed six million dollars
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0013| ($6,000,000).  The bonds shall be authorized by resolution of the
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0014| commission.  The bonds may be issued in one or more series, may bear
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0015| such date or dates, may be in such denomination or denominations, may
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0016| mature at such time or times not exceeding fifty years from the
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0017| respective dates thereof, may mature in such amount or amounts, shall
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0018| bear interest in accordance with the Public Securities Act, may be in
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0019| such form as the state fair commission may determine and may be executed
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0020| in such manner, may be payable in such medium of payment at such place
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0021| or places and may be subject to such terms of redemption with or without
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0022| premium as such resolution or other resolutions may provide.  The bonds
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0023| shall be sold at public sale for not less than par value and in the man-
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0024| ner provided by law for the sale of municipal bonds.  The bonds shall be
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0025| negotiable instruments notwithstanding the form or tenor thereof."       
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0002| 
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0003|                                                              HB
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0004| 287
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0005|                                                              Page 
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