NM
New Mexico House Bill HB396

New Mexico 2025 Regular Session

New Mexico House Bill HB396 Compare Versions

Only one version of the bill is available at this time.
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2828 HOUSE BILL 396
2929 57
3030 TH LEGISLATURE
3131 -
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3333 STATE
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3535 OF
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3939 MEXICO
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4242 FIRST SESSION
4343 ,
4444
4545 2025
4646 INTRODUCED BY
4747 Joanne J. Ferrary and Raymundo Lara and Sarah Silva
4848 AN ACT
4949 RELATING TO REGIONAL SPACEPORT DISTRICTS; CHANGING BOARD
5050 COMPOSITION; LIMITING THE ISSUANCE OF BONDS UNDER THE SPACEPORT
5151 DEVELOPMENT ACT THAT ARE SECURED WITH REVENUE FROM A COUNTY
5252 REGIONAL SPACEPORT GROSS RECEIPTS TAX; PROVIDING THAT A COUNTY
5353 REGIONAL SPACEPORT GROSS RECEIPTS TAX BE IMPOSED ONLY UNTIL THE
5454 BONDS ISSUED ARE FULLY DISCHARGED OR OTHERWISE PROVIDED FOR IN
5555 FULL; REQUIRING THAT ALL REVENUE FROM A COUNTY REGIONAL
5656 SPACEPORT GROSS RECEIPTS TAX BE DEDICATED TO THE PAYMENT OF THE
5757 PRINCIPAL OF AND INTEREST ON BONDS ISSUED UNDER THE SPACEPORT
5858 DEVELOPMENT ACT.
5959 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
6060 SECTION 1. Section 5-16-5 NMSA 1978 (being Laws 2006,
6161 Chapter 15, Section 5) is amended to read:
6262 "5-16-5. BOARD.--
6363 .230101.1 underscored material = new
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9090 A. All powers, privileges and duties vested in or
9191 imposed upon the district shall be exercised and performed by
9292 the board. The board may delegate its powers by resolution to
9393 an officer or agent of the board, with the exception of the
9494 following:
9595 (1) adoption of board policies and procedures;
9696 (2) initiation or continuation of legal
9797 action;
9898 (3) establishment of policies regarding the
9999 use of revenues; and
100100 (4) request to the authority to issue bonds.
101101 B. Only an elected official may vote on resolutions
102102 regarding Paragraph (4) of Subsection A of this section.
103103 C. The board shall adopt rules to govern its
104104 conduct and provide meaningful opportunities for public input,
105105 which shall include standards and procedures for calling
106106 emergency meetings.
107107 D. The board shall be composed of at least one
108108 director from each governmental unit that is a member of the
109109 district. A director shall be an elected official or the
110110 official's designee. A governmental unit shall not have a
111111 majority of membership on the board, unless there are three or
112112 fewer participating governmental units in the district, in
113113 which case each governmental unit that is a member shall have
114114 one director for every one million dollars ($1,000,000) in
115115 .230101.1
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143143 gross receipts tax provided in the previous taxable year to the
144144 regional spaceport district board pursuant to Section 7-20E-25
145145 NMSA 1978, up to a maximum of four directors from each
146146 governmental unit that is a member .
147147 E. A director of the board shall not vote on an
148148 issue when the director has a conflict of interest. A director
149149 of the board, officer of the board or employee of the board
150150 shall not:
151151 (1) acquire a financial interest in a new or
152152 existing business venture or business property of any kind when
153153 the person believes or has reason to believe that the new
154154 financial interest will be directly affected by the official
155155 act;
156156 (2) use confidential information acquired by
157157 virtue of the person's office or employment for the person's or
158158 another's private gain; or
159159 (3) contract with the district without public
160160 notice and competitive bidding and full disclosure of the
161161 person's financial or other interest in the business that is
162162 party to the contract.
163163 F. The attorney general shall investigate and
164164 prosecute, when appropriate, a complaint brought to the
165165 attorney general's attention involving a violation of
166166 Subsection E of this section. Violation of the provisions of
167167 Subsection E of this section by a director of the board,
168168 .230101.1
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196196 officer of the board or employee of the board is grounds for
197197 removal or suspension of the director or officer and dismissal,
198198 demotion or suspension of the employee.
199199 G. In addition to all other powers conferred by the
200200 Regional Spaceport District Act, the board may:
201201 (1) adopt bylaws;
202202 (2) fix the time and place of meetings and the
203203 method of providing notice of the meetings;
204204 (3) make and pass orders and resolutions
205205 necessary for the government and management of the affairs of
206206 the district and the execution of the powers vested in the
207207 district;
208208 (4) adopt and use a seal; and
209209 (5) appoint advisory committees and define the
210210 duties of the committees."
211211 SECTION 2. Section 5-16-7 NMSA 1978 (being Laws 2006,
212212 Chapter 15, Section 7) is amended to read:
213213 "5-16-7. BONDS.--A district may enter into contracts with
214214 the authority pursuant to which the authority may issue bonds
215215 under the Spaceport Development Act for the purpose of
216216 financing the planning, designing, engineering and construction
217217 of a regional spaceport [or spaceport-related project ]. The
218218 district shall request that the authority issue bonds pursuant
219219 to resolution of the board, and the bonds shall be payable
220220 solely out of all [or a specified portion ] of the revenues as
221221 .230101.1
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249249 designated by the board."
250250 SECTION 3. Section 7-20E-25 NMSA 1978 (being Laws 2006,
251251 Chapter 15, Section 15) is amended to read:
252252 "7-20E-25. COUNTY REGIONAL SPACEPORT GROSS RECEIPTS TAX--
253253 AUTHORITY TO IMPOSE--RATE--ELECTION REQUIRED.--
254254 A. A majority of the members of the governing body
255255 of a county that desires to become a member of a regional
256256 spaceport district pursuant to the Regional Spaceport District
257257 Act shall impose by ordinance an excise tax at a rate not to
258258 exceed one-half percent of the gross receipts of a person
259259 engaging in business in the district area of the county for the
260260 privilege of engaging in business. A tax imposed pursuant to
261261 this section may be imposed by one or more ordinances, each
262262 imposing any number of tax rate increments, but an increment
263263 shall not be less than one-sixteenth percent of the gross
264264 receipts of a person engaging in business in the district area
265265 of the county, and the aggregate of all rates shall not exceed
266266 one-half percent of the gross receipts of a person engaging in
267267 business in the district area of the county. The tax shall be
268268 imposed only until the bonds issued pursuant to the Regional
269269 Spaceport District Act are fully discharged or otherwise
270270 provided for in full. The tax may be referred to as the
271271 "county regional spaceport gross receipts tax".
272272 B. A governing body, at the time of enacting an
273273 ordinance imposing the tax authorized in Subsection A of this
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302302 section, shall dedicate [a minimum of seventy-five percent ] all
303303 of the proceeds of the revenue to the regional spaceport
304304 district for payment of the principal and interest of bonds
305305 issued under the Spaceport Development Act for the financing,
306306 planning, designing and engineering and construction of a
307307 spaceport [or for projects or services of the district pursuant
308308 to the Regional Spaceport District Act and may dedicate no more
309309 than twenty-five percent of the revenue for spaceport-related
310310 projects as approved by resolution of the governing body of the
311311 county].
312312 C. An ordinance imposing a county regional
313313 spaceport gross receipts tax shall not go into effect until
314314 after an election is held and a majority of the voters of the
315315 district area of the county voting in the election votes in
316316 favor of imposing the tax. The governing body shall adopt an
317317 ordinance calling for an election within seventy-five days of
318318 the date the resolution is adopted on the question of imposing
319319 the tax. The question shall be submitted to the voters of the
320320 district area of the county as a separate question at a general
321321 election or at a special election called for that purpose by
322322 the governing body. A special election shall be called,
323323 conducted and canvassed substantially in the same manner as
324324 provided by law for general elections. If a majority of the
325325 voters voting on the question approves the ordinance imposing
326326 the county regional spaceport gross receipts tax, the ordinance
327327 .230101.1
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355355 shall become effective in accordance with the provisions of the
356356 County Local Option Gross Receipts and Compensating Taxes Act.
357357 If the question of imposing the county regional spaceport gross
358358 receipts tax fails, the governing body shall not again propose
359359 the imposition of an increment of the tax for a period of one
360360 year from the date of the election.
361361 D. The governing body of a county imposing a county
362362 regional spaceport gross receipts tax shall transfer [a minimum
363363 of seventy-five percent of ] all proceeds from the tax to the
364364 regional spaceport district of which it is a member for the
365365 payment of the principal and interest of bonds issued under the
366366 Spaceport Development Act for purposes in accordance with the
367367 provisions of the Regional Spaceport District Act. [The
368368 governing body of a county imposing a county regional spaceport
369369 gross receipts tax may retain no more than twenty-five percent
370370 of the county regional spaceport gross receipts tax for
371371 spaceport-related projects as approved by the resolution of the
372372 governing body of the county. ]
373373 E. A county regional spaceport gross receipts tax
374374 imposed pursuant to this section shall be repealed and no
375375 longer imposed once the bonds to which the tax revenue is
376376 dedicated are fully discharged or otherwise provided for in
377377 full.
378378 [E.] F. As used in this section, "district area of
379379 the county" means that portion of a county that is outside the
380380 .230101.1
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408408 boundaries of a municipality and that is within the boundaries
409409 of a regional spaceport district of which the county is a
410410 member; provided that if no municipality within the county has
411411 imposed a municipal regional spaceport gross receipts tax,
412412 "district area of the county" may mean the area within the
413413 boundaries of the county that is within the boundaries of a
414414 regional spaceport district of which the county is a member."
415415 SECTION 4. Section 58-31-9 NMSA 1978 (being Laws 2005,
416416 Chapter 128, Section 9) is amended to read:
417417 "58-31-9. AUTHORITY REVENUE BONDS--LIMITATIONS--
418418 AUTHORIZATION--AUTHENTICATION.--
419419 A. Revenue bonds or refunding bonds issued pursuant
420420 to the Spaceport Development Act and other loans to the
421421 authority are:
422422 (1) not general obligations of the state or
423423 any other agency of the state or of the authority; and
424424 (2) payable only from properly pledged
425425 revenues and each bond or loan shall state that it is payable
426426 solely from the properly pledged revenues and that the
427427 bondholders or lenders may not look to any other fund for the
428428 payment of the [interest and ] principal and interest of the
429429 bond or the loan.
430430 B. Revenue or refunding bonds or loans may be
431431 authorized by resolution of the authority, which shall be
432432 approved by a majority of the voting members of the authority
433433 .230101.1
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461461 and by the state board of finance.
462462 C. The bonds or loans shall be executed by the
463463 chair of the authority and may be authenticated by any public
464464 or private transfer agent or registrar, or its successor, named
465465 or otherwise designated by the authority. Bonds, notes or
466466 other certificates of indebtedness of the authority may be
467467 executed as provided under the Uniform Facsimile Signature of
468468 Public Officials Act, and the coupons, if any, shall bear the
469469 facsimile signature of the chair of the authority.
470470 D. Revenue bonds or refunding bonds issued pursuant
471471 to the Spaceport Development Act that are secured by revenue
472472 from a county regional spaceport gross receipts tax may be
473473 issued only for the financing, planning, designing, engineering
474474 and construction of a spaceport. The authority shall pledge
475475 irrevocably all of the revenue received from the county
476476 regional spaceport gross receipts tax to the payment of the
477477 principal and interest of the bonds. "
478478 SECTION 5. APPLICABILITY.--The provisions of this act
479479 apply to county regional spaceport gross receipts taxes imposed
480480 and bonds issued under the Spaceport Development Act on or
481481 after July 1, 2025.
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